Insurance holding company WR Berkley has a reported total revenue of $1.18bn for the third quarter of 2010, compared to $1.13bn in the same quarter last year.
The company reported net income of $94m, or $0.61 per share, for the third quarter of 2010 compared to $98m, or $0.59 per share, for the same quarter of 2009.
Operating income was $103m, or $0.67 per share, compared to $112m, or $0.67 per share, for the third quarter of 2009.
Net premium written for the third quarter of the 2010 was $986m, compared to $969m in the same quarter a year ago.
W R Berkley chairman and CEO William Berkley said, in spite of substantial weather-related losses, the combined ratio was in line with the firm’s expectations.
“We have been able to maintain our investment returns in spite of the decline in interest rates. Our overall investment income improved from the previous quarter in large part due to the improvement in our merger arbitrage account. Our focus continues to be on maintaining the quality of the portfolio and optimizing our after-tax return,” Berkley said.