OMAHA, Neb. (AP) — California regulators are objecting to Berkshire Hathaway's sale of one of its smaller insurance companies.
The California Department of Insurance said Thursday it is "disturbed" that the sale of Applied Underwriters moved forward without its approval. One of Applied Underwriters' workers-compensation insurers is based in the state.
Berkshire and Applied Underwriters said this week that the $920 million sale to company founder Steve Menzies was completed earlier this month after Texas regulators approved it.
California regulators say they're exploring their options regarding the sale, but it wasn't immediately clear what action they might take.
Berkshire and Applied Underwriters, which are both based in Omaha, Nebraska, didn't immediately respond to messages Thursday.
Berkshire rarely sells or closes any of its companies because CEO Warren Buffett prefers holding on to assets.