Warren Buffett on his love for the insurance business


Complete Video Transcript

0:00hi I’m Warren Buffett CEO of Berkshire Hathaway a
0:04and as many view Noah berkshires a
0:08larger very diversified company a here in the United States
0:13a a but despite the fact that we’re in
0:16a great many businesses up our first love
0:19are longtime love our future love has always been the insurance business
0:24a a very shortly after to oversee all
0:28a 1965 two years later in nineteen sixty-seven
0:32we entered the property casualty insurance business with a
0:35commitment about eight million dollars and now we have in the chart operation
0:40that has a net worth up part accessible 100 billions
0:45so our Board of Directors our manager our shareholders
0:48all love the insurance business and in the course that business
0:52to fifteen years ago or so we entered our
0:55first commercial transaction with a I A G and
1:00as the years have passed and we’ve got to know them better and they’ve got to
1:04know us better
1:05I we both found a great deal but buyer
1:08and in in each other’s organizations so very recently we decided to
1:14cast aside to a commercial relationship and the stab wish to
1:18a very important and enduring partnership arrangement
1:22to a I A G is a terrifically strong company with great strengths in many
1:28berkshires custom strengthen we believe I am bringing these two companies
1:32closer together as a as partner that
1:36each company will end up in a very substantial way even though this
1:40contract runs for
1:4110 years I expect for decades and decades and decades to come
1:45to a both companies will benefit many ways
1:49that week at even perhaps and visualize
1:52right now self a I’m looking forward to it
1:55our managers are looking forward to our shareholders looking for Dallas
1:59partnership into get all your how delighted I am to be with that
2:04and I should at once while but now to
2:07a in fact it’s sort of a confession I’m
2:10at I may be four years old and this is my first baseman
2:15I in an Australian company I may have been very derelict but
2:19but it’s been worth waiting for Weaver with now pick the best and
2:24a we’ve entered into a a an area in the world
2:28the where we’ve done some business before but but now we’re coming in with
2:31an ownership position
2:32and about better late than never better the best whenever
2:36solar so here we are in Australia and I’m delighted to be there