Company
National Indemnity
TL;DR
Insurance company acquired by Berkshire Hathaway in 1967 for $8.6 million.
Insurance company acquired by Berkshire Hathaway in 1967 for $8.6 million. Founded by Jack Ringwalt, the company had generated $19 million in float while maintaining underwriting discipline. This acquisition transformed Berkshire from a failing textile company into an insurance-based conglomerate, providing the 'trunk' from which all future branching would occur.
Key Leaders at National Indemnity
Jack Ringwalt
Founder
Built insurance company with underwriting discipline that attracted Buffett