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W. R. Berkley Corporation Reports Third Quarter Results

W. R. Berkley Corporation (NYSE:WRB) today reported net income for the third quarter of 2013 of $137 million, or 97 cents per share, compared with $101 million, or 71 cents per share, for the third quarter of 2012.

Summary Financial Data

(Amounts in thousands, except per share data)

  Third Quarter   Nine Months
2013   2012 2013   2012
Gross premiums written $ 1,667,106 $ 1,494,724 $ 4,916,663 $ 4,327,170
Net premiums written 1,423,625 1,275,887 4,142,489 3,670,404
Net income 136,974 100,947 369,546 345,103
Net income per diluted share 0.97 0.71 2.62 2.41
Operating income (1) 108,460 86,136 310,925 283,360
Operating income per diluted share 0.77 0.61 2.20 1.98
Return on equity (2) 12.7 % 10.2 % 11.4 % 11.6 %

(1) Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains and after-tax debt extinguishment costs.

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