US-based insurer reports profits improving from $108.8m to $116m

W.R. Berkley’s second-quarter earnings rose 6.5% as the US-based insurer paid out less in claims amid rising premium income.

The company focuses on niche general insurance products such as wine inventories, tanning salons and National Football League teams, rather than personal lines business.

Chairman and chief executive William Berkley said: “The benefits from improved underwriting results more than offset the decline in investment income.”

Combined ratio fell quarter-on-quarter to 96.6% from 98.2%. However, investment income fell 11%.

W.R. Berkley reported a profit of $116m, or 82c a share, up from $108.8m, or 76c a share, a year earlier. Operating earnings, which exclude investment gains and losses, were up at 70c from 65c.

 

 

 

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