Omaha, Neb.-based Berkshire Hathaway Inc. nearly doubled the profit of the first quarter of 2002, thanks to the hardened insurance market.
Berkshire reported a net profit of $1.73 billion, or $1,127 a share, compared to $916 million, or $598 a share, a year ago.
Berkshire’s insurance and reinsurance operations led to the record profit result, a change from the last few years of the soft market which saw heavy underwriting losses.
Buffett told shareholders last weekend that the General Re unit has finally returned to profitability after years of claims losses as well as losses related to the Sept. 11 attacks on the World Trade Center.
The insurance operations posted a pre-tax $1.1 billion profit, compared to $736 million a year ago.
Topics Trends Profit Loss Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Ex-CEO, Ex-CFO of Bankrupt AI Company Charged With Fraud 
Mustard Maker Caught Pumping Pollutants Into River for Years and Lying About It 
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
Nationwide: Consumers Say Insurance Should Evolve for Micromobility Vehicles 
