Buffett Wants to Acquire More
Berkshire Hathaway Inc. Chairman and Chief Executive Officer Warren Buffett said in his annual letter to shareholders that the company is eyeing “one or more huge acquisitions” in order to the earnings of its non-insurance group. “We certainly have the resources to do so,” Buffett noted. “At year end Berkshire held $116.0 billion in cash and U.S. Treasury Bills…up from $86.4 billion at year-end 2016. This extraordinary liquidity earns only a pittance.”
Buffett said that following a record catastrophe year, the company anticipates $3 billion of pretax losses related to hurricanes Harvey, Irma and Maria—but the net cost will reduce company net worth by less than one percent.
Read it here:Warren Buffett’s annual letter to investors
Also of note: Geico’s $310 million underwriting loss for the year compared with a $462 million gain in 2016. Premiums written increased 16.1% for the year to $30.5 billion. Geico incurred about $450 million of loses related to hurricanes Harvey and Irma.