Although W.R. Berkley Corporation’s (NASDAQ:WRB) net income fell in the first quarter from a year earlier, profit exceeded analysts’ expectations. W.R. Berkley Corporation is an insurance holding company in the United States which operates in five business segments: specialty insurance, regional property casualty insurance, alternative markets, reinsurance and international.
W.R. Berkley Earnings Cheat Sheet for the First Quarter
Results: Net income for W.R. Berkley Corporation fell to $116.5 million (79 cents/share) vs. $118.6 million (74 cents/share) a year earlier. A decline of 1.8% from the year earlier quarter.
Revenue: Rose 7% to $1.23 billion YoY.
Actual vs. Wall St. Expectations: WRB beat the mean analyst estimate of 65 cents/share. Estimates ranged from 57 cents per share to 71 cents per share.
Quoting Management: Commenting on the Company’s performance, William R. Berkley, chairman and chief executive officer, said: “We are pleased with our first quarter results. Prices for the quarter were up in nearly all areas, with an average increase of almost one percent. This is the first time in seventeen quarters that we can make such a positive statement. Our growth in the quarter came mainly from our international segment and select specialty markets. Our renewal retention rate is approximately 80%, approaching our historical levels. There are increasing signs of a turn in the cycle, but as always, the change starts gradually.”
Competitors to Watch: White Mountains Insurance Group, Ltd. (NYSE:WTM), American Financial Group (NYSE:AFG), First Mercury Financial Corp. (NYSE:FMR), Global Indemnity plc (NASDAQ:GBLI), The Travelers Companies, Inc. (NYSE:TRV), Markel Corporation (NYSE:MKL), Arch Capital Group Ltd. (NASDAQ:ACGL), CNA Financial Corporation (NYSE:CNA), AIG (NYSE:AIG), Metlife (NYSE:MET), Chubb (NYSE:CB), AllState (NYSE:ALL) and Tower Group, Inc. (NASDAQ:TWGP).
Today’s Performance: Shares of WRB are up 0.09% in after hours trading.