Investment Gains Drive WR Berkley’s Third Quarter
WR Berkley posted strong net income in the third quarter, driven largely by a $135 million pretax gain on the sale of its interest in Aero Precision Industries. This drove a 19% annualized return on equity for the quarter. However, outside of this gain, operating results remain somewhat subdued, and management noted that the industry has become incrementally more competitive. We will maintain our $59 fair value estimate and narrow moat rating....W. R. Berkley is an insurance holding company. The company operates in two segments of the property casualty insurance business: Insurance, which includes commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia; and Reinsurance, which provides reinsurance business on a facultative and treaty basis, primarily in the United States, the United Kingdom, Continental Europe, Australia, the Asia-Pacific region and South Africa.
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