Latest news with #Squishmallow
Mint
4 days ago
- Business
- Mint
Replacing Warren Buffett's insurance mastermind is Berkshire's next succession mystery
Now that Warren Buffett has said Greg Abel will succeed him as Berkshire Hathaway's CEO at year-end, Berkshire watchers are turning their attention to a different succession mystery: Who will fill Ajit Jain's shoes? For nearly four decades, Jain has been the brains behind Berkshire's insurance powerhouse. Its profits have helped Buffett expand his conglomerate and seed his stock portfolio. A risk-pricing mastermind, Jain has crafted policies insuring Chicago's tallest building against terrorist attacks, Pepsi against having to award a $1 billion raffle prize, and baseball teams in the event that star players such as Alex Rodriguez got hurt. Along the way, he has made Berkshire billions of dollars. 'Even kryptonite bounces off Ajit," Buffett once wrote. But Berkshire's man of steel (and statutory accounting) is now 73, and last year Jain said he gave Berkshire's board a shortlist of possible successors. Whoever follows Jain will inherit a business in transition. New competitors are moving in. Berkshire's biggest insurance moneymaker in recent years has been auto coverage. Buffett and Jain declined to comment for this article, and Berkshire hasn't disclosed the names on Jain's list. But insurance-industry insiders have some ideas. Joe Brandon, CEO of Alleghany Brandon, 66, is on his second stint at Berkshire after the company's 2022 purchase of Alleghany, a Berkshire-like conglomerate whose business spans insurance, steel fabrication and Squishmallow plush toys. He 'understands both Berkshire and insurance," Buffett said at the time of the purchase. Brandon also spent seven years running General Re, one of Berkshire's major providers of reinsurance, or insurance for insurance companies. He resigned in 2008 after federal prosecutors pressured Buffett to let him go following fraud convictions of four other former Gen Re executives. Brandon was never charged. Todd Combs, CEO of Geico Combs, 54, already has two jobs: heading Geico and helping manage a portion of Berkshire's investment capital. In five years leading the nation's third-largest auto insurer by premiums, Combs has modernized Geico's use of technology and shored up earnings and reserves. Buffett recently called the improvement 'spectacular." Combs also has a record of Berkshire-like returns and Berkshire-style humility. He earned a net cumulative 34% while running a hedge fund from 2005 to 2010, a financial crisis-era period when the S&P 500 produced 1.15%. Still he maintained such a low profile that when he accepted an investment manager job at Berkshire, the media couldn't find a photo of him. Combs's experience insuring more unusual and expensive risks is limited, however, and some analysts believe his money management responsibilities could expand when Buffett retires. Peter Eastwood, CEO of Berkshire Hathaway Specialty Insurance Since Buffett coaxed him away from AIG more than a decade ago, Eastwood, 58, has added a new arm to Berkshire's commercial insurance operations, building property-casualty insurer BHSI from scratch. The company started in 2013, turned a profit within 15 months and has since built up more than $15 billion in reserves, according to a person familiar with the company. Buffett has called Eastwood's hiring 'a home run," and BHSI now has offices across the U.S., Europe, Asia and Australia. Still, it is a smaller proving ground than some of the other companies in Berkshire's insurance empire, such as National Indemnity Company and Gen Re. Kara Raiguel, CEO of General Re Jain once called Raiguel, 52, his 'secret weapon." Practically a Berkshire lifer, she spent more than a decade working closely with him at Berkshire Hathaway's reinsurance division in Stamford, Conn., helping evaluate some of the company's biggest bets. Raiguel took over Gen Re in 2016 and reserves have swelled. Ratings firm A.M. Best said in November Gen Re has taken 'significant" actions toward bringing the prices policyholders pay better into line with the risk the firm takes on. Jain, who works from Berkshire's reinsurance offices in Stamford, hasn't said how long he plans to remain in his role. He grew up in India, earned an engineering degree and then sold early IBM computers before moving to the U.S. to attend Harvard Business School. Jain was still in his 30s, with no experience in the insurance industry, when Buffett hired him in 1986. Within six months, he was running Berkshire's entire reinsurance business. He soon became known in the industry for his warm manner, his close listening ear and his willingness to say no if he can't make money. Jain's meticulously priced deals brought in big lump sums, well beyond what Berkshire was getting from Geico's plain-vanilla auto insurance business. There was enough cash to pay claims and plenty left over for Buffett to deploy. Most hotshot investors have to ask people for money; Berkshire just collects insurance premiums. That is why Buffett once advised shareholders—in the event of a shipwreck where they could rescue only one drowning Berkshire executive—to 'swim to Ajit." Over the past decade, pension funds and other catastrophe bond investors have been displacing traditional property and casualty reinsurance capital, while private-equity firms have pushed into life insurance and annuities. Jain and Berkshire adapted by building out commercial insurers like Eastwood's group and by whipping Geico into shape. The auto insurer's underwriting earnings have outpaced all of Berkshire's other insurance businesses combined for the past two years running. For Jain's successor, the most important quality to replicate may be not his knack for making money but his talent for not losing it, said Christopher Bloomstran, chief investment officer of Semper Augustus Investments Group, a Berkshire investor. No other firm has the same capacity to pay for disaster recovery or bail out an underwater insurer. As long as Berkshire's next insurance chief is also comfortable saying no, the cash pile Jain helped build—arguably his most important contribution to Berkshire—will long outlast him. Jain 'is unique," said Stephen Catlin, executive chairman of the specialty insurer and reinsurer Convex. 'He will be a very hard act to follow." Write to Heather Gillers at
