W.R. Berkley Corp. reported net income rose 18 percent for the fourth quarter of last year, compared to the same 2005 period.

The Greenwich, Conn.-based company reported $198 million of income compared with $167 million for the same year-ago period.

Gross premium written for the quarter fell slightly to $1.22 billion from $1.26 billion in 2005.

For full-year 2006, the carrier reported nearly $700 million in income compared with $545 million in 2005.

The company reported a full-year combined ratio of 88 and return on equity of 27.2 percent.

Chief Executive Officer William Berkley noted that the quarter represented the 17th consecutive period that company ROE exceeded 20 percent.

"While our growth has moderated somewhat, we expect the revenue contribution from our new ventures to be more significant in 2007," Mr. Berkley said in a statement.

Meanwhile, Standard & Poor's said today it assigned a triple-B-plus senior debt rating to the carrier's proposed $250 million senior unsecured notes issue, which will be used for general corporate purposes.

Special Reports /

Berkley Net Up 18% In Quarter

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