Shortly before Thanksgiving, Eric R. Dinallo, the insurance regulator for New York State, did something unusual. He called Warren E. Buffett’s right-hand man on insurance, Ajit Jain, and suggested that he start a new company to insure municipal bonds in New York.
Mr. Jain, who oversees one of the biggest insurance portfolios in the business at a subsidiary of Mr. Buffett’s holding company, Berkshire Hathaway, was surprised. He had never heard from an insurance regulator offering a new business idea.
“I thought, gee, I wonder what he’s calling to complain about,” Mr. Jain said in an interview on Tuesday.
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