'Jain added 'billions of dollars' value to Berkshire'
Monday, 28 February 2011, 23:16 IST   |    3 Comments
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'Jain added 'billions of dollars' value to Berkshire'
New York: Ajit Jain,long rumoured contender to succeed Warren Buffett-has been praised by the legendary investor himself for having added "great many billions of dollars" to the value of Berkshire Hathaway. Jain, who has been with the Buffett-led conglomerate for over 25 years, is in charge of Berkshire Hathaway Reinsurance Group. "Ajit (Jain) insures risks that no one else has the desire or the capital to take on." "His operation combines capacity, speed, decisiveness and, most importantly, brains in a manner that is unique in the insurance business," Buffett wrote in his 2010 annual letter to shareholders . One of the wealthiest people in the world, Buffett's pointed out that Jain never exposes Berkshire to risks, which are inappropriate to the entity's resources . "By his accomplishments, he has added a great many billions of dollars to the value of Berkshire . Even kryptonite bounces off Ajit," the billionaire investor said. According to the letter, Jain has created an insurance business with float of $30 billion and significant underwriting profits , a feat that no CEO of any other insurer has come close to matching. "In the past year, Ajit has significantly increased his life reinsurance operation, developing annual premium volume of about $2 billion that will repeat for decades," Buffett noted. Last year, Buffett had described Jain as a "superstar". For the year ended 2010, Berkshire Hathaway's profit jumped to $7.9 billion from $5.19 billion in the year-ago period. Berkshire Hathaway has business interests across diverse sectors apart from significant stakes in global majors including Coca-Cola and ConocoPhillips.
Source: PTI
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