Warren Buffett：Berkshire Hathaway 2008 Letter, Additional Excerpt 2

We wrote this “second-to-pay” insurance for rates averaging 3.3%. That’s right; we have been paid far more for becoming the second to pay than the 1.5% we would have earlier charged to be the first to pay. In one extreme case, we actually agreed to be fourth to pay, nonetheless receiving about three times the 1% premium charged by the monoline that remains first to pay. In other words, three other monolines have to first go broke before we need to write a check.

Source： https://www.berkshirehathaway.com/letters/2008ltr.pdf
Locator：2008 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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