英文早读第180篇，选自巴菲特年度信，友才翻译。
Insurance Operations
保险业务
During 1973, Jack Ringwalt retired as President of National Indemnity Company after an absolutely brilliant record since founding the business in 1940. He was succeeded by Phil Liesche who, fortunately for us, possesses the same underwriting and managerial philosophy that worked so well for Jack.
在1973年，杰克灵怀特从国家保障公司总裁位子上退休了，从1940年这项业务创立开始创下了耀眼的记录。菲尔莱塞继承了他，我们很幸运，菲尔拥有和杰克同样的承保和管理思想，他们曾在杰克身上作用很好。
Our traditional business, specialized auto and general liability lines conducted through National Indemnity Company and National Fire and Marine Insurance Company, had an exceptionally fine underwriting year during 1973. We again experienced a decline in volume. Competition was intense, and we passed up the chance to match rate-cutting by more optimistic underwriters. There currently are faint indications that some of these competitors are learning of the inadequacy of their rates (and also of their loss reserves) which may result in easing of market pressures as the year develops. If so, we may again experience volume increases.
我们的传统业务，具体的汽车和一般责任险业务通过国家保障公司和国家火灾与海洋保险公司在1973年拥有尤其好的承保结果。我们规模又减小了。竞争是紧张的，我们忽视了和更加乐观承保人相匹配的费率削减。现在有轻微迹象表明这些竞争者有些正在受他们费率不足的教训（同样也有储备金不足），这或许会导致接下来年份市场压力轻松一些。如果这样，我们或许再一次会经历规模增长。
Our reinsurance operation had a somewhat similar year - good underwriting experience, but difficulty in maintaining previous volume levels. This operation, guided by the tireless and well-directed efforts of George Young, has been a major profit producer since its inception in 1969.
我们的再保险业务1973年也同样如此——好的承保结果，但是在保持之前规模水平上有困难。这项业务，由不止疲倦指挥优异的乔治杨领导，自从1969年创立开始已经成为主要利润产生者。
Our "home state" insurance companies made excellent progress in Nebraska and Minnesota, with both good growth in volume and acceptable loss ratios. We began operations late in the year in Iowa. To date, our big problem has been Texas, In that state we virtually had to start over during 1973 as the initial management we selected proved incapable of underwriting successfully. The Texas experience has been expensive, and we still have our work cut out for us. Overall, however, the home state operation appears to have a promising potential.
我们的“本州”保险公司在内布拉斯加和明尼苏达州取得卓越进展，无论是规模良好增长还是可接受的赔付比例。我们去年末在爱荷华州开始了业务。到现在，我们的大麻烦是德州，由于我们最初选择的管理团队证明无法胜任承保成功，我们在1973年几乎不得不重启业务。德州的经历是昂贵的，对我们来说我们仍然有大量工作要做。然而，整的来说，本州业务有着可预期的潜力。
6.brilliant：明亮的；聪颖的；技艺高的
7.succeed：成功；接替；继承；继任；有作为；随后出现
8.faint：微弱的；不清楚的；微小的；不积极的
9.indication：指示；表明；显示；标示
10.inadequacy：不足；缺陷；不胜任
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