业务营运

John Ringwalt's homestate operation now consists of five companies, with Kansas Fire and Casualty Company becoming operational late in 1977 under the direction of Floyd Taylor. The homestate companies had net premium volume of $23 million, up from $5.5 million just three years ago. All four companies that operated throughout the year achieved combined ratios below 100, with Cornhusker Casualty Company, at 93.8, the leader. In addition to actively supervising the other four homestate operations, John Ringwalt manages the operations of Cornhusker which has recorded combined ratios below 100 in six of its seven full years of existence and, from a standing start in 1970, has grown to be one of the leading insurance companies operating in Nebraska utilizing the conventional independent agency system. Lakeland Fire and Casualty Company, managed by Jim Stodolka, was the winner of the Chairman's Cup in 1977 for achieving the lowest loss ratio among the homestate companies. All in all, the homestate operation continues to make excellent progress.

John Ringwalt 负责的 Homestate 业务旗下主要包含五家公司，其中堪萨斯火险在 Floyd Taylor 筹备下于1977年底正式营运， Homestate 1977年的保费净收入达到2，300万美元，三年前不过只有550万美元，其余四家的年度综合比率都低于100，其中 Cornhusker 甚至只有93.8， John 在努力管理其它四家公司的同时，更让 Cornhusker 过去七年有六年的综合比率低于100，从1970年正式营运以来，该公司已顺利成为内布拉斯加州传统独立经纪系统的领导业者，至于由 Jim Stodolka 带领的 Lakeland 火险则荣获1977年主席杯的头衔，因为去年该公司的综合比率最低，总的来说， Homestate 集团的营运在去年大有进展。

John Ringwalt's homestate operation now consists of five companies, with Kansas Fire and Casualty Company becoming operational late in 1977 under the direction of Floyd Taylor. The homestate companies had net premium volume of $23 million, up from $5.5 million just three years ago. All four companies that operated throughout the year achieved combined ratios below 100, with Cornhusker Casualty Company, at 93.8, the leader. In addition to actively supervising the other four homestate operations, John Ringwalt manages the operations of Cornhusker which has recorded combined ratios below 100 in six of its seven full years of existence and, from a standing start in 1970, has grown to be one of the leading insurance companies operating in Nebraska utilizing the conventional independent agency system. Lakeland Fire and Casualty Company, managed by Jim Stodolka, was the winner of the Chairman's Cup in 1977 for achieving the lowestloss ratio among the homestate companies. All in all, the homestate operation continues to make excellent progress.

John Ringwalt负责的Homestate业务旗下主要包含五家公司，其中堪萨斯火险在Floyd Taylor筹备下于1977年底正式营运，Homestate 1977年的保费净收入达到2，300万美元，三年前不过只有550万美元，其余四家的年度综合比率都低于100，其中Cornhusker甚至只有93.8，John在努力管理其它四家公司的同时，更让Cornhusker过去七年有六年的综合比率低于100，从1970年正式营运以来，该公司已顺利成为内布拉斯加州传统独立经纪系统的领导业者，至于由Jim Stodolka带领的Lakeland火险则荣获1977年主席杯的头衔，因为去年该公司的综合比率最低，总的来说，Homestate集团的营运在去年大有进展。

Taiwan Office: Moment Crown Trading Co., Ltd.------ operating items: finance, procurement, operations, import and export trade business.

台湾办事处：矩冠贸易有限公司------营运项目：财务、采购、业务、进出口贸易业务。

Be Lai Taiyue of 56 years old is grand 碁 member of senior management group, enter branch of Taichun of grand 碁 science and technology to hold the position of assistant manager to begin from September 1987, ever was in charge of grand 碁 product development, sale, acting labour and start brand business work oneself, hold the position of general manager of headquarters of carry of battalion of grand 碁 China at present, be in charge of grand 碁 reaching the overall business of Hong Kong area in the mainland, hold group president part-time at the same time room aides and staff grows a post.

现年56岁的赖泰岳是宏碁资深经营管理团队成员，从1987年9月进入宏碁科技台中分公司担任副理开始，曾主管宏碁产品开发、营销、代工与自创品牌业务工作，目前担任宏碁中国营运总部总经理，负责宏碁在大陆及香港地区的总体业务，同时兼任集团董事长室幕僚长职务。

In Ajit Jain, we have by far the best manager in this business.

