W. R. Berkley Posts 2nd Quarter Results
Proquest LLC |
According to a release from the Company, second quarter highlights included:
-Net premiums written grew 11 percent.
-Return on equity was 16.6 percent.
-GAAP combined ratio improved to 94.4 percent.
-Net investment gains were
-Book value per share increased 5.5 percent to
Commenting on the Company's performance,
"We have maintained the quality of our fixed-income portfolio, while at the same time investing an increasing portion of new funds into alternative investments with the goal of generating capital gains. As a result, we have sacrificed some ordinary investment income to achieve the level of capital gains currently flowing into our income statement. Our investment returns from our fixed-income portfolio declined slightly, reflecting both the current interest rate environment and the shortening of our portfolio duration, while other parts of our investment activities have generated attractive returns over the recent period. The sale of a property from our real- estate portfolio resulted in a substantial gain this quarter. We also continue to achieve gains from our common stock and private equity investments.
"We are optimistic that the combination of our operating results and investment gains will allow us to achieve our targeted returns," Berkley concluded.
More information and complete details:
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