Vlad Barbalat
speaker
638 appearances
1 recordings
1 series
first heard Jun 2026
last heard 23 Jun
Vlad Barbalat’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
So if you think about other large insurers, take a progressive, incredibly successful company, lots to admire.
but they're very focused on a particular vertical motor in the US.
They're incredible at it.
Those risks require a certain types of balance sheet.
They're not particularly long tail.
If you think about our mix, we have risks that can come back from 20, 30 years ago and be very fat tail.
It is really, really important to differentiate the balance sheet that company like Progressive needs versus a company like Liberty Mutual.
our tails are fatter, our balance sheet requirements are very different.
That goes back to this, what we describe as a flywheel.
If we do well for our policyholders in terms of underwriting, efficiently creating various products that tailor and suit their risks, and then invest our capital well, we can perpetuate the strength
Product breadth, future risks that currently may not be visible to you, but are going to evolve.
We can be your partner in solving those.
At the most extreme, you could think of Berkshire as being that.
People think about Berkshire's insurance operations
The most visible, obviously, is Geico, the original.
But they are the insurer of last resort very, very often.
The reason they can do that is because they've got this incredible balance sheet.
Berkshire is in a universe of its own, particularly in the way shareholders have regarded Berkshire not asking for capital back.
But that's an extreme example of what you can do when you have a balance sheet like that.
Exactly.
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