Overview

• W.R. Berkley Q3 net income rises 39.8% to $511 mln

• Gross premiums written increased to $3.8 bln in Q3

• Combined ratio stable at 90.9%, reflecting strong underwriting

Outlook

• Company did not provide specific financial guidance for future periods in its press release

Result Drivers

• UNDERWRITING DISCIPLINE - Co attributes strong combined ratio of 90.9% to disciplined underwriting and focus on long-term risk-adjusted return

• INVESTMENT INCOME - Net investment income rose 9.4% driven by core portfolio increase and favorable new money rate

• RATE INCREASES - Average rate increases excluding workers compensation were approximately 7.6%

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 12 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the property & casualty insurance peer group is "buy."

• Wall Street's median 12-month price target for W R Berkley Corp is $76.00, about 2.6% above its October 17 closing price of $74.05

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 16 three months ago

Press Release: ID:nPn5jwVnCa

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)