Billionaire Warren Buffett says hurricane damage will linger
Billionaire Warren Buffett says the storm damage in Texas is staggering, but he isn't sure yet how much insurance companies will have to pay in claims. [...]
The investor expects that 50,000 of the roughly 500,000 vehicles Geico insures in the area will be total losses. But Buffett predicted there will also be large uninsured losses after this storm.
Buffett said Berkshire hasn't written much catastrophe insurance in recent years because prices were too low, so that will limit the Omaha, Nebraska-based company's exposure. By contrast, Berkshire recorded $3.4 billion in hurricane-related losses in 2005 when Hurricanes Katrina, Rita and Wilma struck the Gulf Coast. [...]
Berkshire Hathaway leads Florida auto insurance
As Category 5 Hurricane Irma looks set to make landfall in Florida after wreaking havoc in the Caribbean, The Insurance Insider looked at the most exposed primary carriers in the Sunshine State's commercial multi-peril and auto insurance markets in 2016. [...]
Berkshire Hathaway was Florida's leader in auto with a market share of 20.7 percent - equivalent to $4.1bn of premiums written. [...]
Watch CNBC's full interview with investing icon Warren Buffett (24 min video)
Warren Buffett, Berkshire Hathaway, speaks with CNBC's Becky Quick about Hurricane Harvey, the U.S. economy and his stock holdings.
Market Folly has a page of notes and summaries if you don't have time to watch the video.
Buffett spins $5 billion BofA investment into $12 billion profit
Berkshire Hathaway made good on its plan to convert warrants into 700 million shares of Bank of America common stock, the bank announced on Tuesday. [...]
Berkshire's agreement was to convert the warrants to Bank of America shares at $7.14 each. The shares closed Tuesday at $23.58, meaning Berkshire's paper profit on the stake is about $12 billion. [...]
Thousands of rail workers back at Buffett's BNSF as volumes rise
BNSF, the top U.S. coal carrier, laid off roughly 5,000 employees from mid-2015 to early 2016. The Texas-based company and its peers faced cost pressures from plunging coal volumes as the strong U.S. dollar hurt exports of the fuel and utilities switched to burning cheaper natural gas.
BNSF brought back roughly 4,000 of those workers as coal volumes rose this year, along with high levels of grain and upticks in intermodal containers and trailers, and sand used in hydraulic fracturing, spokesman Zak Andersen said. [...]
NetJets has extended its contract as the official private-jet provider of the PGA Tour.
The agreement, originally signed in 2014, now extends through 2022. It calls for NetJets to provide flights, marketing support and charitable contributions to the tour, its tournaments and its players. [...]
Travelex Insurance Services and Berkshire Hathaway Travel Protection Form Partnership
Travelex Insurance Services (Travelex) and Berkshire Hathaway Specialty Insurance Company’s Berkshire Hathaway Travel Protection (BHTP) have formed a strategic relationship. This partnership brings together the financial strength, product underwriting, and claims handling of BHTP with the extensive sales and marketing and travel provider network of Travelex. [...]
Travelex Insurance Services, a leading travel insurance provider in the United States, develops and distributes a comprehensive suite of travel protection products for travel agencies, tour operators, cruise lines, vacation clubs and timeshare operators. [...]
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