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.
For second-quarter 2007, the Greenwich-based company reported net income of 190.6 million, or 93 cents per share, compared to $165.5 million, or 82 cents per share for second-quarter 2006.
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