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Non-Tech : Berkshire Hathaway Class B
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To: opalapril who wrote (1275)12/31/1999 11:08:00 AM
From: dalroi  Read Replies (1) of 1652
 
now we know what depressed the price.

but good news is liabilities around 1B$
"Cologne, Sun and Phoenix, all life insurance specialists, were not sophisticated, to be kind, about pricing casualty contracts, and ended up taking in $700 million of premiums in return for a potential future payout of $2.8 billion. Connecticut regulators, responding to the Unicover case, have ordered life companies not to reinsure workers' comp policies.
2.8B/3

writeoff done for 300m alreeady

"$275 million pretax charge in early 1999 and so far is the only company to recognize a loss on Unicover"

they'll survive and eat the rest which will perish

cheers
Stefaan
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