Friday, 24 May 2019

IIT-Kharagpur alumnus donates Berkshire stocks to institute’s US Foundation

The president of Berkshire Hathaway Insurance Group and IIT-Kharagpur alumnus Ajit Jain has donated stocks of the company to IITKGP Foundation US for his alma mater. An executive body member of IITKGP US Foundation said today till very recently the institute had been receiving only monetary donations. However, in a recent development IITKGP has been encouraging donation of stocks and shares to the institution,an IITKGP spokesperson said.
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Ajit Jain, distinguished alumnus of IITKGP has held various positions at top-tier management consultancy McKinsey& Company until 1986 when he joined Berkshire Hathaway.
At present, he is the president of Berkshire Hathaway reinsurance division. As per a HT report, Buffett has described himself as having the intelligence to rate most risks properly, the realism to forget about those that can’t be evaluated, the courage to write huge policies and the discipline to reject risk when the premium is not appropriate.