WR BERKLEY POSTS RECORD QUARTERLY UNDERWRITING INCOME

US commercial property/casualty group WR Berkley saw second-quarter net earnings more than triple to $237.2m, reflecting record quarterly underwriting income of $200.2m and a 97% increase in investment income to $168.2m. Operating income per share rose to $1.17 from 6¢ and beat analysts’ forecast of 96¢. The quarterly combined ratio improved by nine points to 89.7%, while gross written premiums grew 25% to $2.66bn. For the first six months of the year, the Connecticut-based group’s net income jumped to $466.8m from $66.8m on improved underwriting results, a 26% increase in investment income and a positive $158.2m swing in investment gains. The six-month combined ratio improved by 7.9 points to 89.9%, while gross written premiums grew 17.9% to $5.15bn.