W.R. Berkley Corp. Notes Quarterly Earnings Increase

W.R. Berkley Corp. reported its quarterly earnings grew, driven by greater policy rates.

The company noted its second-quarter net income rose to $27.4 million, or 52 cents a share, compared with $9.6 million, or 21 cents a share, in 2001.

Excluding one-time items and changes in the value of its investments, its earnings grew to 66 cents a share, compared with 38 cents a year earlier. On this basis, analysts on average forecasted earnings of 63 cents a share for the quarter, with their estimates ranging from 47 cents to 73 cents.

The company also reported that premiums written rose 54 percent to $708 million. It said rates will continue to be higher into at least 2003, which will lead to improved results.