Greenwich, Conn.-based insurer W.R. Berkley addressed the possibility of a sale yesterday as the firm reported second-quarter net income fell 58 percent primarily on storm and investment losses.
The company reported net income was down more than $110 million to $80 million for the second quarter of this year compared to last. This translated into earnings per share loss of 46 cents a share, down from 93 cents a share from the comparative period. The results were on revenues of $1.2 billion, down 14 percent, or $187 million from the same period last year.
During a conference call, Chairman and Chief Executive Officer William R. Berkley, when asked about his interest in selling the company, said he is willing to talk to anyone who is willing to create shareholder value, but that neither he nor his son would work for anyone else.
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