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Ajit Jain selected as the front runner to succeed Buffett
SI Team
Saturday, May 2, 2015
Investors have long speculated about who would, or could, succeed Buffett, particularly after he was diagnosed with, and then beat prostate cancer in 2012. However, both the company's board members and Buffet believe that they have the right person to succeed him as the CEO and who will be the successor ready to assume the job after Buffet steps down from his post.
While investors were eagerly looking for answers, Warren Buffett, the billionaire chief executive of Berkshire Hathaway Inc, announced that the company had found his successor, and the company's vice chairman, Charlie Munger, identified two Berkshire executives as the top probable candidates. Furthermore, in Buffet's much awaited yearly letter to shareholders, he specially lauded Ajit Jain, who deals with the Berkshire Reinsurance Group, for the way he had developed the business throughout the years.

Jain was born in Odisha and is an alumnus of IIT and Harvard. Long been the front runner to succeed Buffett, Jain has been associated with Buffett for nearly three decades.

Buffett praised Jain's "unmatched" endorsing aptitudes, saying he insures risks that no one else has the yearning or the capital to tackle. "His operation consolidates capacity, speed, decisiveness and, most imperative, brains in a way extraordinary in the insurance business. Yet he never opens Berkshire to dangers that are improper in connection to our assets," he added.

Munger said 63-year-old Jain "made out of nothing" was a huge reinsurance business that created both an enormous "buoy"and a large underwriting gain. "In certain important respects, this person will do a better job than I am doing," Buffett concluded.

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