105729--3/16/2006--WESCO_FINANCIAL_CORP

related topics
{stock, price, share}
{investment, property, distribution}
{product, liability, claim}
{loan, real, estate}
{loss, insurance, financial}
{competitive, industry, competition}
Unless Wesco can reinvest a large amount currently invested in cash equivalents at attractive returns, future returns on shareholders equity will probably be less than those of the past. Wesco s Wes-FIC subsidiary is dependent upon the Berkshire Insurance Group for its management and personnel, and for opportunities to participate with the Group in reinsurance contracts representing essentially the entirety of its reinsurance business, as well as a significant portion of its insurance business to date. Wesco s tolerance for risk in its insurance businesses may result in a high degree of volatility in periodic reported earnings. The degree of estimation error inherent in the process of estimating property and casualty insurance loss reserves may result in a high degree of volatility in periodic reported earnings. Wesco s insurance subsidiaries investments are unusually concentrated. Each of Wesco s operating businesses faces intense competitive pressures. In addition to the foregoing risk factors inherent in Wesco s operations, Wesco s shareholders face a market liquidity risk because the daily trading volume of Wesco s shares on the American Stock Exchange and Pacific Stock Exchange is relatively low. An investment in Wesco is not an investment in Berkshire Hathaway.

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