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
Because if you're a shareholder of a public insurer, you can bifurcate these two things and say, you have historically not been a sophisticated investor.
You've been much more conservative.
What I ask of you, management, is to deliver me a very consistent margin on the underwriting.
I'd like to get as much capital back from you in the form of dividends or buybacks.
I don't need you to recreate an investment firm
on the asset side of your balance sheet, because if I wanted you to do that, well, instead I could just take- I could do it.
I could do it.
That's a classic example of conglomerates.
Shareholders don't generally welcome that approach.
And it's especially difficult if you're starting from scratch.
Why should you have the right to build a world-class investment organization if you're not really starting there?
I think the public sphere therefore operates differently and is held to a very, very tight standard on the underwriting side.
Now, the flip side of that, if you're a mutual, you don't have the forcing function of shareholders to ensure that you are operating at your best.
But that's an optional feature of mutuality.
That's not a requirement.
The only requirement is that you can't raise equity.
We've made the choice that we want to be an exceptional operator, and that includes exceptional underwriting results and exceptional investment organization.
How it benefits our policyholders?
Well, first and foremost, again, we are going to be there through thick and thin when inevitably trouble strikes.
The other component I mentioned that our insurance businesses are incredibly diverse.
Showing 161–180 of 638 · page 9 of 32
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