Buffett firm slugged by disasters

WARREN BUFFETT'S Berkshire Hathaway listed investment fund has taken a $US1.7 billion ($1.55 billion) hit after natural disasters in Australia, New Zealand and Japan, the company revealed at its annual meeting on Saturday.

The bulk of losses were incurred in the Japanese earthquake and tsunami, with the Christchurch disaster costing $US412 million and extreme weather in Australia $US195 million.

The company said $US700 million of the total cost was due to holding a 20 per cent stake in the reinsurer Swiss Re. Along with a loss in investments and derivatives, insurance contributed to first-quarter post-tax earnings of just $US1.5 billion, down from $US3.6 billion for the same period in 2010.

Read Full Article from Sydney Morning Herald

- Posted: 2011-05-01 10:38:01

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