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More Details on the Two Recent Berkshire Deals

April 3, 2017 By KCIC Leave a Comment

More Details on the Two Recent Berkshire Deals

KCIC Consultant Mary Elizabeth Mullins contributed to this post. In my February 10 blog post “The Hunger for Float: Two New Berkshire Deals”, I noted the big surprise about both the Hartford and AIG deals – that both insurance companies will continue to handle claims and collect reinsurance. This represented a significant departure from what […]

Filed Under: Insurance & Risk Tagged With: AIG, Berkshire Hathaway, float, NICO, Retroactive Reinsurance, The Hartford, Third Party Reinsurance

My Takeaways from Warren Buffett’s Annual Letter to Shareholders

March 13, 2017 By Jonathan Terrell Leave a Comment

My Takeaways from Warren Buffett’s Annual Letter to Shareholders

Warren Buffett published his annual Letter to Shareholders on February 25. As in the last two years, this blog post summarizes a few observations and takeaways, though I encourage you to read the letter itself – it rarely disappoints! My observations this year are focused on three subjects in the report: How to measure Berkshire’s […]

Filed Under: Insurance & Risk Tagged With: accounting, Berkshire Hathaway, Berkshire Hathaway Shareholder Letter, float, insurance, insurance float, investing, Risk, Warren Butteff

The Hunger for Float: Two New Berkshire Deals

February 10, 2017 By Jonathan Terrell Leave a Comment

The Hunger for Float: Two New Berkshire Deals

Two new retroactive reinsurance deals involving Berkshire Hathaway were announced in January. First up, on January 3, was The Hartford Fire Insurance Company and certain of its affiliates (collectively “Hartford”), which ceded existing net asbestos and environmental (“A&E”) reserves to National Indemnity (“NICO”), a Berkshire Hathaway subsidiary. The terms of the deal are for a […]

Filed Under: Insurance & Risk Tagged With: american international group, Asbestos, asbestos annual reserve, Berkshire Hathaway, Consulting, national indemnity, The Hartford Fire Insurance Company

Deal in the Works: Swiss Re and Berkshire

November 9, 2016 By Jonathan Terrell Leave a Comment

Deal in the Works: Swiss Re and Berkshire

In an interesting new development, it appears Berkshire Hathaway may reinsure some of Swiss Re’s legacy U.S. liabilities — notably asbestos, pollution and health. According to The Insurance Insider, Swiss Re is in talks with Berkshire Hathaway as part of a $1B internal restructuring of its legacy business. Such a deal would have two important consequences: […]

Filed Under: Insurance & Risk Tagged With: Asbestos, asbestos liability, asbestos litigation, Berkshire Hathaway, insurance, legacy business, pollution, Risk, Swiss Re, U.S. Liabilities

Buffett’s Recent Love Affair with Preferred Stock

September 2, 2016 By Jonathan Terrell Leave a Comment

Buffett’s Recent Love Affair with Preferred Stock

KCIC Senior Consultant Rachel Donze contributed to this post. In a previous post reviewing Berkshire Hathaway’s annual Letter to Shareholders, we discussed the importance of cash to the Berkshire enterprise. Such discussions inevitably focus on a main driver of that cash balance: “float”, which is generated through Berkshire’s ever-growing insurance operation. Float provides a source […]

Filed Under: Insurance & Risk Tagged With: Berkshire, Berkshire Hathaway, Dow Chemical, Dow Chemical Stock, Dow Stock, global financial crisis, insurance, preferred stock, Risk, stock, taxes, Warren Buffett

Notable Leadership Shift at Berkshire

April 15, 2016 By Jonathan Terrell Leave a Comment

Notable Leadership Shift at Berkshire

A significant leadership shift has occurred at Berkshire Hathaway Inc. — one that may foreshadow future developments. The Wall Street Journal reported this week that Ajit Jain — already heavily tipped to be Warren Buffett’s successor — has received a higher profile in the conglomerate. He now effectively is in charge of all reinsurance operations. The added […]

