Warren Buffett：Berkshire Hathaway 1977 Letter, Additional Excerpt 2

John Ringwalt's homestate operation now consists of five companies, with Kansas Fire and Casualty Company becoming operational late in 1977 under the direction of Floyd Taylor. The homestate companies had net premium volume of $23 million, up from $5.5 million just three years ago. All four companies that operated throughout the year achieved combined ratios below 100, with Cornhusker Casualty Company, at 93.8, the leader.

Source： https://www.berkshirehathaway.com/letters/1977.html
Locator：1977 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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