The Southeast regional bank plans to use the deal's sizable proceeds to pay down wholesale borrowings and restructure its securities portfolio. Numerous banks have made similar moves in recent months.

Berkshire Hathaway Inc. contended with rising prices, a troubled insurance market and a dearth of deals in the second quarter.

Property and casualty players have struggled to maintain profitability as they deal with a greater frequency and severity of accidents, combined with higher costs to repair or replace damaged vehicles, as well as heightened costs linked to extreme weather events.

Buffett said he expects earnings at its insurance underwriting operations — which are less correlated to business activity — to improve this year.

Auto-insurer Geico reported a full-year underwriting loss of almost $1.9 billion as inflation ate into margins alongside elevated claim frequency and severity.

All six companies were profitable in the fourth quarter and the full year, but had far less new volume than in 2021.

The conglomerate held more than 433,000 shares of Jefferies, the New York-based investment bank, as of Sept. 30, according to a quarterly filing Monday.

Munich Re's profit slumped as the reinsurer took a hit to its investment portfolio in a volatile quarter for financial markets.

Second-quarter adjusted profit was $1.19 a share from $1.52 year earlier, the New York-based insurer said Tuesday.

CEO Dan Arnold says the firm is eyeing continued records in its headcount, despite the usual dropoff in broker moves during downturns.