An 82 percent rise in insurance underwriting profits helped produce a solid first quarter for Berkshire-Hathaway.
Net income for the Omaha-based insurance and investment company rose to $2.6 billion, or $1,682 per Class A share, from $2.31 billion, or $1,501 per Class A share, from the same 2006 period.
The company owns Stamford, Conn.-based General Reinsurance Corp. and Washington area-based Geico personal lines insurer.
Profits from insurance underwriting rose 82 percent to $601 million, while insurance investment income rose 6 percent to $748 million.
Bloomberg News reported that Warren Buffet is looking for an investment in the $40-to-$60 billion range as the company ended the quarter with $46 billion in cash on hand.
At a Sunday news conference, Mr. Buffet said he has halved the hurricane risk exposure his company faces over the past year.
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