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Berkshire Hathaway Inc. Message Board

  • bobo21029 bobo21029 Jan 23, 2000 9:30 PM Flag

    Excerpt from N.Y. Times.........

    .........a long article on consolidation in the
    insurance business............."But the action will not be
    limited to the "killing zone." Some of the most famous
    names in insurance are being sized up for takeover,
    especially in the auto and homeowners businesses, where
    higher-than-expected operating expenses have driven down share prices.
    The stock of one stellar name, Allstate, has been
    trading at about $24 a share, down from $41 a year ago
    and just a bit above book value. Two of its rivals,
    Progressive and Safeco, have also become vulnerable as their
    share prices have declined to little more than book
    value. Metropolitan Life, which has a growing auto and
    homeowners division, and A.I.G. are regarded as potential
    buyers of Allstate. Wall Street analysts also speculate
    that Warren E. Buffett might want to meld Allstate
    with Geico, his discount auto insurer. But Ms.
    Schroeder of PaineWebber, who has become a specialist on
    Mr. Buffett, said she thought Mr. Buffett would
    prefer to expand in auto insurance by achieving internal
    growth with Geico. Bobo

 
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