Miami Herald
15-05-2025
- Business
- Miami Herald
McDonald's announces return of beloved menu item
McDonald's (MCD) has officially caused a stir with its latest move to lure customers back amid an alarming consumer trend. Earlier this month, McDonald's revealed that its sales dropped by 3.6% year-over-year during the first quarter of this year. This contributed to the fast-food chain's 3% year-over-year decline in operating income, which is its profit after paying operating expenses. Don't miss the move: Subscribe to TheStreet's free daily newsletter During an earnings call on May 1, McDonald's CEO Chris Kempczinski flagged that consumers are cutting their spending on fast food more than expected. Related: McDonald's CEO sounds alarm on major customer problem "We entered 2025 knowing that it would be a challenging time for the QSR industry due to macroeconomic uncertainty and pressures weighing on the consumer," said Kempczinski. "During the first quarter, geopolitical tensions added to the economic uncertainty and dampened consumer sentiment more than we expected." Image source: Sharrett/Bloomberg via Getty Images While McDonald's said during the call that it will continue to focus on providing customers with "value and affordability" in order to win them back, it has also recently decided to bring back a popular menu item to help boost sales. McDonald's has announced the return of Happy Meals with Squishmallow toys, which are currently available nationwide for a limited time. Squishmallows became popular in 2020 during the Covid pandemic. Social media app TikTok appears to have had a large impact on the popularity of the kids' toy (which is also popular among adults) as it went viral on the platform. At the time, Squishmallows managed to sell out quickly in stores such as Walgreens and Walmart across the country. Related: Papa Johns struggles to recover from concerning customer behavior The last time McDonald's had Squishmallow Happy Meals was in 2023. McDonald's said that customers who order the Happy Meal will now have a chance to obtain a "never-before-seen" Squishmallow character. "Inside each Happy Meal box, you will find your classic McDonald's order of choice, along with one of 12 adorable Squishmallows, including a never-before-seen Intergalactic Axolotl named Halley," said McDonald's in a press release. "Each Squishmallows comes with a character hang tag, telling you the name and a little about each Squish, plus a code to scan and immerse yourself in an interactive game." The popular Squishmallow Happy Meal will remain on menus until June 9, according to a recent report from Today. The new Happy Meal is already gaining steam, as the complete set of Squishmallows from the meal is already selling on eBay for prices between $50 and $85. McDonald's customers are also already flooding TikTok with posts reviewing the Squishmallow Happy Meal. This is not the first time in recent months that McDonald's has opted to resurrect a fan-favorite menu item to boost demand at its restaurants. In December last year, McDonald's USA President Joe Erlinger announced in an interview on "Good Morning America" that the fast-food chain will be putting its Snack Wrap back on its menus sometime this year after discontinuing it in 2016. The Snack Wrap consists of chicken tenders, lettuce, shredded cheddar cheese, and ranch wrapped in a soft flour tortilla. More Food + Dining: Domino's Pizza unveils generous deal amid alarming consumer trendSteak 'n Shake's beef tallow fries aren't as healthy as they appearThe Cheesecake Factory makes bittersweet changes to its menu "Snack Wrap will be back in 2025," said Erlinger. "It has a cult following, I get so many emails into my inbox about this product." Last month, McDonald's also announced the permanent return of chicken strips at its restaurants nationwide. It officially added McCrispy Strips to its menus on May 5, which is a revamped version of its discontinued Chicken Selects. McDonald's bold menu changes come after foot traffic at its restaurants recently declined. According to recent data from foot traffic in McDonald's stores fell by 2.6% during the first few months of this year. This doesn't come as a surprise as the fast-food chain faced sharp criticism from consumers last year for hiking its menu prices. Also, in October, McDonald's temporarily suffered an unsettling E. coli outbreak at multiple store locations, which further scared away customers. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
New York Post
15-05-2025
- Entertainment
- New York Post
McDonald's brings back beloved Happy Meal toys for first time in 2 years — but you need to act fast
Fast food fans are more than happy about this news. On Tuesday, McDonald's announced that the beloved Squishmallows are officially back in Happy Meal boxes after a two-year hiatus. 'Squishmallows squad collectors and Happy Meal fans gather 'round,' McDonald's wrote on its Menu Spotter. 'You've waited patiently for two years, and we want to let all collectors know, there's a new squad on the block that you won't want to miss out on.' 3 Squishmallows are back at McDonald's for a limited time after a two-year hiatus. McDonald's In each box, customers will find their typical Happy Meal order of choice, along with one of 12 adorable Squishmallows — and this time, 'the pocket-sized plushies are showing off with an even happier, more adorable smile.' Each Squishmallow included in the Happy Meal comes with a character hang tag, which will share the name and a little about your new Squish, as well as a code to scan for an interactive game. McDonald's is also introducing a never-before-seen Squishmallow, an Intergalactic Axolotl named Halley. 