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Strategies & Market Trends : Aardvark Adventures

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From: paret	3/5/2006 10:37:37 PM
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snip---- Berkshire estimated that its insurance losses caused by hurricanes Katrina, Rita and Wilma totaled $3.4 billion last year, but success in other areas of the company's insurance business, especially GEICO, offset the losses. Berkshire's insurance businesses posted a $53 million underwriting profit in 2005. Buffett credited GEICO Chief Executive Tony Nicely for improving efficiency. Buffett noted that employment at GEICO dropped 4 percent over two years while the number of policies grew 26 percent. "If you have a new son or grandson in 2006, name him Tony," Buffett said. Included in the annual report was a December 1951 article that a young Buffett wrote about GEICO titled "The Security I Like Best." It originally ran in "The Commercial and Financial Chronicle." Buffett said he and the managers of his General Re and National Indemnity reinsurance operations _ companies that accept insurance risks from other insurers to spread losses _ know what to do about the financial fallout of such violent weather in the future. "We've concluded that we should now write mega-cat (megacatastrophe) policies only at prices far higher than prevailed last year." msnbc.msn.com

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