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W. R. Berkley’s $800 Million Quarterly Cash Flow Adds Firepower For Capital Returns!

The W. R. Berkley Corporation reported second quarter operating earnings per diluted share growth of 21% to $1.27, with an annualized return on beginning of year equity of 20.5%. Pretax underwriting income was $318 million, marking the company’s second-best quarterly performance, complemented by a record quarterly pretax net investment income of $419 million. The firm returned $334 million to shareholders through dividends and share repurchases during the quarter, consistent with prior trends. Gross premiums written increased 5.4% to a record $3.8 billion, and net premiums written reached $3.1 billion, up 3.7%. Underwriting results showed a current accident year combined ratio excluding catastrophe losses of 88.1%, and a calendar year combined ratio of 90%. Catastrophe losses decreased to $62 million, equivalent to 2 loss ratio points, compared to 3.2 points the prior year. The expense ratio held steady at 28.5%, remaining below prior forecasts of a modest increase.