Shamieh, a veteran of the insurance industry, is set to take over Berkshire’s vast insurance operations once 74-year-old Jain retires, the report said.

Reuters could not immediately verify the WSJ report.

Berkshire Hathaway did not immediately respond to Reuters’ request for a comment.

Jain has led the division for decades and is widely credited with shaping its global reinsurance strategy.

Berkshire owns reinsurer Gen Re, where Shamieh has served as chairman since 2018. Before that, he held leadership positions at AIG.

The report comes months after billionaire Warren Buffett, 95, stepped down as CEO of the conglomerate, which spans insurance, railroads, energy, industrial and retail businesses.

Jain’s eventual retirement has been closely watched, particularly following Buffett’s departure.

Buffett has previously described Jain as a “unique” talent and credited him with generating tens of billions of dollars of shareholder value since joining the Omaha, Nebraska-based company in 1986.

Born in India, Jain played a key role in expanding Berkshire’s reinsurance business, with a specialty in pricing high-risk policies such as those covering natural catastrophes.

While Berkshire recently ​reported improved first-quarter performance in its insurance businesses, new CEO Greg Abel cautioned ‌investors about competitive headwindsin the sector.