American International Group Inc., the insurer rescued by the U.S., was cut to “underperform” by KBW Inc. on the prospect that meeting government obligations will wipe out most of common shareholders’ value. The stock fell the most in almost eight months.
Ajit Jain, who helped build Berkshire Hathaway Inc. into a $200 billion firm by underwriting risks that others shunned, is hunting for insurance-premium growth that his boss Warren Buffett says may be a thing of the past.
American International Group Inc. , the insurer bailed out by the U.S. government, said first-quarter profit slumped 85 percent on costs tied to repaying its rescue and claims from the earthquakes in Japan and New Zealand.
Warren Buffett’s Berkshire Hathaway Inc. promoted Bill Roberts to president and chief operating officer of the Geico unit as it competes with Progressive Corp. and Allstate Corp. for auto insurance customers.
Berkshire Hathaway Inc. is poised to report its biggest year-over-year increase in book value per share since 2010 on gains from investments, operating-business earnings and Chairman Warren Buffett’s equity-derivative bets.