Warren Buffett：Berkshire Hathaway 1996 Letter, Additional Excerpt 2

Berkshire's workers' compensation business, run out of California by Brad Kinstler, has now moved into six other states and, despite the costs of that expansion, again achieved an excellent underwriting profit. Finally, John Kizer, at Central States Indemnity, set new records for premium volume while generating good earnings from underwriting. In aggregate, our smaller insurance operations (now including Kansas Bankers Surety) have an underwriting record virtually unmatched in the industry. Don, Rod, Brad and John have all created significant value for Berkshire, and we believe there is more to come.

Source： https://www.berkshirehathaway.com/letters/1996.html
Locator：1996 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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