Subject: Re: Chris Davis Interview
. After listening to the interview I'm pretty convinced that his reason for taking BNSF out of National Indemnity was to add resilience / bulkheads to the structure of the enterprise.

I noticed in Note 15 of the 2022 annual report that "Payments of dividends by insurance subsidiaries are restricted by insurance statues and regulations." E.G. "Without prior regulatory, our principal insurance subsidiaries may declare declare up to $35 billion as ordinary dividends during 2023." These kind of statements are always present in the AR.

When I learned of BNSF being moved out of National Indemnity, I wondered if this was to permit better access by BRK HQ to its cash flow without being restricted by the above?

OTOH I don't know how much moving BNSF out might impact the amount of dividends the insurance subs can send to HQ as an offset.

Just a thought.