By Anupreeta Das And Erik Holm
Warren Buffett once said that if he were stuck in a sinking boat
with his partner Charles Munger and his deputy Ajit Jain, the most
important person to save would be Jain.
The 63-year-old head of Berkshire Hathaway Inc.'s reinsurance
business has long been viewed as a front-runner for the top job at
the conglomerate. He turned a tiny company in the mid-1980s into a
behemoth that has made billions for the Omaha, Neb. conglomerate,
and along the way Buffettologists have noted Mr. Buffett's effusive
public praise for the Indian-born executive outstripped accolades
for any other manager.
Yet Mr. Jain is older than some other Berkshire managers who are
perceived as possible successors to Mr. Buffett, and is less known
for acquiring other large businesses. One stumble came in 2011 as a
bid for Transatlantic Holdings Inc. fell flat. Executives and
advisers of the insurer chose to merge with another firm.
Some Berkshire followers think the board might favor a younger
CEO who has a longer runway ahead of him, especially as Mr. Buffett
is expected to continue running the company for five to eight more
years.
Born in the eastern Indian state of Orissa, Mr. Jain got an
undergraduate degree in engineering at the Indian Institute of
Technology in Kharagpur in 1972 and worked as both an engineer and
salesman for International Business Machines Corp. in India before
going to Harvard University for a business degree, according to
Robert Miles, author of "The Warren Buffett CEO," published in
2001. He joined Berkshire in 1986. Mr. Buffett has often said that
he speaks to Mr. Jain every day, more than any of the dozens of
other Berkshire managers who report to him.
Mr. Jain is best known for his understanding of risks and widely
viewed as a tough negotiator who is willing to let a deal go if he
can't get the price he wants. Colleagues and rivals describe him as
smart, good-natured and quick at cutting to the essence of
complicated matters.
He also shares Mr. Buffett's pared-down approach to business. He
forgoes the usual raft of consultants, modelers and lawyers that
are involved in insurance transactions, and his fellow insurance
executives have noted in the past what's most noticeable about his
office in Stamford, Conn. is its worn-out carpet and too-close view
of passing commuter trains.
Write to Anupreeta Das at anupreeta.das@wsj.com and Erik Holm at
erik.holm@wsj.com
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