Company expects £86m claims bill from event
Berkshire Hathaway suffered a 43% drop in insurance underwriting profit after paying out $130m (£86m) for the explosion at the port of Tianjin in China.
The company made an insurance underwriting profit of $856m, in the first nine months of 2015, compared with a $1.5bn profit for the same period last year.
Berkshire subsidiary General Re picked up $44m of the Tianjin bill, while Berkshire Hathaway Reinsurance Group paid the remaining $86m.
The lower underwriting profit did not slow the progress of the Berkshire Hathaway group as a whole.
The conglomerate made a profit before tax of $27.6bn in the first nine months of 2015, up 24% on the $22.3bn it made in the same period last year.
Berkshire Hathaway is run by billionaire investor Warren Buffett (pictured).
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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