Berkshire Hathaway enjoys strong Q3
Berkshire Hathaway enjoyed a strong performance in the third quarter, as Berkshire Hathaway Reinsurance Group’s premiums more than doubled.
The group’s operating earnings increased to $4.7 billion in the third quarter of 2014, compared with $3.7 billion in the third quarter of 2013.
Its insurance premiums earned totalled $12.7 billion in the quarter, compared with $9.3 billion in the same period of the prior year.
Gen Re’s premiums earned hit $1.6 billion in the quarter, a small but significant increase compared with $1.5 billion in the third quarter of 2013. Within this, its property/casualty business produced pre-tax underwriting gains in the third quarter and first nine months of 2014 of $85 million and $242 million, respectively, compared with pre-tax underwriting gains of $4 million in the third quarter and $66 million in the first nine months of 2013.
Berkshire Hathaway Reinsurance Group saw its premiums more than double to $4.8 billion compared with $2.2 billion in the third quarter of 2013. The multi-line property/casualty business generated pre-tax underwriting gains of $398 million in the third quarter and
$556 million in the first nine months of 2014 compared to pre-tax underwriting losses of $170 million in the third quarter and pre-tax underwriting gains of $666 million in the first nine months of 2013.
“We have constrained the volume of this business in recent years due to rates that are, in our view, inadequate. However, we have the capacity and desire to write substantially more business when appropriate pricing can be obtained,” the company said in a statement.
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