But its first-rate underwriting team includes Morgan Stanley and JP Morgan.
Along the way, Goldman received about $50 million in fees for advising the company and underwriting securities, including its initial public offering of stock.
Mr Markus sees undertapped potential in cross-border underwriting too, including motor insurance.A final factor is new regulations on capital levels, which favour insurers that are bigger and more diverse, since they generally experience less volatility and therefore a lower cost of capital.
Its four underwriting groups include GEICO, General Re Corp., Berkshire Hathaway Reinsurance Group and Berkshire Hathaway Primary Group.
Some asset managers have stopped trading with the firm to meet their own compliance rules and it has lost underwriting business, including being left off the government's sale of $6 billion worth of Japan Tobacco shares.
Within the UBS Investment Bank, the Investment Banking Department IBDD) provides a range of advisory and underwriting services including mergers and acquisitions, restructuring, equity offerings, investment grade and high yield debt offerings, leveraged finance and leveraged loan structuring, and the private placement of equity, debt, and derivatives.
Remaining underwriting challenges include assessment of likely future adherence to ART, the quality of medical care, presence of comorbidities and drug interactions.
The underwriting group also includes Bear Stearns, Piper Jaffray and Thomas Weisel Partners.
The underwriting profit also includes $356 million from the Reinsurance Group, up from $137 million last year.
Operating profit in Berkshire's insurance underwriting business, which includes Geico and General Reinsurance, fell to $81 million, from $486 million.
