Berksheister indeed! cant wait till his upper execs find out what the sales force is doing. i called the company in february and asked them to adjust my costs as a speeding ticket had left my record. they would not adjust it. making matters worse, i bought a leased vehicle and was charged for three days that i was not in the vehicle. And that adds up to a six weeks annually. i was able to secure insurance for $25 less and will be leaving the company. i would like my setup fees returned, horrible customer service!
I'm sorry but you don't know what you're talking about. A broker represents the INSURED, and his/her sole obligation is to this entity. An agency represents an insurer, and in such cases the obligations can be more problematic. I'm talking about insurance brokers, where the SOLE obligation is to the insured. Moreover, under current laws, the insurance broker must also make FULL disclosure regarding the nature of their compensation. Once again, this doesn't address the question I've raised with regard to Buffett.
Disappointing to see that Phillip Munger, the son of Berkshire Hathaway vice chairman and Warren Buffett lieutenant Charles Munger is connected to the Democracy Alliance. Bunch of progressive liberals. Makes sense that Warren will surround himself with his own kind.
My point is that insurance broker can represent both the insured and the insurance company. That is a conflict of interest that will result in less than fair treatment of the insured. Whenever there is a duel interest on behalf of the broker, the insured suffer.
Is this person serious? Is he/she familiar with the major public insurance brokers? There is a steady movement of employees between underwriters and brokers, so BRK employs numerous former brokers in its re/insurance units. I don't think low prestige, character, or ethics has anything to do with this issue. I'm not talking about purchasing a local insurance agency!
Investing in Insurance Brokers would be like investing in Used Car Salesmen. Most are of low character and lack the prestige that Warren demands.
Burlington , Geico, Dairy Queen won't be going away. Neither will Wells Fargo or Coke. Berkshire is like GE or McDonalds .
You don't see Warren being interviewed by men, do you? That old geezer has an eye for the ladies! Becky Quick, Betty Liu, Liz Clayman,,, If a network wants to get an interview with Warren, it better send a pretty skirt in his direction! AND I DON'T BLAME HIM ONE BIT!
I always wondered why someone as astute and knowledgable about the insurance business as Warren Buffett didn't invest in or purchase property-casualty insurance brokers. Moreover, I was quite surprised that BH didn't make a large investment or purchase outright Marsh & McLennan when its stock collapsed during the Spitzer investigations. IMO, the insurance brokerage business is a wonderful commercial activity that involves relatively small capital investments, throws off significant cash, has good growth dynamics, and involves minimum capital risk if operated in a professional manner. It still wouldn't surprise me to see Buffett make investments or acquisitions in this sector.
My faith is in the company. No matter if he dies today or in the next ten years he has built this company for long-term success. The culture of this company is ingrained whenever he dies will be the time to buy because Berkshire is not going any where.