W. R. Berkley Corporation Reports Second Quarter Results

W. R. Berkley Corporation (NYSE: WRB) today reported net income for the second quarter of 2013 of $116 million, or 82 cents per share, compared with $109 million, or 76 cents per share, for the second quarter of 2012.

Summary Financial Data

(Amounts in thousands, except per share data)
 
  Second Quarter   Six Months
2013   2012 2013   2012
 
Gross premiums written $ 1,617,936 $ 1,430,920 $ 3,249,557 $ 2,832,446
Net premiums written 1,341,898 1,190,991 2,718,864 2,394,517
 
Net income 115,957 108,838 232,572 244,156
Net income per diluted share 0.82 0.76 1.65 1.70
 
Operating income (1) 98,830 92,988 202,465 197,224
Operating income per diluted share 0.70 0.65 1.43 1.37
 
Return on equity (2) 10.8 % 11.0 % 10.8 % 12.4 %

(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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