wr berkley corp (WRB) Key Developments
W.R. Berkley Corporation Declares Regular Quarterly Cash Dividend, Payable on October 1, 2015
Aug 4 15
W.R. Berkley Corporation announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock of 12 cents per share to be paid on October 1, 2015 to stockholders of record at the close of business on September 8, 2015.
W. R. Berkley Corporation Announces Executive Changes
Aug 4 15
W. R. Berkley Corporation's Board of Directors announced that the company's founder and its current chairman and chief executive officer, William R. Berkley, will become executive chairman on October 31, 2015. At that time, W. Robert Berkley, Jr. will assume the role of chief executive officer, continuing the transition plan implemented by the Board of Directors when he was appointed president and chief operating officer in 2009. As executive chairman, William R. Berkley will continue to be fully engaged in the company's activities, primarily focused on investments and strategy as W. Robert Berkley, Jr. expands his portfolio of responsibilities beyond the insurance and reinsurance operations to include many of the holding company activities.
W.R. Berkley Corporation Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 27 15
W.R. Berkley Corporation reported consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported operating income of $105 million or $0.81 per share, which is almost unchanged from $109 million or $0.82 per share a year ago. The slight decline in earnings was a result of higher underwriting profits that were offset by a modest decline in investment income. Overall pretax underwriting profits were up 9% to $87 million. Investment income was $128 million, that's down $11 million from a year ago. The decline was primarily related to lower earnings from merger arbitrage account, which broke even in the quarter compared with income of $7 million in last year's second quarter. Pretax ROE was 15.5%. After-tax ROE was 10.7%. Net income attributable to common stockholders for the second quarter ended June 30, 2015 was $123.03 million, or $0.95 per diluted share, compared to $179.96 million, or $1.35 per diluted share, for the same quarter ended June 30, 2014. Total revenues for the second quarter ended June 30, 2015 were $1.79 billion, compared to $1.80 billion for the same quarter ended June 30, 2014. Net premiums earned were $1,493.041 million against $1,417.645 million a year ago. Income before income taxes was $178.187 million against $263.454 million a year ago. Cash flow from operations was $271.871 million against $111.459 million a year ago.
For the six months ended, the company reported net income attributable to common stockholders for the six months ended June 30, 2015 was $241.34 million, or $1.84 per diluted share, compared to $349.63 million, or $2.60 per diluted share, for the same period ended June 30, 2014. Total revenues for the six months ended June 30, 2015 were $3.53 billion, compared to $3.50 billion for the same period ended June 30, 2014. Net premiums earned were $2,965.054 million against $2,781.257 million a year ago. Income before income taxes was $346.904 million against $511.039 million a year ago. Cash flow from operations was $332.883 million against $254.623 million a year ago. Book value per share as at end of the period was $36.76 against $36.21 a year ago. Tangible book value per share as at end of the period was $35.22 against $34.72 a year ago.
W.R. Berkley Corp Forms Berkley Global Product Recall Management
Jul 20 15
W.R. Berkley Corporation announced the formation of Berkley Global Product Recall Management, to aid all types of businesses throughout the world in the prevention and management of product recall incidences. Products and services will be available through the W. R. Berkley Corporation network of companies. W. R. Berkley Insurance Group is rated A+ (Superior) by A.M. Best Company Inc. Louis Lubrano has been named president of Berkley Global Product Recall Management. Mr. Lubrano has more than 30 years of property casualty insurance industry experience, including over 10 years as a leader in crisis management. Philip Rorty has been appointed chief underwriting officer. He brings to that position nearly 40 years of insurance and risk management experience as both an insurance leader and a corporate risk manager. Tamra Maupin is joining the new operating unit as chief operating officer, with more than 15 years of experience in the insurance market.
W. R. Berkley Corporation Announces the Formation of Berkley International Seguros Colombia S.A
Jul 6 15
W. R. Berkley Corporation announced the formation of Berkley International Seguros Colombia S.A., a W. R. Berkley Company, to provide a full range of commercial insurance products, including construction all risk, surety, general liability, directors and officers liability, select classes of professional liability and cargo.