Rodent Regatta

”The only viable reinsurer…for truly large-scale terrorism is the U.S. Government.”

This sentence is from a November 9, 2001 letter to shareholders of Berkshire Hathaway. The quote is Warren Buffett’s. The letter, like so much of what Warren Buffett writes, is enormously helpful in understanding the insurance and reinsurance industries. Apparently, there’s hope for some action!

Senate Takes Up Terrorism Insurance. Lawmakers have reached a consensus on the need to revive federal legislation that would put most of the burden of paying for a major terrorist attack on the government. By Joseph B. Treaster. [New York Times: Business]