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Berkshire P&C reinsurance underwriting earnings rise on Tokio Marine deal
Berkshire reported Q2 2026 net underwriting earnings of $1.731 billion, while its pre-tax reinsurance underwriting earnings rose to $913 million.
Berkshire Hathaway said its property and casualty reinsurance business improved in Q2 2026 after entering a whole account quota share reinsurance agreement with Tokio Marine, which boosted premium volumes that would otherwise have declined due to lower property underwriting volumes, according to Reinsurance News.
Even so, Berkshire reported overall reinsurance and insurance underwriting earnings fell year over year in Q2, a drop driven by GEICO, where a higher loss ratio reflected increased claims frequencies and average severities, along with higher commissions and marketing expenses.
Berkshire’s net underwriting earnings across GEICO and its primary and reinsurance arms fell to $1.731 billion in Q2 2026 from $1.992 billion a year earlier. Pre-tax underwriting earnings across its reinsurance businesses rose to $913 million, up from $650 million in Q2 2025.
The improvement was supported by property and casualty reinsurance underwriting earnings of $1.138 billion in Q2 2026, compared with $1.045 billion the prior year. Reinsurance News added that Berkshire reported no significant catastrophe losses of $150 million or more in the first six months of 2026, and that the P&C reinsurance segment also benefited from a $609 million reduction in losses and loss adjustment expenses from prior year events.
Berkshire’s reinsurance results also tie to earlier steps in the relationship with Tokio Marine, including National Indemnity Company’s acquisition of a 2.5% stake in the Japanese insurer, along with reinsurance collaboration and potential M&A and global investment opportunities.