值得注意的是，近年来愿意接受再保业务的供给量大幅增加，再保业者总共募集了近 50 亿美元的资金来进军这类业务，且大部分都是新成立的公司，很自然的这些新进的业者急欲承接业务以证明当初他们吸收资金时所作的预估，这些新加入的竞争并不会影响我们 1994 年的营运，因为我们早已经接满了生意，主要是在 1993 年签下的，不过我们已经看到保费价格有恶化的趋势，如果这种情况持续下去，我们将会大幅降低承接的业务量，但随时准备好接下大型且复杂的保险业者所欲寻找确定能够理赔损失的保证。

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。。

In 1922, State Farm was formed by George Mecherle, a farmer from Merna, Illinois, who aimed to take advantage of the pricing umbrella maintained by the high-cost giants of the industry. State Farm employed a "captive" agency force, a system keeping its acquisition costs lower than those incurred by the bureau insurers (whose "independent" agents successfully played off one company against another). With its low-cost structure, State Farm eventually captured about 25% of the personal lines business, far outdistancing its once-mighty competitors. Allstate, formed in 1931, put a similar distribution system into place and soon became the runner-up in personal lines to State Farm. Capitalism had worked its magic, and these low-cost operations looked unstoppable.

1922年州农保险由伊利诺州Merna的农夫George Mecherle所创立，目标锁定在打破业界掮客所树立的高价保护伞，州农雇用专属中介人员，这套系统让州农取得保单的成本远低于一般保险同业，其独立业务代表接二连三成功地搞倒其它业者，拜其低成本结构所赐，州农最终拮取25%的个人业务大饼，含车险及住宅险在内，远远超越昔日强大的竞争对手，而创立于1931年的Allstate也仿效设立类似的行销通路，并一举跃居第二，仅次于州农，资本主义再度发挥神奇的效用，而这种低成本的营运确已势不可挡。

In 1922, State Farm was formed by George Mecherle, a farmer from Merna, Illinois, who aimed to take advantage of the pricing umbrella maintained by the high-cost giants of the industry. State Farm employed a "captive" agency force, a system keeping its acquisition costs lower than those incurred by the bureau insurers (whose "independent" agents successfully played off one company against another). With its low-cost structure, State Farm eventually captured about 25% of the personal lines business, far outdistancing its once-mighty competitors. Allstate, formed in 1931, put a similar distribution system into place and soon became the runner-up in personal lines to State Farm. Capitalism had worked its magic, and these low-cost operations looked unstoppable.

1922年州农保险由伊利诺州Merna的农夫George Mecherle所创立，目标锁定在打破业界掮客所树立的高价保护伞，州农雇用专属仲介人员，这套系统让州农取得保单的成本远低于一般保险同业，其独立业务代表接二连三成功地搞倒其它业者，拜其低成本结构所赐，州农最终拮取25%的个人业务大饼，含车险及住宅险在内，远远超越昔日强大的竞争对手，而创立于1931年的Allstate也仿效设立类似的行销通路，并一举跃居第二，仅次于州农，资本主义再度发挥神奇的效用，而这种低成本的营运确已势不可挡。

In 1922, State Farm was formed by George Mecherle, a farmer from Merna, Illinois, who aimed to take advantage of the pricing umbrella maintained by the high-cost giants of the industry. State Farm employed a "captive" agency force, a system keeping its acquisition costs lower than those incurred by the bureau insurers (whose "independent" agents successfully played off one company against another). With its low-cost structure, State Farm eventually captured about 25% of the personal lines business, far outdistancing its once-mighty competitors. Allstate, formed in 1931, put a similar distribution system into place and soon became the runner-up in personal lines to State Farm.

1922年州农保险由伊利诺州 Merna 的农夫 George Mecherle 所创立，年州农保险由伊利诺州所创立，目标锁定在打破业界掮客所树立的高价保护伞，州农雇用专属仲介人员，标锁定在打破业界掮客所树立的高价保护伞，州农雇用专属仲介人员，这套系统让州农取得保单的成本远低于一般保险同业，套系统让州农取得保单的成本远低于一般保险同业，其独立业务代表接二连三成功地搞倒其它业者，拜其低成本结构所赐，州农最终拮取连三成功地搞倒其它业者，拜其低成本结构所赐，州农最终拮取25%的个的个人业务大饼，含车险及住宅险在内，远远超越昔日强大的竞争对手，人业务大饼，含车险及住宅险在内，远远超越昔日强大的竞争对手，而创立于1931年的 Allstate 也仿效设立类似的行销通路，并一举跃居第二，立于年的也仿效设立类似的行销通路，并一举跃居第二，仅次于州农，资本主义再度发挥神奇的效用，仅次于州农，资本主义再度发挥神奇的效用，而这种低成本的营运确已势不可挡。

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。