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.
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