Shares of
W.R. Berkley
were rallying on Tuesday after the insurance company reported higher quarterly earnings than expected and posted stellar numbers for net investment income.
On Monday,
W.R. Berkley
(ticker: WRB) reported third-quarter net income of $1.23 a share, higher than the 82 cents it turned in for the same quarter a year earlier. The consensus call among analysts surveyed by FactSet was for $1.19.
Shares were up 7.7% to $67.71 on Tuesday, on pace for their largest percentage increase since Nov. 9, 2020, when they climbed 12%, according to Dow Jones Market Data. The stock was one of the top performers in the
S&P 500.
Net investment income for the quarter was $270.9 million, soaring past the $202.8 million recorded a year earlier, the company said Monday.
“The higher interest rate environment contributed to a meaningful year-over-year increase in investment income,” management wrote in the earnings release. “We anticipate this trend will continue as we benefit from record operating cash flows and reinvest at higher interest rates.”
Gross premiums written for the quarter were $3.35 billion, while net premiums written were $2.85 billion, both rising from the year earlier.
Third-quarter total revenue was $3.03 billion compared with $2.72 billion a year earlier.
Write to Emily Dattilo at [email protected]
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