Text size

A foundation controlled by Berkshire Hathaway Vice Chair Ajit Jain sold $1.5 million of shares. It’s the foundation’s second sale so far in 2020.


Daniel Acker/Bloomberg

Both classes of

Berkshire Hathaway

stock are in the red for the year, and a foundation controlled by Vice Chairman Ajit Jain recently sold shares.

Berkshire Hathaway’s (ticker:

BRKb

) class A and B shares have year-to-date losses of 4.7% and 4.8%, respectively. By comparison, the

S&P 500 index,

a broad measure of the market, has gained 7.6% so far in 2020.

Berkshire Hathaway, helmed by legendary investor
Warren Buffett
, has trailed the market in recent years. We noted in February that an investor who put $1,000 in Berkshire Hathaway stock in 1965 would have $20 million, against $175,000 for a similar investment in the S&P 500—despite Berkshire Hathaway’s underperformance to the S&P 500 in the last decade. A high-profile recent misstep was an investment in Kraft Heinz (KHC) stock, which tumbled last year after the company took $15 billion in writedowns, slashed its dividend, and provided disappointing financial forecasts.

The Jain Foundation sold 7,000 class B Berkshire Hathaway shares on Sept. 30 for $1.49 million, an average per-share price of $213. The foundation now owns 185,095 class B shares, according to a form it filed with the Securities and Exchange Commission.

Jain and his wife Tinku are chairs of the foundation, which he established in the hopes of curing dysferlinopathy, which afflicts their son.

The foundation declined to comment on the stock sale, and didn’t make Ajit Jain available for comment. Berkshire Hathaway didn’t respond to a request to make Ajit Jain available for comment.

The Jain Foundation also sold Berkshire Hathaway stock earlier this year. On July 1, it sold 5,600 class B shares for $995,316, a per-share average

Democcratic vice presidential candidate Kamala Harris went after President Trump for not paying enough money in taxes, and questioned who he might owe money to.

“We now know because of great investigative journalism that Donald Trump paid $750 in taxes,” Harris said during Wednesday night’s vice presidential debate. “When I first heard about it, I literally said, ‘You mean $750,000?’ Nope $750.”

Harris was referring to a recent report by The New York Times, who obtained information on the president’s 2016 and 2017 taxes, both of which show he paid a total of $750 in federal taxes each year.

The Times also reported that he paid no federal income taxes for ten of the 15 years prior to winning the presidency in 2016, largely due to the fact that he reported financial loses greater than his income.

KAMALA HARRIS VOWS BIDEN WILL REPEAL TRUMP TAX CUTS ‘ON DAY ONE’

“We now know Donald Trump owes, and is in debt for $400 million, and just so that everyone is clear, when we say in debt – it means you owe money to somebody,” Harris said Wednesday in answer to a question about presidential transparency.

Harris added: “And it’d be really good to know who the president of the United States, the commander-in-chief owes money to, because the American people have a right to know what is influencing the president’s decisions and is he making those decisions on the best interests of the American people….or self-interest?”

Trump has disregarded the report as “fake news” and claimed that his tax returns would be available as soon as the IRS had completed their audit.

Pence, however, highlighted the president’s dismissal of the report and said, “the American people have a president who’s a businessman, a job creator, he’s paid tens of millions of dollars

Great American Insurance Group announces the retirement of Ronald (Ron) J. Brichler, Executive Vice President within its Property & Casualty Group, effective January 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201007005816/en/

Ronald (Ron) J. Brichler (Photo: Business Wire)

Mr. Brichler began his 44-year career at American Financial Group in 1976. He held various positions within Great American’s Finance and Corporate Development departments, and in 1984, became the CFO for Great American’s insurance brokerage subsidiary, American Business Insurance. In 1988, he assumed leadership of the Property & Casualty Group’s Specialty Human Services Division before moving to the Crop Division as Divisional President. As President of the Crop Division, Mr. Brichler was instrumental in growing that division into the largest business within the Property & Casualty Group, as well as one of the largest in the crop insurance industry. In 1998, he was promoted to a Group Reporting Officer, a position he has held for more than 20 years. During his tenure, he worked with almost every property and casualty business and provided leadership to multiple strategic initiatives for the Company.

