World Insurance Report
Berkshire earnings tumble
Warren Buffett, the billionaire chairman of the
Berkshire Hathaway investment group, offered his personal apologies to shareholders after a 45% fall in profits at the group’s insurance units
contributed to what Mr Buffett called the worst year of his tenure. Net earnings for Omaha NE-based
Berkshire Hathaway fell to $1.56bn in 1999, down from $2.83bn in 1998.