Billionaire business magnate Warren Buffett cast Wilkes-Barre and GUARD Insurance into the spotlight last week in his annual letter to Berkshire Hathaway shareholders.Buffett, Berkshire Hathaway's chairman of the board, used more than a page of the 13-page letter to explain the business model and detail the success of the company's property/casualty insurance business, calling it "the engine propelling Berkshire's growth since 1967."That was the year Berkshire Hathaway acquired Omaha, Nebraska-based National Indemnity and its sister company, National Fire & Marine, for $8.6 million."Today, National Indemnity is the largest P/C company in the world as measured by net worth," Buffett boasted.He went on to liken it to Berkshire Hathaway's acquisition of Wilkes-Barre-based GUARD Insurance eight years ago.

"Close your eyes for a moment and try to envision a locale that might spawn a dynamic P/C insurer. New York? London? Silicon Valley?" Buffett mused."How about Wilkes-Barre?" he suggested.Buffett explained to his shareholders how, late in 2012, Ajit Jain, manager of Berkshire Hathaway's insurance operations, called him tell him that he was buying "a tiny company — GUARD Insurance Group — in that small Pennsylvania city for $221 million."In the phone call, Jain added that Sy Foguel, GUARD's CEO, "was going to be a star" at Berkshire."Bingo and bingo: In 2019, GUARD had premium volume of $1.9 billion, up 379% since 2012, and also delivered a satisfactory underwriting profit. Since joining Berkshire, Sy has led the company into both new products and new regions of the country and has increased GUARD's float by 265%," Buffett bragged."In 1967, Omaha seemed an unlikely launching pad for a P/C giant. Wilkes-Barre may well deliver a similar surprise," Buffett wrote, concluding the insurance portion of the letter.Wilkes-Barre Mayor George Brown said in an email that Buffett's praise of Wilkes-Barre "is exactly the endorsement which my administration is committed to sustaining.""Wilkes-Barre is a small gem, which when properly supported is perfectly situated to attract other multi-national businesses to our city," Brown said.Furthermore, Brown said, Buffett's statement was "a testament to the hard-working employees of Berkshire Hathaway GUARD Insurance. Wilkes-Barre's motivated workforce is supported by a community which provides a sustainable work-life balance."Brown called Buffett's comments "very exciting, as they broadcast to the world that Wilkes-Barre is a viable city, primed for a great future." He vowed that his administration would continue to work to attract new investment into the city.Wico Van Genderen, president and CEO of the Greater Wilkes-Barre Chamber, said Buffett, as "one of the world's most successful businessmen and highly respected corporate gurus … has again placed Wilkes-Barre and Berkshire Hathaway GUARD Insurance Companies in the international spotlight, as he hailed the growth of one or our region's largest locally-headquartered companies."And, Van Genderen noted, it wasn't the first time Buffett has brought Wilkes-Barre to the attention of Berkshire Hathaway shareholders."It demonstrates the clear-sightedness of GUARD's leadership team led by Sy Foguel, Carl Witkowski, and Eitan Ajchenbaum, as well as the business acumen, work ethic and bottom line results of the GUARD team they have created and constructed here in Wilkes-Barre," Van Genderen said."Warren Buffett has focused the attention of investors around the world on a fact that we already know: Wilkes-Barre is a great place to build a successful national business. For that — and for all of the positive direct and indirect economic benefits it provides to the Wyoming Valley — we should all be very proud that GUARD has chosen to call Wilkes-Barre home," he said.Elizabeth Hartman, spokesperson for Berkshire Hathaway GUARD Insurance Companies, said company officials are "pleased that GUARD's success puts a positive spotlight on the city of Wilkes-Barre."Contact the writer:smocarsky@citizensvoice.com570-821-2110, @MocarskyCV GROWTH CONTINUESAfter Warren Buffett singled out Berkshire Hathaway GUARD Insurance Companies at a shareholder meeting in 2016, GUARD Chief Operating Officer Carl Witkowski provided statistics on the company's growth since the company's acquisition in 2012. Company spokeswoman Elizabeth Hartman updated those numbers on Monday. Employees in Wilkes-Barre: 310 in 2012; 483 in 2016; over 800 in 2020. Policies: 60,000 in 2012; 129,000 in 2015; 400,000 in 2020. Premiums: Less than $400 million in 2012; $800 million in 2015; $1.9 billion in 2019. ONLINE EXTRAFind a link to read Warren Buffett's letter to shareholders with this story at citizensvoice.com.