W.R. Berkley Profit Tops Estimates, Revenue Misses

(RTTNews) - W.R. Berkley Corp (WRB), an insurance holding company, on Monday reported first-quarter net earnings of $118.3 million or $0.89 per share compared with $169.7 million or $1.25 per share last year.

Excluding items, operating earnings for the quarter were $0.80 per share compared with $1.00 per share a year ago.

Revenues for the quarter were $1.74 billion compared with $1.71 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.73 per share on revenues of $1.82 billion for the quarter. Analysts' estimates typically exclude special items.

"Our company continued to perform well this quarter. We were able to increase overall rates at a level that exceeded loss cost trends, although in some areas competitive challenges became more visible," said CEO William Berkley.

"We anticipate continued domestic growth and modestly improving margins for the balance of the year," added Berkley.