Book value per share increased by 7% to $20.56
WRBerkley Corporation has reported net income of $97 million for the second quarter of 2009, as compared to $80 million for the second quarter of 2008. Operating income for the second quarter of 2009 was $100 million, or 60 cents per share, as compared to $139 million, or 80 cents per share, for the corresponding quarter of 2008.
The company’s GAAP combined ratio was 95.3%. Paid loss ratio was 59.7% and book value per share increased by 7% to $20.56. Cash flow from operations (before cash transferred to investment trading account) was $189 million.
Commenting on the company’s activities, William Berkley, chairman and CEO, said: “The market value of our investment portfolio improved, and liquidity remains strong. From an operating point of view, we generally believe that the insurance cycle is bottoming out and see early signs of improving conditions. Our greatest competition continues to come from national carriers that aggressively focus on large accounts and market share. In addition, new entrants in the specialty lines are behaving in an undisciplined manner in an effort to establish a market presence.
WRBerkley Corporation is an insurance holding company in the US. It operates in five segments of the property casualty insurance business: specialty insurance, regional property casualty insurance, alternative markets, reinsurance, and international.