英文早读第197篇，选自巴菲特年度信，友才翻译。
Reinsurance underwriting has lagged the improvement in direct business. When mistakes are made in the pricing of reinsurance, the effects continue for even longer than when similar mistakes are made in direct underwriting. George Young, an outstanding manager, has worked tirelessly to achieve his goal of profitable underwriting, and has cancelled a great many contracts where appropriate rate adjustments were not obtainable. Here, as in the direct business, we have had a concentration in casualty lines which have been particularly hard hit by inflationary conditions. The near term outlook still in not good for our reinsurance business.
再保险承保落后于直销业务的提升。当再保险业务定价错误时，影响会比在直销业务犯相同的错误持续更久。佐治杨，一位出色的经历，不知疲倦的工作去实现他承保盈利的目标，并且取消了很多不能够调整到合适费率的合同。这里，和直销业务一样，我们集中在被通胀环境沉重打击的意外险业务线。接下来的条件看起来对我们的再保险业务仍不是很好。
Our "home state" operation continues to make substantial progress under the management of John Ringwalt. The combined ratio improved from 108.4 in 1975 to 102.7 in 1976. There still are some excess costs refected in the combined ratio which result from the small size of several operations. Cornhusker Casualty Company, oldest and largest of the home state companies, was the winner of the Chairman's Cup in 1976 for achievement of the lowest loss ratio among the home state companies. Cornhusker also achieved the lowest combined ratio in its history at 94.4, marking the fifth time in its six full years of existence that a ratio below 100 has been recorded. Premium growth was 78% at the home companies in 1976, as market position improved significantly. We presently plan a new home state operation later this year.
我们的州内业务在约翰零怀特的管理下继续取得大幅进展。综合赔付比例从1975年的108.4提升到了1976年的102.7。由于一些小规模的业务导致综合赔付率仍有一些超出的成本。克恩豪斯可意外险公司，最悠久且最大的州内保险公司，赢得了1975年所有州内保险公司中最低综合赔付率成就董事长杯。克恩豪斯可也以94.4分实现了他的历史上最低综合赔付率，创下了6个完整存在年度第5次综合赔付率低于100。1976年州内保险公司规模增长78%，市场地位大幅提升。我们现在计划在今年晚些时候开展一项新的州内保险业务。
Our Home and Automobile Insurance Company subsidiary, writing primarily automobile business in the Cook County area of Illinois, experienced a strong recovery in 1976. This is directly attributable to John Seward who, in his first full year, has improved significantly both rating methods and marketing. The auto business has been shifted to a six month direct bill policy, which permits a faster reaction time to underwriting trends. Our general liability business at Home and Automobile has been expanded significantly with good results. While it remains to be proven that we can achieve sustained underwriting profitability at Home and Auto, we are delighted with the progress John Seward has achieved.
我们的家庭和汽车保险子公司，主要在伊利诺伊库克郡开展汽车保险业务，在1976年强势复苏。这直接归因于约翰世华德，这是他第一个完整履职年度，在确定费率方法和市场营销上都大幅提升。车险业务切换到直销缴费保单政策已经六个月，这允许对承保趋势更快速反应时间。我们在家庭和汽车保险的一般责任险业务大幅扩张且业绩很好。尽管我们能否可以在家庭和汽车险业务取得大幅承保利润上仍需要验证，我们为约翰世华德取得的进展感到高兴。
Overall, we expect a good year in insurance in 1977. Volume is high and present rate levels should allow profitable underwriting. Longer term, however, there are significant negatives in the insurance picture. Auto lines, in particular, seem highly vulnerable to pricing and regulatory problems produced by political and social factors beyond the control of individual companies.
整的来说，我们预期在1977年保险业务很好。保险规模高且现在费率水品允许承保盈利。然而长期来看，保险行业有些严重的弊端。定价和一些由于政策和社会因素而超过个体公司控制所引发的监管问题，车险业务对此高度脆弱。
17.tirelessly：不知疲倦地；不辞劳苦
18.rewamp：改造；修改；翻新；改变
19.vulnerable：脆弱的；（身体上或情感上）易受…伤害的
