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BUSINESS
May 21, 2005 | From Associated Press
Berkshire Hathaway Inc. severed its remaining ties with a former chief executive of its General Re Corp. subsidiary after he invoked the 5th Amendment during questioning by federal officials Friday. Ronald E. Ferguson had been a consultant for General Re and other Berkshire affiliates since stepping down as the reinsurance company's CEO in 2001, Berkshire Hathaway said.
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BUSINESS
November 8, 2008 | Times Wire Services
Billionaire Warren E. Buffett's Berkshire Hathaway Inc. posted a fourth straight profit drop, the longest streak of quarterly declines in at least 13 years, on falling returns at insurance businesses and investment losses. Third-quarter net income decreased 77% to $1.06 billion, or $682 a share, from $4.55 billion, or $2,942, a year earlier, the Omaha-based company said Friday. Berkshire, which owns National Indemnity Co., General Re Corp. and Geico Corp., said profit from underwriting insurance policies fell 83% to $81 million.
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BUSINESS
February 5, 2001 | From Bloomberg News
Warren Buffett's Berkshire Hathaway Inc. plans to form a venture with former J.P. Morgan & Co. executives Roberto Mendoza and Peter Hancock that will help companies, government agencies and individuals use derivatives. The venture will be formed through Berkshire Hathaway's reinsurance unit, General Re Corp. A partnership led by Mendoza and Hancock will buy a majority interest in General Re Securities Holdings, a unit of General Re. Mendoza left J.P.
BUSINESS
June 11, 2005 | From Times Wire Services
A second former top executive at Berkshire Hathaway Inc.'s General Re insurance unit pleaded guilty Friday to conspiring to file false financial reports as part of a phony transaction designed to burnish the books of American International Group Inc., his company's top customer. Richard Napier, 53, a senior vice president at Gen Re in 2000 and 2001 when the sham transaction occurred, pleaded guilty Friday to a single criminal conspiracy count in U.S. District Court in Alexandria, Va.
BUSINESS
November 8, 2008 | Times Wire Services
Billionaire Warren E. Buffett's Berkshire Hathaway Inc. posted a fourth straight profit drop, the longest streak of quarterly declines in at least 13 years, on falling returns at insurance businesses and investment losses. Third-quarter net income decreased 77% to $1.06 billion, or $682 a share, from $4.55 billion, or $2,942, a year earlier, the Omaha-based company said Friday. Berkshire, which owns National Indemnity Co., General Re Corp. and Geico Corp., said profit from underwriting insurance policies fell 83% to $81 million.
BUSINESS
September 6, 2001 | Reuters
General Re Corp. named Vice President Joseph Brandon its next chief executive and chairman as veteran leader Ronald Ferguson prepares to retire after 33 years with the company. Brandon, 42, will take over Oct. 1 as chief executive of General Re, which is owned by Warren Buffett's holding company, Berkshire Hathaway Inc. He will become chairman in June 2002, when Ferguson, 59, retires. Ferguson will remain as a consultant to the company.
BUSINESS
May 5, 1998
Equitable Cos., the fourth-largest U.S. life insurer, said its first-quarter earnings from operations rose 62%, as rallies in financial markets boosted annuity sales, investment banking and money management. Profit rose to $213.9 million, or 92 cents a diluted share, from a year ago, exceeding analyst estimates of 79 cents. The New York company's investment unit--investment bank Donaldson, Lufkin & Jenrette Inc. and money manager Alliance Capital Management--saw profit rise 38% to $105.
BUSINESS
June 20, 1998 | From Associated Press
Investor Warren Buffett's Berkshire Hathaway Inc. is buying General Re Corp. for $22 billion worth of stock, adding one of the world's leading insurers of insurance companies to its portfolio. In its announcement after the stock market closed Friday, Berkshire said it would let General Re operate independently of its other insurance operations, National Indemnity and GEICO. News of the deal sent General Re's stock up $52 per share to $275 in after-hours trading.
