Berkshire Hathaway, Inc. is a holding company owning subsidiaries engages 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's operating businesses are managed on an unusually decentralized basis. There are essentially no centralized or integrated business functions such as sales, marketing, purchasing, legal or human resources and there is minimal involvement by Berkshire's corporate headquarters in the day-to-day business activities of the operating businesses. Its insurance and reinsurance business activities are conducted through domestic and foreign-based insurance entities. The company's insurance businesses provide insurance and reinsurance of property and casualty risks world-wide and also reinsure life, accident and health risks world-wide. Berkshire's four underwriting groups are: GEICO, General Re, Berkshire Hathaway Reinsurance Group and Berkshire Hathaway Primary Group. The company also owns the railroad business of Burlington Northern Santa Fe Corp. and a majority stake in MidAmerican Energy Holdings Co. The company was founded by Oliver Chace in 1839 and is headquartered in Omaha, NE.