Yes except Buffett uses retained premiums to invest. ENA are...

Yes except Buffett uses retained premiums to invest. ENA are effectively an underwriting agency who are paid a commission and potentially a profit share. Not disputing that its a great business and Tom Kent is an exceptional operator. I like the vision of management and Leibowitz doesn't lose money often either.

I'm not a current investor but watching with interest. ENA is not without its risks particularly in a hard insurance market and reliant on capacity from AXA XL for its financial lines business.