November 8, 2008 |
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.
September 6, 2001 |
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.
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.
June 20, 1998 |
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.
June 11, 2005 |
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.
May 9, 2002 |
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.