WR Berkley posts financial results

by Richard Kilner

Story link: WR Berkley posts financial results

WR Berkley Corporation has revealed its financial results for 2008 today.

The firm reported a net income of $281m, equivalent to $1.62 per share, significantly down on 2007′s $766m/$3.90 per share.

Net operating income was down $221m from 2007 to $513m.

In addition, WR Berkley has retroactively altered its accounting method in such a way that increases the 2007 net income by $23m.

Net income for Q4 was $40m for 2008, down from $184m for the corresponding period in 2007.

Chairman and CEO William R. Berkley has described the Q4 operating results as satisfactory, adding that the firm’s balance sheet and liquidity remain strong.

Berkley went on to say that the global economic turmoil did exact a negative effect on a small portion of the firm’s $13bn investment portfolio.

Today also saw Crawford & Company reporting its results, which showed that both a quarterly and an annual improvement compared to 2007.

Aon and Zurich, however, have both showed substantial falls in their performance for the fourth quarter of last year.