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ENTITY
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🎵Wisdom Density:
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🧭6 concepts
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Cornhusker Casualty Company
Cornhusker Casualty Company was formed in early 1970 as a 100% owned subsidiary of National Indemnity Company.
📝 The "Home-State" Concept
- Strategy: The company was created to write standard insurance business through Nebraska agents only.
- Goal: To combine the "big-company capability" of National Indemnity with the "small-company accessibility" of a local carrier.
- Results: It was off to a "strong start" in its first year, leading Buffett to envision extending the "home-state" approach to other regions.
🔗 Connections
- Source: 1970 Letter
- Parent: National Indemnity Company
- Concept: Home-State Insurance
📚 Historical Mentions & Citations (2)
Click a reference document below to expand and read the exact paragraph(s) containing this concept in the archive.
📜1970 LetterExcerpt Available▼
1970 LetterExcerpt Available
Our “home-state” operations—Cornhusker Casualty Company, formed in early 1970 as a 100% owned subsidiary of National Indemnity, writing standard business through Nebraska agents only—is off to a strong start. The combination of big-company capability and small-company accessibility is providing to be a strong marketing tool with first class agents. John Ringwalt deserves credit for translating the concept into reality. Our present plans envision extension of the home-state approach and we plan to have another company in operation later this year.
📜1972 LetterExcerpt Available▼
1972 LetterExcerpt Available
In the “home state” operation, our oldest and largest such company, Cornhusker Casualty Company, operating in Nebraska only, achieved good underwriting results. In the second full year, the home state marketing appeal has been proven with the attainment of volume on the order of one-third of that achieved by “old line” giants who have operated in the state for many decades.