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W. R. Berkley Corporation Reports Third Quarter Results
October 26, 2016
GREENWICH, Conn.–(BUSINESS WIRE)–
W. R. Berkley Corporation (NYSE:WRB)
today reported net income for the third quarter of 2016 of $221 million, or $1.72 per share.
The Company commented:
We were pleased with our third-quarter profitability. We reported sound underwriting results, with a 93.9% combined ratio. Both the loss ratio and the expense ratio were in line with our expectations. The insurance market continues to become incrementally more competitive and growth is more difficult to attain, yet good opportunities remain in many parts of our business.
In today’s volatile business environment, even the most careful risk assessment and pricing decisions are likely to result in less predictable outcomes, especially in a business as inherently uncertain as property casualty insurance. Thus we continue to work diligently to manage our exposures and believe we will continue to be rewarded with strong risk-adjusted returns due to our low volatility.
Our results in the third quarter were greatly augmented by realized gains of $176 million, before taxes. In the current low-yield environment, we have pursued investment opportunities that offer more attractive total returns, with modest incremental risk. This strategy has been successful, enabling us to deliver double-digit returns on equity to our shareholders over the long term.
We expect variable quarterly returns on equity and continue to have an annual goal of 15% after tax. We anticipate that the future will offer great opportunities.
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