BUSINESS
June 11, 2005 | From Times Wire Services
A second former top executive at Berkshire Hathaway Inc.'s General Re insurance unit pleaded guilty Friday to conspiring to file false financial reports as part of a phony transaction designed to burnish the books of American International Group Inc., his company's top customer. Richard Napier, 53, a senior vice president at Gen Re in 2000 and 2001 when the sham transaction occurred, pleaded guilty Friday to a single criminal conspiracy count in U.S. District Court in Alexandria, Va.
BUSINESS
May 9, 2002 | Bloomberg News
Billionaire Warren Buffett's Berkshire Hathaway Inc. will invest $125 million in a new Kemper Insurance Cos. unit that will underwrite commercial and professional liability coverage. Berkshire, which owns General Re Corp., the third-biggest reinsurer, and Geico Corp., the fourth-biggest U.S. car insurer, will get a 15% stake in the unit. Kemper will buy reinsurance, or insurance for insurance companies, from Berkshire. Shares of Berkshire rose $300 to $75,200 on the NYSE.
BUSINESS
May 21, 2005 | From Associated Press
Berkshire Hathaway Inc. severed its remaining ties with a former chief executive of its General Re Corp. subsidiary after he invoked the 5th Amendment during questioning by federal officials Friday. Ronald E. Ferguson had been a consultant for General Re and other Berkshire affiliates since stepping down as the reinsurance company's CEO in 2001, Berkshire Hathaway said.
BUSINESS
September 6, 2001 | Reuters
General Re Corp. named Vice President Joseph Brandon its next chief executive and chairman as veteran leader Ronald Ferguson prepares to retire after 33 years with the company. Brandon, 42, will take over Oct. 1 as chief executive of General Re, which is owned by Warren Buffett's holding company, Berkshire Hathaway Inc. He will become chairman in June 2002, when Ferguson, 59, retires. Ferguson will remain as a consultant to the company.
BUSINESS
February 5, 2001 | From Bloomberg News
Warren Buffett's Berkshire Hathaway Inc. plans to form a venture with former J.P. Morgan & Co. executives Roberto Mendoza and Peter Hancock that will help companies, government agencies and individuals use derivatives. The venture will be formed through Berkshire Hathaway's reinsurance unit, General Re Corp. A partnership led by Mendoza and Hancock will buy a majority interest in General Re Securities Holdings, a unit of General Re. Mendoza left J.P.
BUSINESS
June 20, 1998 | From Associated Press
Investor Warren Buffett's Berkshire Hathaway Inc. is buying General Re Corp. for $22 billion worth of stock, adding one of the world's leading insurers of insurance companies to its portfolio. In its announcement after the stock market closed Friday, Berkshire said it would let General Re operate independently of its other insurance operations, National Indemnity and GEICO. News of the deal sent General Re's stock up $52 per share to $275 in after-hours trading.
BUSINESS
May 5, 1998
Equitable Cos., the fourth-largest U.S. life insurer, said its first-quarter earnings from operations rose 62%, as rallies in financial markets boosted annuity sales, investment banking and money management. Profit rose to $213.9 million, or 92 cents a diluted share, from a year ago, exceeding analyst estimates of 79 cents. The New York company's investment unit--investment bank Donaldson, Lufkin & Jenrette Inc. and money manager Alliance Capital Management--saw profit rise 38% to $105.
BUSINESS
May 14, 2005 | From Bloomberg News
Warren Buffett's Berkshire Hathaway Inc. said it had put two employees on leave because of reinsurance accounting investigations. An employee of Berkshire's General Re Corp. was placed on administrative leave with pay after the Justice Department said it was targeting the individual in a probe, Berkshire said in a Securities and Exchange Commission filing. Berkshire also put on leave the chief executive of London-based Faraday Group.
BUSINESS
January 8, 2005 | From Associated Press
Billionaire investor Warren E. Buffett's Berkshire Hathaway Inc. said it received a subpoena from the New York state attorney general's office demanding information about its reinsurance subsidiary General Re Corp. The subpoena was delivered Thursday, eight days after the Securities and Exchange Commission asked for identical information about the reinsurance business, Berkshire Hathaway said.
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