Gen Re has posted strong first-quarter profit as it recovers from last year’s significant losses, reporting an underwriting gain of $US81 million ($80 million).

This compares with a loss of $US326 million ($322 million) in the first quarter last year, when the reinsurer reported very significant catastrophe losses.

Premiums increased 2% to $US1.47 billion ($1.45 billion).

Parent company Berkshire Hathaway’s entire insurance and reinsurance operations made a profit of $US54 million ($53 million), compared with a loss of $US821 million ($810 million) in the corresponding period last year.

Berkshire Hathaway posted net earnings of $US3.2 billion ($3.16 billion) in the first quarter, more than double its first-quarter result last year.

Total revenue increased 5.5% to $US33.2 billion ($32.8 billion) and premiums earned increased by 7.8% to $8.1 billion ($8 billion).