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

William R. Berkley, the company's chairman and chief executive officer, said, however, that 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.

The Greenwich-based company reported quarterly net income of $190.6 million, or 93 cents per share, compared with $165.5 million, or 82 cents per share for second-quarter 2006.

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