Even if Berkshire didn't produce an underwriting profit, it'd still be very successful because of the returns they make on their float. There's a line obviousl

Even if Berkshire didn't produce an underwriting profit, it'd still be very successful because of the returns they make on their float. There's a line obviously you can't cross but even if they had a combined ratio of like 1.05 they'd be fine. I like their discipline though. Berkshire has always had a huge insurance component. They bought NICO in the late 60s and built the business to a large part around that.