Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person by Warren Buffett and Charlie Munger, based on the Q2 2026 Form 10-Q (period ended June 30, 2026), the July 17, 2026 earnings release, and current market data. We have spent our whole lives around property-casualty insurance, and we will tell you plainly: most insurers are mediocre businesses run by people who confuse premium growth with profit. Travelers is the exception that proves the rule. This is a disciplined underwriting franchise — America's leading commercial lines insurer through independent agents, the number one surety writer, a top workers' compensation house — that has earned an underwriting profit with remarkable consistency while shrinking its share count by roughly 70% since the mid-2000s and raising its dividend for more than two decades straight.
Recent filings analysed: FWP (2026-07-21), 10-Q (2026-07-17), 8-K (2026-07-17), 8-K (2026-05-22).
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