Ajit Jain, Vice Chairman of Insurance Operations at Berkshire Hathaway, had his schooling at Stewart School, Cuttack. In 1972, Jain graduated from IIT Kharagpur in India with a BTech degree in Mechanical Engineering.
“I was a little disappointed with what they taught us in business school. A lot of it seemed so obvious…”
“Playing consultant, drawing charts in the middle of the night, wasn’t as much fun (as sales)… one fine day in 1981, I just felt like I’d been there and done it, so I pulled the plug.”
Immediately in 1982, Michael Goldberg, Ajit Jain’s former boss at McKinsey, called him to join Berkshire Hathaway. Mr. Goldberg had been running the show at Berkshire Hathaway’s insurance arm.
Considering how the insurance business was alien to him, Mr. Jain initially declined the offer.
Between 1982-85, Jain went back to India, got married, and then had to move back to the USA because his wife hadn’t “gotten the western world out of her system.”
Ironically, he applied and was re-hired as a Consultant at McKinsey. Later, he would call this a “second mistake.”
Finally, in 1986, Ajit Jain took up Michael Goldberg’s offer to join Berkshire Hathaway’s National Indemnity business.
Later, he would admit, “When I joined Berkshire, I didn’t know how to spell insurance or reinsurance,” but he was intrigued by some deals and the numbers.
In 1998, Ajit Jain added annuity products to Berkshire Hathaway’s insurance portfolio, which now accounts for a significant portion of the firm’s revenues.
Between new revenue streams, great deals, and the massive reinsurance float, Jain was instrumental in Berkshire Hathaway’s growth.
Ajit Jain, Vice Chairman of Insurance Operations at Berkshire Hathaway, had his schooling at Stewart School, Cuttack. In 1972, Jain graduated from IIT Kharagpur in India with a BTech degree in Mechanical Engineering.
“I was a little disappointed with what they taught us in business school. A lot of it seemed so obvious…”
“Playing consultant, drawing charts in the middle of the night, wasn’t as much fun (as sales)… one fine day in 1981, I just felt like I’d been there and done it, so I pulled the plug.”
Immediately in 1982, Michael Goldberg, Ajit Jain’s former boss at McKinsey, called him to join Berkshire Hathaway. Mr. Goldberg had been running the show at Berkshire Hathaway’s insurance arm.
Considering how the insurance business was alien to him, Mr. Jain initially declined the offer.
Between 1982-85, Jain went back to India, got married, and then had to move back to the USA because his wife hadn’t “gotten the western world out of her system.”
Ironically, he applied and was re-hired as a Consultant at McKinsey. Later, he would call this a “second mistake.”
Finally, in 1986, Ajit Jain took up Michael Goldberg’s offer to join Berkshire Hathaway’s National Indemnity business.
Later, he would admit, “When I joined Berkshire, I didn’t know how to spell insurance or reinsurance,” but he was intrigued by some deals and the numbers.
In 1998, Ajit Jain added annuity products to Berkshire Hathaway’s insurance portfolio, which now accounts for a significant portion of the firm’s revenues.
Between new revenue streams, great deals, and the massive reinsurance float, Jain was instrumental in Berkshire Hathaway’s growth.
In 2001, terrorists attacked the Twin Towers. Following this tragic event, insurers turned cautious.
Ajit Jain, however, insured the Sears Tower in Chicago, then America’s largest tower, and the 2002 Winter Olympics at Salt Lake City, both feared to be terrorist targets.
In 2009-10, Ajit Jain became the CEO of Berkshire Hathaway’s Reinsurance business.
It was around this time that Warren Buffett wrote the words of praise mentioned in the opening statement of this
In 2001, terrorists attacked the Twin Towers. Following this tragic event, insurers turned cautious.
Ajit Jain, however, insured the Sears Tower in Chicago, then America’s largest tower, and the 2002 Winter Olympics at Salt Lake City, both feared to be terrorist targets.
In 2009-10, Ajit Jain became the CEO of Berkshire Hathaway’s Reinsurance business.
It was around this time that Warren Buffett wrote the words of praise mentioned in the opening statement of this
Soon, a journalist approached Ajit Jain for an interview citing rumors of him becoming BRK’s CEO. He declined it with a note: “..any disappointment I have caused you by declining the interview is far less than the disappointment I would have caused you by granting it.”
