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Berkshire Hathaway Profit Jumps 89%

From Bloomberg News

Billionaire Warren Buffett’s Berkshire Hathaway Inc. said first-quarter profit almost doubled, driven by gains in its insurance businesses.

Earnings rose 89% to $1.73 billion, or $1,127 per Class A share, from $916 million, or $598, a year earlier. Revenue climbed 20% to $11.4 billion.

Buffett’s results were boosted by a turnaround at General Reinsurance Corp., which made an underwriting profit for the first time in four years.

The company reported earnings after trading closed on the NYSE, where the shares rose $100 to $72,700.

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