W. R. Berkley Corporation, Greenwich, Conn., today reported net income for the first quarter of 2006 of $162 million, a 34 percent increase from $121 million for the first quarter of 2005.

Net operating income for first-quarter 2006 increased 32 percent to $160 million, compared with $121 million for the corresponding quarter of 2005.

First-quarter highlights included:

o Return on equity was 25.2 percent on an annualized basis.

o Combined ratio improved to 88.2 from 89.2 in the prior-year period.

o Net investment income grew 47 percent to $131 million.

o Net premiums written increased 8 percent to $1.3 billion.

William R. Berkley, chairman and chief executive officer, expressed satisfaction with the results that he noted included a 25 percent annualized after-tax return.

“The first quarter of 2006 represents our 21st consecutive quarter with a year-over-year increase in net premiums written, demonstrating our focus on improving revenue when adequate insurance pricing is available,” he said.

Special Reports /

Berkley Profits Up 34 Percent

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