Berkley 2Q Up 15 Percent Despite Crazy Foreign Competitors

W.R. Berkley Corporation reported a 15 percent jump in second-quarter net income yesterday, with strong underwriting results and growth in investment income contributing to the result.

The company’s chairman and chief executive officer, William R. Berkley, however, said the quarter saw some “lunatic” foreign competitors start to behave in a manner that may shorten the cycle, making underwriting profits increasingly difficult to achieve for everyone.