GEICO Drives Up Berkshire 2020 Underwriting Profit
With GEICO’s 2020 underwriting profit more than doubling above the level recorded in 2019, Berkshire Hathaway’s full-year property/casualty underwriting income was in the black, even though the conglomerate’s P/C reinsurance units saw underwriting losses in both years.
Taken together, $3.4 billion of pre-tax underwriting profit for personal lines auto insurer GEICO, combined with $110 million for Berkshire’s commercial primary insurance operations, more than offset $2.0 billion in pre-tax underwriting losses in Berkshire’s reinsurance group, Berkshire reported on Saturday. Total underwriting profit for the P/C insurance and reinsurance operations came in at $1.5 billion for 2020, compared to $640 million for 2019.
Posted By Thadeus Greenson@ThadeusGreenson on Tue, Nov 17, 2020 at 3:15 PM click to enlarge Thomas Dunklin Irongate Dam on the upper Klamath River is one of four hydroelectric dams now slated to be removed in 2023. Once again, a hard-fought accord to remove four hydroelectric dams choking the lower Klamath River has been resuscitated, a group of stakeholders announced in a press conference Tuesday. The agreement, which is more than a decade in the making and would result in one of the largest dam removal efforts in the world and the largest river restoration project in U.S. history, is back on after stakeholders were able to coax the dams’ owner the Berkshire Hathaway owned PacifiCorp Power back into the agreement after a federal ag