Berkshire Hathaway profit rise

Warren Buffett's turnaround of reinsurer General Re Corp sent earnings at his Berkshire Hathaway climbing 58 per cent in the third quarter.

General Re had a $32 million pretax underwriting profit in the quarter, compared with a $434 million loss last year, after Buffett - known as the Sage of Omaha - raised prices and shed unprofitable clients.

Overall, net profit at Berkshire rose to US$1.8 billion ($2.9 billion) for the quarter from US$1.14 billion last year.