W.R. Berkley Corporation has reported a net income of US$109 million, or 85 cents per share, for the second quarter of 2016 − a drop from the US$123 million net income for the second quarter of 2015.
W.R. Berkley said it’s pleased with its 2016 Q2 results, especially considering “significant industry-wide catastrophe activity and global uncertainty that has contributed to the volatility of the financial markets.”
W.R. Berkley commented: “Although the environment remains competitive, net premiums written continued to grow as we target areas of the market that offer attractive margins.”
“We continue to find opportunities to attract talented individuals with the knowledge and expertise to build new specialty businesses and strengthen our franchise.”
The company has recently announced the creation of its high net worth personal lines business as well as of Berkley Insurance Asia; and expects to announce other new ventures within the year.
Berkley said that for the third quarter of the year, it expects to report approximately US$130 million in pre-tax gain from the sale of an investment in its alternative portfolio.
“Investing for total return remains an important part of our strategy to build long-term shareholder value in a low interest rate environment. These gains cause variability in our quarterly results, but we expect them to enhance our overall returns.”
“Our Company is well positioned for the current environment and has the strength and flexibility to respond to changes as they occur. Accordingly, we remain optimistic about the second half of 2016.”