Warren Buffett’s Berkshire Hathaway reported third-quarter profits this year nearly doubled from 1999. Modest insurance holdings gains helped Berkshire see a 90-percent increase in net earnings for the quarter ended Sept. 30. Berkshire earned $797 million or $523 per Class A share, up from $420 million or $276 per share for the same quarter 1999. Last year’s dismal profits were impacted largely by General Re and GEICO. The 1999 drop in earnings at General Re was partially affected by catastrophes. Gains in the company’s insurance holdings were offset by an underwriting loss of $135 million at General Re. GEICO showed only a minimal gain in the number of policyholders in the past three months despite aggressive advertising campaigns. Rates at GEICO will likely increase.
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