Located on the corner of 30th & Harney Streets, National Indemnity Co represents Warren Buffett’s first foray into the insurance industry. Berkshire bought NICO in 1967 and it remains its oldest operating subsidiary. It served as the location of the Berkshire Hathaway shareholders annual meeting from 1973-1979.
When Warren moved the annual meeting to Omaha from the Berkshire Hathaway offices in New Bedford, MA, National Indemnity’s fourth-floor lunchroom became the meeting site. Why? Because it was the largest space in Omaha owned by Berkshire.
According to reports, attendance for the meetings in New Bedford was light (maybe a dozen) and grew to 20-25 at NICO in Omaha.
In 1980, the annual meeting relocated to the Red Lion Inn.
History & Trivia
Founded in 1940 by Jack Dabney Ringwalt, National Indemnity wrote liability insurance for taxi cabs. It has expanded its areas of property/casualty coverage since then.
It was with this company that the central importance of “float” to Berkshire Hathaway’s growth became obvious. In the 2004 shareholder letter, Warren wrote of NICO,
“Indeed, had we not made this acquisition, Berkshire would be lucky to be worth half of what it is today.”
Even during periods of slow business, NICO has maintained a practice of not firing any employees due to declining volume of policy underwriting.
National Indemnity has had only four CEO’s over its history, only one of whom graduated from college (it’s current CEO Don Wurster, BTW, who has been running things since 1989).
Location
National Indemnity Company
3024 Harney Street
Omaha, NE 68131
(402) 916-3000
Website
[google_map location_id=”72″/]
Links
“Our Story” National Indemnity Company
“The 1979 Berkshire Hathaway meeting: 20 people in a lunchroom” Omaha World-Herald
“2004 Shareholder Letter” Berkshire Hathaway