Berkshire Hathaway takes $2.99bn catastrophe hit to 3Q earnings
US reinsurance giant Berkshire Hathaway has reported a massive $2.99bn hit to third quarter earnings arising form Hurricanes Katrina and Rita. The losses, which are reported as those incurred as of September 30, 2005, hit Berkshire Hathaway Reinsurance for $2.3bn, the group’s General Re subsidiary for $602m and discount motor insurer GEICO for $118m.
Berkshire added that it now estimates the total industry losses from the two hurricanes to be in the range of $60bn to $70bn. In September, the company had estimated its final share of an industryOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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