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Hurricanes, earthquake drag down third-quarter profit at Buffett's Berkshire
November 3, 2017 4:27 PM EDTBy Jonathan Stempel
(Reuters) - Bad weather hurt Warren Buffett's Berkshire Hathaway Inc in the third quarter, as insurance losses tied to Hurricanes Harvey, Irma and Maria and an earthquake in Mexico contributed to a 43 percent drop in profit.
Berkshire on Friday said it lost $3 billion before taxes, or $1.95 billion after-tax, from the disasters, leaving its Geico auto insurance, General Re reinsurance and Berkshire Hathaway Reinsurance units with underwriting losses for the year.
Insurance typically accounts for about one-fourth of Berkshire's overall profit. Berkshire has roughly 90 businesses in such sectors as chemicals, energy, food and retail and... More