Mr. Brichler is a past Chairman of the Board of Directors of both the American Association of Crop Insurers (AACI) and National Crop Insurance Services (NCIS).

About Great American Insurance Group

Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for more

BOSTON, Sept. 30, 2020 /PRNewswire/ — Boston Insurance Brokerage LLC (“BIB”) has announced the promotion of Casie Treen to Vice President, Finance & Administration.

Casie Treen, VP Finance & Administration, Boston Insurance Brokerage LLC
Casie Treen, VP Finance & Administration, Boston Insurance Brokerage LLC

Treen has been a member of the Boston Insurance Brokerage team since 2011. She joined BIB as an Intern while pursuing a degree in Finance at Simmons University and most recently held the position of Controller.

“I am excited to announce the promotion of Casie Treen to Vice President, Finance & Administration,” said Keith Driscoll, Boston Insurance Brokerage’s CEO. “Casie is a tireless worker. Her honesty, diligence and attention to detail will be invaluable to shape and guide our organization forward.”

“After spending the majority of the last decade at Boston Insurance Brokerage, I am looking forward to stepping into this role, taking on new challenges and working together with Keith and the leadership team to ensure the success of the company for the next decade to come,” said Treen.

Treen brings with her a wealth of experience to the new position and a thorough understanding of the company. Since starting as an intern, she has held positions in Administration/Operations along with Finance. She earned her Masters in Accounting from Suffolk University and is currently pursuing a CPA.

Boston Insurance Brokerage is a wholesale brokerage that offers commercial insurance products. Its product portfolio includes property, casualty, environmental, umbrella, executive and professional, workers comp and risk management products and services. The firm has markets and expertise in healthcare liability, construction, manufacturing, habitational, professional liability, aviation product liability and financial services coverage.

CONTACT: Brian Kehoe, 609-375-1134, [email protected]

Cision
Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/casie-treen-promoted-to-vice-president-finance–administration-of-boston-insurance-brokerage-llc-301142321.html

SOURCE Boston Insurance Brokerage LLC

Source Article

Will Oversee Property and Liability Insurer to The Episcopal Church

The Church Pension Group (CPG), a financial services organization that serves The Episcopal Church, today announced the appointment of Christopher R. Rourke as Senior Vice President and General Manager of The Church Insurance Companies (CIC). In this role, he will be responsible for the management and oversight of CIC, which provides property and liability coverage for Episcopal Church institutions. He will report directly to CPG’s Executive Vice President and Chief Operating Officer, Frank Armstrong, and will be based in Bennington, Vermont.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200928005541/en/

The Church Pension Group, a financial services organization that serves The Episcopal Church, today announced the appointment of Christopher R. Rourke as Senior Vice President and General Manager of The Church Insurance Companies. (Photo: Business Wire)

“I am pleased to announce Chris’s appointment to lead The Church Insurance Companies,” said Mr. Armstrong. “He is a proven leader with a track record of success in commercial property and casualty underwriting and risk management. His industry expertise and commitment to customer service will ensure that we remain a stable presence for our clients when they need us most.”

Prior to joining CPG, Rourke served as President of Berkley North Pacific Group, a commercial insurance provider. Before this, he was Regional Vice President and Branch Manager of Acadia Insurance Group, a provider of commercial and specialty property casualty insurance. Prior to this, he held senior management positions in several insurance organizations throughout the United States.

Rourke holds a BS in Business Administration from the Villanova School of Business at Villanova University.

About The Church Insurance Companies

Founded in 1929, The Church Insurance Companies offer churches, dioceses, and institutions property and liability coverage, as well as risk management tools and strategies. It