'Soft, sweet and full of personality, these Squishmallows are WAITING for you! So, head to your local McDonald's to find your perfect Squish while supplies last,' McDonald's said. Hunting down these collectibles is a big part of the fun for Squishmallow collectors — so they better act fast, as a McDonald's spokesperson told Today that they'll only be in stores until Monday, June 9, while supplies last. 3 McDonald's is also introducing a never-before-seen Squishmallow, an Intergalactic Axolotl named Halley. McDonald's Since their release in 2017, the soft and adorable Squishmallows have become some of the hottest toys on the market. 'We couldn't think of a better way to celebrate our fans than with a Happy Meal featuring character favorites with unique, never-before-seen happy expressions and the debut of our newest Squishmallows Squad member, Halley, making the hunt exciting as ever for fans worldwide,' Gerhard Runken, Executive Vice President of Brand & Marketing at Jazwares, said in a statement. Fans are lovin' the return of the Squishmallow Happy Meal, with many taking to social media to declare, 'I know what I'm getting for dinner.' 'Dinner sorted for the rest of the week, happy meals every day,' one person chimed in. 'I NEED THEM ALL!!!!' someone screamed. 3 In each box, customers will find their typical Happy Meal order of choice, along with one of 12 adorable Squishmallows. Walter Cicchetti – 'Just left my full blown adult job (on lunch break) to get a happy meal,' a happy customer said. 'The way I'd carry them all in my pocket for a smile when someone's down hehe,' another shared.
Time of India
14-05-2025
- Entertainment
- Time of India
McDonald's Squishmallow Happy Meals are back in the US but with a deadline; here's how to get free toys
McDonald's Squishmallow Happy Meal box contents McDonald's Squishmallow Happy Meals' limited-time deal Live Events Squishmallows craze on social media McDonald's McCrispy Strips introduced this month FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel McDonald's has reintroduced the Squishmallow Happy Meals in the US. This marks the return of the Squishmallows after a gap of two years. The pocket-sized plush toys, however, will be available only for a limited time, McDonald's announced on Tuesday. Each Happy Meal box will contain one of a dozen Squishmallow characters, including a new one named Halley, which McDonald's has described as a "never-before-seen Intergalactic Axolotl".Each Squishmallow box carries a character hang tag that gives a brief description about the particular toy that comes along. Each of the limited-time Happy Meal toys will also include a scannable code, which will allow the patron to immerse themselves in an interactive game the Squishmallow Happy Meals were introduced by McDonald's for the first time in 2023, the toys went on to become a fan-favourite instantly. The collectible plushies have a massive following among both kids and adults. Over 400 million units of toys belonging to the Squismallows brand have been sold globally by toy maker Jazwares, USA Today the company has brought the offer once again, it comes with a deadline. The limited time Squishmallow Happy Meals will remain on the menu until June 9, as per a McDonald's representative cited by USA Today. Hence, collectors do not even have a month to build a collection of all the 12 McDonald's Squishmallows. Complete sets of the plushies are already being offered by resellers on Ebay, with asking prices reportedly starting from about $ craze for Squishmallows among people can be gauged by the number of fans exhibiting their collections on social media platforms like TikTok and Reddit. According to USA Today, #squishmallows has upwards of 688,000 TikTok Squishmallows made a comeback to the McDonald's Happy Meals menu just days after the fast food chain revealed the McCrispy Strips in the US. The permanent menu item is made of "juicy, 100 per cent white meat", as per an official release. It is coated with "crispy golden-brown breading", the communique McCrispy Strips come with a "bold, new black pepper flavor". The launch on May 5 was the first time since 2021 that McDonald's introduced a permanent item in their US Squishmallows Happy Meals have been reintroduced to McDonald's outlets in the US as a limited-period offering. As per a report by Today, they will remain on the McDonald's menu till June line of Squishmallow characters consists of 12 characters, including a new one called Halley, an Intergalactic Axolotl.
Indianapolis Star
14-05-2025
- Entertainment
- Indianapolis Star
McDonald's Happy Meal has new Squishmallows, and people are already reselling sets online
Happy Meals with Squishmallows are back at McDonald's. The company announced the new Happy Meal toy lineup on Tuesday, May 13. Meals will include one of a dozen different plushie toys including a new character named Halley, a previously unseen Squishmallow of the salamander-shaped axolotl type. Here's what to know. There are a dozen different Squishmallows, the company said Tuesday. Each Squishmallow toy comes with a character hang tag, which details its name and its story – in the case of the newest addition, Halley, for instance, it would mention its intergalactic travel ability. Each toy also includes a code you can scan to play an interactive game. Complete sets of the toys are already being hawked on eBay, starting at about $50. Story continues after photo gallery. McDonald's says the Squishmallow toys will be available while supplies last. There are more than 25 McDonald's locations in the Indianapolis area. You can find the McDonald's location nearest to you by visiting McDonald's store locator page on their website or by using their app. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him atmikegsnider & @ & @mikesnider & msnider@
