W. R. Berkley Corp. (WRB) reported first-quarter net income of $117 million, or $0.83 per share, compared to $135 million, or $0.94 per share, last year. Net premiums written rose to $1.38 billion from $1.20 billion last year. Total revenues were $1.51 billion, compared to $1.38 billion last year.
On average, 11 analysts polled by Thomson Reuters expected the company to report profit of $0.74 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.45 billion for the quarter.
The company said its business is showing continued signs of improvement. "The benefits of our improved pricing are slowly being reflected in our financial results. We see new opportunities created by the current underwriting environment as prices continue to increase faster than loss costs," William Berkley, chairman and chief executive officer, said.
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