Despite Sandy losses of $1.1bn before tax, Berkshire Hathaway's insurance operations "shot the lights out" in 2012 with a pre-tax underwriting gain of $1.6bn, according to Warren Buffett.
Buffett, chairman at the giant investment conglomerate, said that with the insurance business also providing $73bn of "free" money to invest, "this is truly having your cake and eating it too".
However, he said the company as a whole had turned in a "subpar" performance in 2012, as a book value per...
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