General Re - Investment Thesis

Reinsurance Moat

Reinsurance provides critical risk management for primary insurers:

• Spreads risk across the industry
• Provides capacity for large coverages
• Enables primary insurers to write more business

Berkshire's Insurance Strategy

General Re joined Berkshire's insurance group:

• GEICO — Direct auto insurance
• BH Reinsurance (Ajit Jain) — Large casualty risks
• General Re — Global reinsurance platform

Together, these generate massive float for Berkshire's invest

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