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Warren Buffett Touts Berkshire Hathaway's Insurance Gains.
Knight Ridder/Tribune Business News, May, 2002
By Steve Jordon, Omaha World-Herald, Neb. Knight Ridder/Tribune Business News
May 5--Warren Buffett's insurance operations reversed their losing ways in the first three months of this year, he told shareholders Saturday.
That turnaround is exactly what Buffett pledged at the end of 2001 after Berkshire Hathaway Inc.'s insurance operations lost $6.1 billion, contributing to the first drop in overall value in the company's 37-year history.
"Insurance cost us a lot of money last year," said Buffett, who is chairman and chief executive of Omaha-based Berkshire.
Berkshire's insurance underwriting -- calculating the premiums to charge for assuming risks and deciding what policies to sell -- made a $20 million gain for the three months...
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