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Delta Air Lines Announces September Quarter Financial Results

October 13, 2020 [email protected]_84

September quarter 2020 GAAP pre-tax loss of $6.9 billion and loss per share of $8.47 on total revenue of $3.1 billion

September quarter 2020 adjusted pre-tax loss of $2.6 billion and adjusted loss per share of $3.30 on adjusted revenue of $2.6 billion

Delta ended the September quarter 2020 with $21.6 billion in liquidity

ATLANTA, Oct. 13, 2020 /PRNewswire/ — Delta Air Lines (NYSE:DAL) today reported financial results for the September quarter 2020. Detailed results, including both GAAP and adjusted metrics, are on page four and are incorporated here.

“While our September quarter results demonstrate the magnitude of the pandemic on our business, we have been encouraged as more customers travel and we are seeing a path of progressive improvement in our revenues, financial results and daily cash burn,” said Ed Bastian, Delta‘s chief executive officer. “The actions we are taking now to take care of our people, simplify our fleet, improve the customer experience, and strengthen our brand will allow Delta to accelerate into a post-COVID recovery.”

September Quarter Financial Results

Adjusted pre-tax loss of $2.6 billion excludes $4.0 billion of items directly related to the impact of COVID-19 and the company’s response, including fleet-related restructuring charges and charges for voluntary separation and early retirement programs for Delta employees, which were partially offset by the benefit of the CARES Act grant recognized in the quarter
Total adjusted revenue of $2.6 billion declined 79 percent on 63 percent lower capacity versus prior year
Total operating expense, which includes the $4.0 billion of COVID-related items described above, decreased $1.0 billion over prior year. Adjusted for those items and third-party refinery sales, total operating expense decreased $5.5 billion or 52 percent in the September quarter compared to the prior year, driven by lower capacity- and revenue-related expenses and strong

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Berkshire Hathaway Specialty Insurance Names Louise Kidd Head of Third Party Lines in Ireland

October 12, 2020 [email protected]_84

Berkshire Hathaway Specialty Insurance (BHSI) today announced that Louise Kidd has joined its growing European team as Head of Third Party Lines in Ireland.

“As our Irish team continues to expand, we are delighted to have Louise leading our efforts to bring proven underwriting acumen and service to the third-party risks of customers throughout Ireland,” said Hilary Browne, Country Manager, Ireland, and Head of Casualty, UK & Europe. “Her deep expertise in both Executive & Professional and Casualty Lines will fuel our ongoing growth and lasting partnerships with customers and brokers in the region.”

Louise comes to BHSI with nearly two decades of industry experience with a focus on third-party lines. She was most recently Financial Institutions and Commercial Professional Indemnity Underwriting Manager for AIG in Europe. Prior to that she held various positions including Head of Financial Lines Ireland. She holds an honours degree in Financial Services from John Moore Liverpool University and a Diploma in Company Direction from the Institute of Directors.

Louise is based in BHSI’s Dublin office and can be reached at [email protected]

In Europe, Berkshire Hathaway Specialty Insurance (BHSI) trades under Berkshire Hathaway European Insurance DAC (BHEI) and Berkshire Hathaway International Insurance Limited (BHIIL). BHEI, is an Irish domiciled Designated Activity Company, Registration Number 636883 and Registered Office at One Grant’s Row, Dublin D02 HX96. BHEI is an affiliate of Berkshire Hathaway Specialty Insurance Company (BHSIC), a Nebraska USA domiciled corporation, which provides commercial property, casualty, healthcare professional liability, executive and professional lines, transactional liability, surety, marine, travel, programs, accident and health, medical stop loss, homeowners, and multinational insurance, and is a subsidiary of Berkshire Hathaway International Insurance Limited (BHIIL), an incorporated England and Wales limited liability company, Registration Number 3230337 and Registered Office at 8 Fenchurch Place, 4th Floor, London EC3M 4AJ, United Kingdom.