伯克希尔·哈撒韦Berkshire Hathaway (BRK-A) 2011年年度报告「NYSE」.pdf

1、BERKSHIREHATHAWAYINC.2011ANNUAL REPORTBusiness ActivitiesBerkshire Hathaway Inc.is a holding company owning subsidiaries that engage in a number of diversebusiness activities including property and casualty insurance and reinsurance,freight rail transportation,utilitiesand energy,finance,manufacturi

2、ng,services and retailing.Included in the group of subsidiaries that underwriteproperty and casualty insurance and reinsurance is GEICO,the third largest private passenger auto insurer in theUnited States and two of the largest reinsurers in the world,General Re and the Berkshire Hathaway Reinsuranc

3、eGroup.Other subsidiaries that underwrite property and casualty insurance include National Indemnity Companyand affiliated insurance entities,Medical Protective Company,Applied Underwriters,U.S.Liability InsuranceCompany,Central States Indemnity Company,Kansas Bankers Surety,Cypress Insurance Compan

4、y,BoatU.S.and several other subsidiaries referred to as the“Berkshire Hathaway Homestate Companies.”Burlington Northern Santa Fe(“BNSF”)operates one of the largest railroad systems in North America.Inserving the Midwest,Pacific Northwest and the Western,Southwestern and Southeastern regions and port

5、s of theU.S.,BNSF transports a range of products and commodities derived from manufacturing,agricultural and naturalresource industries.MidAmerican Energy Holdings Company(“MidAmerican”)is an international energyholding company owning a wide variety of operating companies engaged in the generation,t

6、ransmission anddistribution of energy.Among MidAmericans operating energy companies are Northern Powergrid;MidAmerican Energy Company;Pacific Power and Rocky Mountain Power;and Kern River Gas TransmissionCompany and Northern Natural Gas.In addition,MidAmerican owns HomeServices of America,a real est