wr berkley corp (WRB) Key Developments
W. R. Berkley Corporation Announces Executive Appointments
Jun 2 15
W. R. Berkley Corporation announced the appointments of Eugene G. Ballard, Ira S. Lederman and James G. Shiel to the offices of executive vice president. The appointments are effective immediately. Mr. Ballard has been with the company since 1999, serving as senior vice president and chief financial officer. In his new role, he will have oversight responsibility for the finance, accounting and actuarial departments. Mr. Lederman joined the Company in 1983, and has served as senior vice president, general counsel and secretary since 2001. His new responsibilities will include oversight of the company’s legal, compliance, claims and other administrative functions. Mr. Shiel has been with the company since 1987, serving most recently as senior vice president - investments.
W. R. Berkley Corporation Increases Quarterly Dividend, Payable on July 1, 2015
Jun 2 15
W. R. Berkley Corporation announced that its Board of Directors has voted to increase the cash dividend to an annual rate of 48 cents per share, representing a 9% increase from the present rate. The first quarterly dividend at the new rate of 12 cents per share will be paid on July 1, 2015 to stockholders of record at the close of business on June 15, 2015.
W. R. Berkley Corporation Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2015
Apr 27 15
W. R. Berkley Corporation reported consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net premiums written of $1,575,402,000 against $1,525,880,000 a year ago. This is up over 3% compared with the corresponding period last year. This result was, in part, achieved to a strong renewal retention ratio, which was approaching 80%. Premiums earned were $1,472,013,000 against $1,363,612,000 a year ago. Pre-tax income was $168,717,000 against $247,585,000 a year ago. Gross premiums written were $1,851,805,000 against $1,805,267,000 a year ago. Net income to common stockholders was $118,307,000 or $0.89 per diluted share against $169,673,000 or $1.25 per diluted share a year ago. Cash flow from operations was $61,012,000 against $143,164,000 a year ago. Return on equity was 10.3% against 15.7% a year ago. Operating income was $105,928,000 or $0.80 per diluted share against $135,383,000 or $1.00 per diluted share a year ago. Book value per share was $36.65. Tangible book value per share was $35.13. Total revenues $1,744,679,000 against $1,706,906,000 a year ago. Income before income taxes was $168,717,000 against $247,585,000 a year ago. The decline in earnings was due to lower income from investment funds and from realized investment gains, partially offset by modest improvement in the underwriting results.
W.R. Berkley Corporation, Annual General Meeting, Jun 02, 2015
Apr 20 15
W.R. Berkley Corporation, Annual General Meeting, Jun 02, 2015., at 13:00 Eastern Daylight. Location: executive offices at 475 Steamboat Road. Agenda: To elect as directors to serve until their successors are duly elected and qualified the four nominees named in the accompanying proxy statement; to approve an increase in the number of shares reserved under the 2012 stock incentive plan and to re-approve the material terms of the performance goals set in the 2012 stock incentive plan; to approve an increase in the number of shares reserved under the 2009 directors stock plan; to consider and cast a non-binding advisory vote on a resolution approving the compensation of the company's named executive officers; to ratify the appointment of KPMG LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2015; and to consider and act upon any other matters which may properly come before the annual meeting or any adjournment thereof.
W. R. Berkley Corporation Combines its U.S. Broker Market Reinsurance Units; Announces Executive Appointments
Mar 30 15
W.R. Berkley Corporation announced the combination of its U.S. broker market reinsurance units, Berkley Re America and Facultative ReSources, into a single operating unit that will trade under the Berkley Re America (BRAM) name. Facultative ReSources is a casualty, professional liability and property facultative underwriter. The newly constituted BRAM will provide a single market for reinsurance brokers to address the diverse needs of their clients.
The company also announced that Jonathan A. Schriber has been named chief underwriting officer of the Reinsurance" Global segment. In this role, he will be responsible for the coordination of reinsurance underwriting activities across the group and the build-out of additional products with global scope, and will support the geographic expansion of the reinsurance operations. Mr. Schriber most recently served as president of Berkley Re America has been named chairman. Joseph L. Sullivan has been named president of BRAM. Mr. Sullivan has over 20 years of experience in casualty insurance and reinsurance, with a particular emphasis on the casualty market. He joined Facultative ReSources in 2010 as executive vice president and chief operating officer, and was named president in 2012.