Berkshire Hathaway reported net earnings of $25.7 billion for the second quarter, more than double the $12.4 billion posted a year earlier, though the increase was driven largely by $12.7 billion in investment gains that the company itself cautions are not indicative of underlying business performance. Operating earnings, the more relevant measure of the underlying businesses, rose to $13.0 billion from $11.2 billion.
For UK brokers, the results that carry real relevance sit within Berkshire Hathaway Reinsurance Group (BHRG) and Berkshire Hathaway Specialty Insurance (BHSI), both of which write business directly into the UK and European markets.
BHRG, whose subsidiaries include National Indemnity Company, General Reinsurance Corporation, General Reinsurance AG and Transatlantic Reinsurance Company, posted stronger underwriting results this quarter, supported by favourable prior-year reserve development and the absence of major catastrophe losses. General Re in particular has a long-standing presence in the London and European reinsurance markets.
For UK insurers ceding risk into Berkshire's reinsurance operations, or brokers placing large or complex commercial risks that draw on that capacity, this quarter's strength suggests continued stable terms from a reinsurer with substantial capital behind it, at a time when Aon's own Q2 2026 market report has flagged tightening underwriting discipline in several specialty lines tied to geopolitical risk.
Berkshire Hathaway Specialty Insurance operates offices in London and Manchester, underwriting commercial property, casualty, executive and professional lines, marine and other specialty coverages for UK clients through brokers. BHSI has continued to build out its UK and Ireland leadership team in recent periods across casualty, executive and professional lines and claims.
Berkshire's primary insurance group overall, which includes BHSI alongside its other primary carriers, saw premiums written decline modestly this quarter, with declines recorded at several individual units. Brokers with active BHSI relationships in London should confirm current appetite and terms directly with their underwriting contacts, since this quarter's group-level movement doesn't specify how BHSI's UK book performed in isolation.
Berkshire's US personal auto unit, GEICO, posted a weaker quarter on rising claims costs specific to that market; it has no UK operations.
