Ajit Jain
Encyclopedia
Ajit Jain is a businessman who currently heads several reinsurance
businesses for Berkshire Hathaway
and has been touted as a possible successor to Warren Buffett
.
. He graduated in 1972 from the Indian Institute of Technology Kharagpur
with a bachelor's degree in engineering. He didn't take his studies very seriously, according to classmate Ronojoy Dutta
. Instead, they spent hours talking about economics, sociology and the Vietnam War
, often debating through the night. Vijay Trehan, another classmate, described Jain and Dutta as "class clowns in our mechanical engineering class." But considering their later careers, Trehan said, "The lesson has to be that 'not taking life too seriously' is definitely the way to go." Another classmate Ravi Ghai recalls that the most notable thing about Jain was his robust sense of humor and mischief.
in India from 1973 to 1976, then moved to the United States, where he earned an MBA from Harvard Business School
in 1978. He joined McKinsey & Co., but returned to India in the early 1980s. After a monthlong courtship, he married Tinku Jain, a girl chosen by his parents. Then he went back to the United States to work for McKinsey. According to Robert P. Miles' book The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers Jain said he would not have returned to America, but his wife wanted to move there. In 1986 he left McKinsey to work on insurance operations for Buffett. At the time, he said he knew little about the insurance business.
Reinsurance
Reinsurance is insurance that is purchased by an insurance company from another insurance company as a means of risk management...
businesses for Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
and has been touted as a possible successor to Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
.
Early life
Ajit Jain was raised in India's coastal state of OrissaOrissa
Orissa , officially Odisha since Nov 2011, is a state of India, located on the east coast of India, by the Bay of Bengal. It is the modern name of the ancient nation of Kalinga, which was invaded by the Maurya Emperor Ashoka in 261 BC. The modern state of Orissa was established on 1 April...
. He graduated in 1972 from the Indian Institute of Technology Kharagpur
Indian Institute of Technology Kharagpur
The Indian Institute of Technology Kharagpur is an autonomous engineering, technology and management oriented institute of higher education established by the government of India in 1951...
with a bachelor's degree in engineering. He didn't take his studies very seriously, according to classmate Ronojoy Dutta
Rono Dutta
Rono Dutta is the former President of United Airlines from 1999 to 2002.From July 2004 until 2006 he served as Chairman of Air Sahara.In 2007, Mr. Dutta joined US based AAR Corporation as a strategic adviser for the Indian market.-External links:**...
. Instead, they spent hours talking about economics, sociology and the Vietnam War
Vietnam War
The Vietnam War was a Cold War-era military conflict that occurred in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975. This war followed the First Indochina War and was fought between North Vietnam, supported by its communist allies, and the government of...
, often debating through the night. Vijay Trehan, another classmate, described Jain and Dutta as "class clowns in our mechanical engineering class." But considering their later careers, Trehan said, "The lesson has to be that 'not taking life too seriously' is definitely the way to go." Another classmate Ravi Ghai recalls that the most notable thing about Jain was his robust sense of humor and mischief.
Career
Jain worked for IBMIBM
International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...
in India from 1973 to 1976, then moved to the United States, where he earned an MBA from Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
in 1978. He joined McKinsey & Co., but returned to India in the early 1980s. After a monthlong courtship, he married Tinku Jain, a girl chosen by his parents. Then he went back to the United States to work for McKinsey. According to Robert P. Miles' book The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers Jain said he would not have returned to America, but his wife wanted to move there. In 1986 he left McKinsey to work on insurance operations for Buffett. At the time, he said he knew little about the insurance business.
Further reading
- Miles, Robert P., "The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers," John Wiley & Sons Inc., 2003.