英文早读第202篇，选自巴菲特年度信，友才翻译。
Our reinsurance department, managed by George Young, improved its underwriting performance during 1977. Although the combined ratio (see definition on page 12) of 107.1 was unsatisfactory, its trend was downward throughout the year. In addition, reinsurance generates unusually high funds for investment as a percentage of premium volume.
我们的再保险部门由乔治杨管理，在1977年其承保业绩有所提升。尽管107.1%的综合赔付率（定义见第12页）并不理想，但全年该比率呈下降趋势。此外，再保险产生的可用于投资的资金占保费收入的比例异常高。
At Home and Auto, John Seward continued to make progress on all fronts. John was a battlefield promotion several years ago when Home and Auto’s underwriting was awash in red ink and the company faced possible extinction. Under his management it currently is sound, profitable, and growing.
在家庭与汽车保险业务板块，约翰苏厄德在各个方面都持续取得进展。几年前，当家庭与汽车保险业务的承保深陷亏损，公司面临可能倒闭的困境时，约翰临危受命获得晋升。在他的管理下，如今该业务稳健、盈利且不断发展。
John Ringwalt’s homestate operation now consists of five companies, with Kansas Fire and Casualty Company becoming operational late in 1977 under the direction of Floyd Taylor. The homestate companies had net premium volume of 5.5 million just three years ago. All four companies that operated throughout the year achieved combined ratios below 100, with Cornhusker Casualty Company, at 93.8, the leader. In addition to actively supervising the other four homestate operations, John Ringwalt manages the operations of Cornhusker which has recorded combined ratios below 100 in six of its seven full years of existence and, from a standing start in 1970, has grown to be one of the leading insurance companies operating in Nebraska utilizing the conventional independent agency system. Lakeland Fire and Casualty Company, managed by Jim Stodolka, was the winner of the Chairman’s Cup in 1977 for achieving the lowest loss ratio among the homestate companies. All in all, the homestate operation continues to make excellent progress.
约翰零怀特负责的本州保险业务如今涵盖五家公司，其中堪萨斯火灾与意外险公司在弗洛伊德泰勒的带领下，于1977年末开始运营。家乡州保险旗下各公司的净保费总额从三年前的550万美元增长至2300万美元。全年运营的四家公司综合赔付率均低于100%，其中克恩豪斯可意外险公司以93.8%的比率位居榜首。除了积极监管其他四家本州保险业务公司外，约翰零怀特还管理着克恩豪斯可意外险公司。该公司在成立后的七个完整年度中有六个年度综合赔付率低于100%，自1970年从零起步，现已发展成为内布拉斯加州领先的保险公司之一，采用传统的独立代理体系运营。由吉姆斯托多尔卡管理的莱克兰火灾与意外险公司，因在各家乡州保险公司中损失率最低，荣获1977年董事长杯。总体而言，家乡州保险业务持续取得卓越进展。
