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...Buffett takes a firmly hands-off approach to Berkshire’s businesses, but makes an exception for insurance, which spans Geico, the National Indemnity Company, and vast reinsurance operations, including Gen...
...The company disclosed that its auto insurer Geico had passed along higher rates to customers and had suffered fewer claims, lifting its results....
...and National Indemnity or the BNSF railroad....
...But Brenda Leong, a partner at Luminos Law, said it was “important for companies to understand that [the indemnities] are very narrowly focused and defined”....
...There were, he said, few deals that offered the kind of transformative impact past takeovers have had, such as its purchases of insurers Geico and National Indemnity or the BNSF railroad....
...This indemnity kicked in last year, and since then money has flowed from Treasury to the Bank....
...Buffett’s sprawling conglomerate, which owns the BNSF railroad and Geico insurer, first invested in the iPhone maker in 2016 at the direction of one of his two investment deputies: Todd Combs and Ted Weschler...
...Todd Combs, one of Buffett’s two investment deputies and who became chief executive of Geico in 2019, is also in the running....
...Its utilities provide power to 13mn customers and in Geico it owns one of the largest insurers in the country. Combs and Weschler were plucked from relative obscurity to help run this portfolio....
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...Its utilities provide power to 13mn customers and in Geico it owns one of the largest insurers in the country....
...The acquisition by Berkshire, whose related interests include car insurer Geico and dealership Berkshire Hathaway Automotive, was regarded as a vote of confidence in the US economy and more particularly...
...The company’s Geico auto-insurer, which had struggled to cope with payouts on claims for much of the past two years, showed improvement....
...Insurer databases showed Dali had liability insurance through Britannia, one of a global group of protection and indemnity insurers that shares losses and are ultimately reinsured at Lloyd’s of London....
...If it is a charitable company, you will also be a director under company law and need to ensure the charity complies with company law requirements in addition to charity law....
...Extracting better returns from Berkshire’s existing businesses is likely to take on greater importance as the game-changing deals that built Buffett’s reputation, such as the 1996 acquisition of motor insurer Geico...
...Car companies including General Motors and Ford said on Tuesday that they would work to reroute shipments to nearby ports, while Nissan said it did not expect significant disruption....
...But investors said they would be closely scrutinising Buffett’s annual letter next February for any indications that change is afoot at the conglomerate, which counts insurer Geico and the BNSF railroad...
...Geico reported a second consecutive quarter of underwriting profits, following more than a year of losses....
...The sprawling conglomerate is now worth more than $780bn, with stakes in Apple, Coca-Cola and Bank of America as well as ownership of the BNSF railroad and Geico insurer....
...Buried in the announcement was the following line (with our emphasis): In addition, the Company has given an indemnity in respect of any reduction in the value of the rights transferred in the event that...
...As a creditor to the company, Russia could try to force it into bankruptcy, but what would be the point?...
...The release follows a promise this month from Microsoft to provide indemnity coverage to any potential copyright claims arising from using its AI CoPilot services, which integrate generative AI into Word...
...Investors were buoyed by the fact that Geico, the company’s auto insurance unit, posted a second consecutive quarterly profit after more than a year of losses....
...guarantee and indemnity agreement (the “Guarantee” . . ....
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