Business Services Industry
'Oracle of Omaha' pleased with company insurance operations; Blasts others' participation in credit enhancement business.(News)
Business Insurance, May, 2003
Byline: RODD ZOLKOS OMAHA, Neb.-Berkshire Hathaway Inc.'s insurance operations are on solid footing and performed "extraordinarily well'' during this year's first quarter, Warren Buffett, Berkshire's chairman and chief executive officer, told the company's shareholders at their annual meeting May 3.
"I really think our insurance businesses are in exceptionally good shape,'' said Mr. Buffett, predicting the companies would post a $290 million pre-tax underwriting profit for the first three months of the year. Responding to questions from shareholders filling the Civic Auditorium in Omaha, Neb., the Berkshire chairman discussed other aspects of the insurance industry he finds troubling, such as moves by a number of companies in recent years to engage in...
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