Filed Under: Insurance & Risk Tagged With: Berkshire, Berkshire Hathaway, Berkshire's General Re, float, insurance, reinsurance, Risk, Tad Montross, The Wall Street Journal, Warren Buffett

12 Observations from Berkshire’s 2015 Shareholder Letter

March 9, 2016 By Jonathan Terrell Leave a Comment

12 Observations from Berkshire’s 2015 Shareholder Letter

Berkshire Hathaway published its 2015 Annual Report this past weekend, including the much-anticipated “Letter to Shareholders” from Mr. Buffett. This year’s letter was somewhat less newsworthy than last year’s, which was specially expanded to mark the 50th anniversary of Buffett taking charge of Berkshire Hathaway. Here are my preliminary observations: Financial Performance 1. Financially, according […]

Filed Under: Insurance & Risk Tagged With: Berkshire Hathaway, Berkshire Hathaway Stock, economics, Financial Analysis, float, Insurance Operations, Retroactive Reinsurance, Warren Buffet

KCIC’s 2015 Year in Review

January 6, 2016 By Jonathan Terrell Leave a Comment

KCIC’s 2015 Year in Review

The motto of the IRONMAN triathlon series is “Anything is Possible”. Having recently completed my first IRONMAN, I might adapt that to: “Many challenging things are possible with focus, preparation and good execution”! 2015 was an enormously important year in the life of KCIC. In fact, I think it likely that I will hereafter mentally […]

Filed Under: Culture Tagged With: 2015 Year In Review, 2015 YIR, ABA, ACCEC, asbestos litigation, Berkshire Hathaway, claims administration, community service, Corporate Recruiting, Culture, DRI, expert testimony, KCIC Playbook, Litigation, litigation analysis, organizational health, Perrin Conference, policy analysis, policy archaeology, The Advantage, The Ligado Platform

“The biggest issue in the property and casualty industry”

March 10, 2015 By Jonathan Terrell Leave a Comment

“The biggest issue in the property and casualty industry”

It was a privilege to participate on the panel for the plenary session “Bending the Cost Curve” at this year’s ABA Conference in Tucson. It was also a distinct pleasure to be in the midst of the warmer climate and spectacular mountain scenery of Tucson and escape the winter storm that bore down on the East […]

Filed Under: Dispute Resolution, Insurance & Risk Tagged With: ABA Seminar, AIG, American Bar Association, asbestos litigation, Berkshire Hathaway, claims administration, Corporate Insurance, dispute resolution, LIberty Mutual, Risk Management

16 Takeaways from Berkshire Hathaway Shareholder Letter

March 4, 2015 By Jonathan Terrell Leave a Comment

16 Takeaways from Berkshire Hathaway Shareholder Letter

The Berkshire Hathaway Letter to Shareholders is always an eagerly anticipated event on the financial calendar. It was published this past weekend with Berkshire Hathaway’s 2014 Annual Report and the National Indemnity Company Annual Statement. I gave the documents an initial read last weekend, focusing on areas of the Berkshire business model most relevant to […]

Filed Under: Claims Administration, Insurance & Risk Tagged With: Ajit Jain, Berkshire Hathaway, Berkshire Hathaway Shareholder Letter, Charlie Munger, National Indemnity Company Annual Statement, Policy Data, policyholders, Risk Management, Shareholder, Warren Buffett

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Meet the Contributors

Jonathan TerrellJonathan Terrell
Dan SnyderDan Snyder
Nick SochurekNick Sochurek
Megan ShockleyMegan Shockley
Carrie ScottCarrie Scott
Michelle PotterMichelle Potter
Andrew PetryszakAndrew Petryszak
Chris MonahanChris Monahan
Elizabeth HankeElizabeth Hanke
Nancy GutzlerNancy Gutzler
Chris CrookChris Crook

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