Q3 cats drive Berkshire Hathaway (re)insurance ops to $1.02bn UW loss

Increased average claims frequency and a $400mn Ida hit at Geico as well as the impact of third quarter cat losses totaling $260mn in its primary operations and $1.5bn in P&C reinsurance drove Berkshire Hathaway to a $1.02bn pre-tax underwriting loss at its (re)insurance business for the period.