Insurer W.R. Berkley reported a net loss of $28 million for the third quarter of this year, continuing a trend among insurers seeing losses from the combination of catastrophe claims and investments going south.
The company's net loss was a $208 million turnaround from last year, when net income of $180 million was reported. The loss per share stood at 17 cents, compared to net income of 93 cents last year. Revenues decreased 25 percent, or $352 million, to $1.06 billion.
The combined ratio for the quarter increased 7.7 points to 96.2.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.