查询词典 underwriting

Because of insufficient development of bond market, no strict operation of issuing company, no strict inside controlling of domestic securities company and unsymmetry of information in bond issuing market, the A underwriting stocks business risks of domestic securities company inevitably exist.

在高风险的证券业中，作为证券投资、证券市场中介人和服务者的证券公司面临着诸多风险的重大挑战和潜在威胁，受证券市场发育不足，发行公司不规范运作、证券公司内控不严和信息不对称的影响，我国证券公司A股股票承销业务风险有其存在的必然性，因而防范和化解其风险已成为证券公司的一项重要议程。

Having failed to make the strategy work at Sears, he carried it over into Dean Witter's merger with Morgan Stanley, reasoning that linking the underwriting of securities with their sale to the public had to have some value.

Purcell在Sears的战略失败以后，他又把这种策略带入了Dean Witter与摩根士坦利的兼并之中，因为它认为将做市商与他面向公众的销售捆绑必定会有一些价值。

Our company is driven by: a passion for serving customer needs through product innovation and operational quality establishing successful partnerships with our clients, driving revenues and customer satisfaction disciplined underwriting and risk management By partnering with Assurant Solutions our clients access a wealth of experience and expertise that has been built up over years of doing business in highly competitive environments and markets in North America, Latin America and Europe.

安信龙公司致力于：通过产品创新、卓越运营和热情服务来满足客户需求同客户建立双赢的伙伴关系，协助客户提升收入和客户满意度严谨的承保和风险管理通过与安信龙解决方案公司合作，我们的客户可以获得丰富的经验和专业知识，这些经验和知识来自于我们在北美，拉丁美洲和欧洲高度竞争的市场环境下从业多年的积累。

For instance, Goldman Sachs and Lehman Brothers have bulked up their asset management businesses to offset swings in profits from trading, underwriting, and advisory work.

例如，高盛和雷曼兄弟已扩充了资产管理业务，以抵消证券交易、承销及咨询业务的盈利波动。

Our other primary insurers delivered their usual fine results last year. These operations, run by Rod Eldred, John Kizer, Tom Nerney, Michael Stearns, Don Towle and Don Wurster had combined premium volume of $579 million, up 40% over 2000. Their float increased 14.5% to $685 million, and they recorded an underwriting profit of $30 million. In aggregate, these companies are one of the finest insurance operations in the country, and their 2002 prospects look excellent.

我们其它初级的保险公司去年的表现依旧出色， Rod，由 John， Don， Tom， Michael 等人带领的各家保险事业，总计贡献了 5.79 亿美元的保费收入，较 2000 年成长了四成，浮存金则增加 14.5%成为 6.85 亿美元，外加 3，000 万美元的承保利益，总的来说，这些公司堪称全美最好的保险公司之一，展望 2002 年他们的前景依然可期。

In aggregate, our smaller insurance operations produced an excellent underwriting profit in 2000 while generating significant float - just as they have done for more than a decade. If these companies were a single and separate operation, people would consider it an outstanding insurer. Because the companies instead reside in an enterprise as large as Berkshire, the world may not appreciate their accomplishments - but I sure do. Last year I thanked Rod Eldred, John Kizer, Don Towle and Don Wurster, and I again do so. In addition, we now also owe thanks to Tom Nerney at U.S. Liability and Michael Stearns, the new head of Cypress.

总的来说，其它规模较小的保险业务在2000年产生了可观的承保利益，同时一如过去十年来持续贡献大量的浮存金，如果把这些公司视为单一独立的企业，那么他们绝对可以称得上是一家经营绩效优异的保险公司，而因为这些事业隐身在Berkshire如此庞大的事业体中，外界无法理解他们的努力与成就，但至少我个人能够深深地体会地，去年我感谢过Rod、John、Don等人，今年则还要再加上美国责任险的Tom以及Cypress的新任主管Michael。

In a smaller but nevertheless important way, our "other primary" insurance operation has also added to Berkshire's intrinsic value. This collection of insurers has delivered a $192 million underwriting profit over the past five years while supplying us with the float shown in the table. In the insurance world, results like this are uncommon, and for their feat we thank Rod Eldred, Brad Kinstler, John Kizer, Don Towle and Don Wurster.

其它规模较小但同等重要的&其它保险&营运一样为伯克希尔增添了许多实质价值，总结过去五年来，这群保险公司为我们贡献了 1.92 亿美元的承保利益，外加下表所显示的浮存金，在保险世界里，能够有这样的成绩实属不易，这都要感谢 Rod， Brad， John， Don 等人。

In aggregate, our smaller insurance operations produced an excellent underwriting profit in 2000 while generating significant float - just as they have done for more than a decade. If these companies were a single and separate operation, people would consider it an outstanding insurer.第 24 页共 56 页 www.buffettism.com 巴菲特研究中心 Research Centre for Buffettism Because the companies instead reside in an enterprise as large as Berkshire, the world may not appreciate their accomplishments - but I sure do. Last year I thanked Rod Eldred, John Kizer, Don Towle and Don Wurster, and I again do so. In addition, we now also owe thanks to Tom Nerney at U.S. Liability and Michael Stearns, the new head of Cypress.

总的来说，其它规模较小的保险业务在 2000 年产生了可观的承保利益，同时一如过去十年来持续贡献大量的浮存金，如果把这些公司视为单一独立的企业，那么他们绝对可以称得上是一家经营绩效优异的保险公司，而因为这些事业隐身在 Berkshire 如此庞大的事业体中，外界无法理解他们的努力与成就，但至少我个人能够深深地体会地，去年我感谢过 Rod，John，Don 等人，今年则还要再加上美国责任险的 Tom 以及 Cypress 的新任主管

Our homestate operation, led by Rod Eldred; our workers' compensation business, headed by Brad Kinstler; our credit card operation, managed by the Kizer family; National Indemnity's traditional auto and general liability business, led by Don Wurster - all of these generated significant underwriting profits accompanied by substantial float. We can conclude this section as we did last year: All in all, we have a first-class insurance business.

伯克希尔其它保险事业 1994 年的营运表现皆相当杰出，由 Rod 领导的住宅保险， Brad 带领的员工退休保险以及由 Kizer 家族经营的信用卡保险业务，以及由 Don 所领导的国家产险所从事的传统汽车保险与一般责任险方面，总的来说，这四类业务都表现的相当不错，不但有承保获利，还贡献了相当大金额的保险浮存金。

Berkshire's other insurance operations had excellent results in 1994. Our homestate operation, led by Rod Eldred; our workers' compensation business, headed by Brad Kinstler; our credit card operation, managed by the Kizer family; National Indemnity's traditional auto and general liability business, led by Don Wurster - all of these generated significant underwriting profits accompanied by substantial float.

Berkshire其它保险事业1994年的营运表现皆相当杰出，由Rod领导的住宅保险、Brad带领的员工退休保险以及由Kizer家族经营的信用卡保险业务，以及由Don所领导的国家产险所从事的传统汽车保险与一般责任险方面，总的来说，这四类业务都表现的相当不错，不但有承保获利，还贡献了相当大金额的保险浮存金。。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。