Greenwich, CT – W. R. Berkley Corporation (NYSE:WRB) today reported net income for the second quarter of 2015 of $123 million, or $.95 per share.
Second quarter highlights included:
- Repurchased 2.6 million shares of our common stock for $127 million.
- GAAP combined ratio was 94.2%.
- Insurance-Domestic net premiums written grew 7%.
- Return on equity was 10.7% after-tax and 15.5% pre-tax.
Commenting on the Company’s performance, William R. Berkley, chairman and chief executive officer, said: “We were pleased with our second quarter results. While the environment is becoming more competitive, we continue to emphasize those parts of our business that offer the best profit potential while simultaneously pursuing new business opportunities.
“In the insurance business, risk is a constant concern. For that reason, we choose cautiously in selecting our reserving assumptions to guard against potential inflation. We also maintain the duration of our investment portfolio shorter than the duration of our liabilities in anticipation of the risk of rising interest rates.
“We believe that the nature and availability of capital within our industry is changing. Our objective is to optimize risk-adjusted return; thus, managing our balance sheet requires a constant examination of our capital structure. As owners, our management team is committed to maximizing long-term shareholder value creation.
“We are well positioned with a strong track record of capitalizing upon opportunities in the market as they arise. We continue to target a return of 15% or better over the long run,” Mr. Berkley concluded.
The complete earnings release is available here: W.R. Berkley Corporation Second 2015 Quarter Results
Source: WR Berkley Corp