Saying that the company’s insurance operations are rebounding, billionaire investor Warren Buffet informed stockholders that Berkshire Hathaway’s operations are back on track, according to Associated Press.
Buffett announced that insurance premiums held by Berkshire prior to payouts increased by $1.8 billion in the quarter ended March 31, and the company recorded an underwriting profit of $20 million during the period. That compares with an underwriting setback last year of more than $4 billion, with approximately $2.4 billion of that related to the events of Sept. 11. Buffet added that Berkshire’s largest company, General Re Corp., suffered great impact by Sept. 11, along with some policy miscues.
Berkshire is presently taking on some insurance risks involving terrorism, however greatly excluding biological, chemical, and nuclear attacks.
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