US billionaire Warren Buffett's Berkshire Hathaway company pointed to reinsurance losses in Australia as it explained a 37 per cent drop in second-quarter profit.
The company's American reinsurance business lost $US115 million ($155 million) directly because of storm damage on the Australian east coast in April, the company disclosed in a regulatory filing in the US.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
