Jack Ringwalt
Founder of National Indemnity Company, which became Berkshire Hathaway's first major acquisition in 1967 and the foundation of its insurance operations.
Jack Ringwalt
Jack Ringwalt was the founder of National Indemnity Company, which he built into a specialty insurer before selling a majority stake to Warren Buffett in 1967. His principled approach to insurance underwriting influenced Buffett's philosophy of disciplined risk selection.
Overview
| Metric | Value |
|---|---|
| Role | Founder, President |
| Company | National Indemnity Company |
| Founded | 1940s |
| Retired | 1973 (after ~30 years) |
Career
Building National Indemnity
Jack Ringwalt built National Indemnity from scratch:
- Focused on specialty insurance lines
- Maintained strict underwriting discipline
- Cultivated a culture of integrity
The Sale to Buffett
In 1967, Ringwalt sold a controlling stake to Buffett:
- Price: approximately $8.6 million
- Allowed Ringwalt to retire comfortably
- Buffett gained the foundation of his insurance empire
Legacy
Buffett's Respect
Buffett held Ringwalt in high regard:
"Jack Ringwalt was a principled man who built a remarkable insurance business."
Ringwalt's approach to insurance — disciplined underwriting, careful risk selection — became the model for Berkshire's insurance operations.
Related
- warren-buffett — Who acquired his company
- national-indemnity — The company he founded
- berkshire-hathaway — Where the company resides