Mr. Barrette: The company has done very well. All the underwriting operations are doing very well. The investment returns have been good in rather difficult markets, and we have done some nice acquisitions to increase our shareholder value.
TWST: What have you acquired?
Mr. Barrette: We have made a number of acquisitions. We have acquired
the renewal rights to the CNA Re book of business. We have acquired a
small run-off company called Sierra. We made a fairly significant
acquisition in buying Sirius International from ABB and we purchased the
renewal rights to Atlantic Mutual's Commercial Insurance business. And
finally, we led with Berkshire Hathaway the investor group that
purchased the life and investments business of Safeco.
TWST: Why be so aggressive in a difficult environment?
Mr. Barrette: I wouldn't say we've been aggressive, but you shoot ducks
when ducks are flying. The environment investment-wise is difficult. But
the underwriting environment is actually very good. Insurance rates have
risen pretty dramatically over the last three years. And so the results
are good and those were opportunities to grow our business in a
profitable way.
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