Key Quotes from 1976 Shareholder Letter

1. "Casualty insurers enjoyed some rebound from the disaster levels of 1975 as rate increases finally outstripped relentless cost increases."

2. "Our overall improvement was even more dramatic, from 115.4 to 98.7."

3. "It presently appears that 1977 also will be a year of net realized capital gains. We now have a substantial unrealized gain in our stock portfolio as compared to a substantial unrealized loss several years ago."

4. "We are unusually concentrated in auto lines where stock companies had an improvement from 113.5 to 107.4."

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Source: Full Letter