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Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these are insurance businesses conducted on both a primary basis and a reinsurance basis. Berkshire also owns and operates a large number of other businesses engaged in a variety of activities, as identified herein. Berkshire’s operating businesses are managed on an unusually decentralized basis. During the year ended December 31, 2007, the Company acquired Boat America Corporation, which owns Seaworthy Insurance Company and controls the Boat Owners Association of the United States. In November 2008, White Mountains Insurance Group, Ltd. completed its exchange with Berkshire of runoff businesses. Berkshire exchanged about 95% of its interest in White Mountains for 100% of a White Mountains subsidiary, whose holdings consist of Commercial Casualty Insurance Co. and International American Group Inc.