No. of Recommendations: 8
A nine month old interview with Allegheny CEO Joe Brandon:
YouTube: 25 Minutes with Cap A Conversation with Joe Brandon Webinar (CapSpecialty)- How COVID 19 pandemic caught insurers by surprise.
- His time at Gen RE and how he initiated a purchase by BRK
- How the Allegheny deal transpired, what made it attractive to Buffett.
- Allegheny board was surprised by Berkshire's offer.
- How does the TV clicker work? (funny anecdote)
- What will change now that Allegheny is under Berkshire:
- Would you rather work for Berkshire shareholders or the index funds and Larry Fink?
- Berkshire provides a layer of insulation from capital markets, ratings agencies and what gets written n the trade press. This allows us to play the game on the field and not worry about what the crowd thinks.
- We wanted less bureaucracy. Want to make decisions quickly.
- How reinsurance business has changed over the years. Not the business as it used to be, but it's not dead. Small and mid cap reinsure are and/or will be an oxymoron. Companies will need to be BIG in the future.
- Hints at future consolidation in the future?
