W.R. Berkley Beats; CEO “Cautiously Optimistic.” (WRB)
W.R. Berkley Corporation (NYSE: WRB) reports Q2 earnings of $0.70 versus estimates of $0.64. W.R. Berkley Corporation reports Q2 revenues of $1.16 billion versus estimates of $1.14 billion.
The company’s book value per share is now $24.81. Gross premiums written for the quarter were $1.11 billion; net premiums written for the quarter were $961.4 million.
Commenting on the Company's performance, William R. Berkley, chairman and chief executive officer, said: "We are pleased with our second quarter results. Our new enterprises continue to gain traction, and their growth led to an increase in overall premiums for the first time in fifteen quarters. Written premium grew by more than 5.5% in the quarter as the growth in these new businesses more than offset the slight decline in our established business units. Our calendar year combined ratio was under ninety-five, and we continue to book our current accident year in a prudent manner.”
He added, “We are particularly cognizant of assuring adequate pricing for our new business units. There are a growing number of signs of a coming turn in the cycle, as prices are beginning to stabilize in most areas. Overall, prices were down less than one percent for the quarter. Given the current investment environment, adequate industry returns can only be achieved by improved underwriting results.”
Shares of WRB were bid lower in the after-hours.
W. R. Berkley Corporation is an insurance holding company. The company operates in five segments of the property casualty insurance business: Specialty, Regional, Alternative markets, Reinsurance and International.
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