巴菲特致股东的信（1985年）
⑥消防员基金保险公司的份额分担再保险合约

Fireman’s Fund Quota-Share Contract

     Never one to let go of a meal ticket, we have followed Jack Byrne to Fireman’s Fund (“FFIC”) where he is Chairman and CEO of the holding company.

消防员基金保险公司的份额分担再保险合约(Fireman's Fund,FFIC)

绝对不要轻易放弃任何一个机会，我们跟着 Jack 加入由他担任控股公司董事长兼 CEO 的消防员基金保险公司。(FFIC 于 1863 年在美国旧金山创立，在美国提供个人和商业财产和意外伤害保险产品，为 80%美国电影提供保险服务，10％利润支付给牺牲的消防员寡妇和孤儿。1991 年被安联集团以 11 亿美元收购)

     On September 1, 1985 we became a 7% participant in all of the business in force of the FFIC group, with the exception of reinsurance they write for unaffiliated companies. Our contract runs for four years, and provides that our losses and costs will be proportionate to theirs throughout the contract period. If there is no extension, we will thereafter have no participation in any ongoing business. However, for a great many years in the future, we will be reimbursing FFIC for our 7% of the losses that occurred in the September 1, 1985 - August 31, 1989 period.

1985 年 9 月 1 日我们成为 FFIC 集团 7%有效业务的参与者(他们为非附属公司承保的再保险保单除外)，合约为期四年，并规定期间双方的损失与成本依比例分摊(成数再保险/比例再保险)。如果没有展期，我们将不再继续参与任何业务。不过在可预见的未来，我们将分摊 FFIC 在 1985/9/1-1989/8/31 四年间发生的损失中的 7%。

     Under the contract FFIC remits premiums to us promptly and we reimburse FFIC promptly for expenses and losses it has paid. Thus, funds generated by our share of the business are held by us for investment. As part of the deal, I’m available to FFIC for consultation about general investment strategy. I’m not involved, however, in specific investment decisions of FFIC, nor is Berkshire involved in any aspect of the company’s underwriting activities.

根据合同 FFIC 将 7%保费汇给我们，而我们也将支付其所发生的任何损失，预收的资金则用在投资之上，合约附带条款，本人将向 FFIC 提供一般投资咨询服务，但我并不介入具体的投资决策，而伯克希尔也不参与该公司任何的保险业务。 

     Currently FFIC is doing about $3 billion of business, and it will probably do more as rates rise. The company’s September 1, 1985 unearned premium reserve was $1.324 billion, and it therefore transferred 7% of this, or $92.7 million, to us at initiation of the contract. We concurrently paid them $29.4 million representing the underwriting expenses that they had incurred on the transferred premium. All of the FFIC business is written by National Indemnity Company, but two-sevenths of it is passed along to Wesco-Financial Insurance Company (“Wes-FIC”), a new company organized by our 80%-owned subsidiary, Wesco Financial Corporation. Charlie Munger has some interesting comments about Wes-FIC and the reinsurance business on pages 60-62.

目前 FFIC 的业务量约达 30 亿美元，且随着费率上涨规模有可能再增加，该公司在 1985 年 9 月 1 日的未到期保险责任准备金达 13.24 亿美元，所以 FFIC 汇了其中的 7%，相当于 9270 万美金转移给我们，同时我们也支付了 2940 万美金给他们，代表他们转移保费产生的承保费用，所有 FFIC 业务均由国民保险公司承保，之后再将其中的 2/7 再保给 Wesco 财务子公司(Wes-FIC)，这是一家新组建的再保险公司。 

     To the Insurance Segment tables on page 41, we have added a new line, labeled Major Quota Share Contracts. The 1985 results of the FFIC contract are reported there, though the newness of the arrangement makes these results only very rough approximations.

在保险部门我们特别新增一项份额保险合约，不过由于属于新业务，所有数字只能算是大概的估计。

After the end of the year, we secured another quota-share contract, whose 1986 volume should be over $50 million. We hope to develop more of this business, and industry conditions suggest that we could: a significant number of companies are generating more business than they themselves can prudently handle. Our financial strength makes us an attractive partner for such companies.

到了年底我们又获得另一份份额合约，1986 年度的保费收入大约为 5000 万美元，我们希望能够发展更多的此类业务，而产业环境也不错，许多公司产生超过其本身处理能力的业务，而我们坚强的财务实力正是他们希望合作的最好对象。

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