BERKSHIRE SWINGS TO BLACK AND NAMES BUFFETT SUCCESSOR

US re/insurance and investment holding Berkshire Hathaway swung to first-quarter net income of $11.71bn from a net loss of $49.75bn, reflecting improved underwriting results and a positive $75.98bn swing in investment and derivative gains. The Nebraska-based group’s underwriting income more than doubled to $966m from $462m. Berkshire’s other primary insurance businesses swung to operating income of $206m from a loss of $33m on written premiums of $2.91bn, an increase of 18.5% that was driven by BH Specialty (40%) and MedPro Group (24%). The group’s reinsurance businesses narrowed their underwriting loss to $263m from $489m, as the property/casualty and variable annuity segments swung to underwriting profits. P/c reinsurance written premiums grew 8.1% to $4.38bn. Meanwhile, Berkshire chairman and chief executive Warren Buffett disclosed that he will be succeeded by Greg Abel, vice-chairman of the group’s non-insurance business.