Insurance holding company W.R. Berkley (WRB) rose 8% after posting better than expected earnings and projecting that pricing in the industry will stay strong.
W.R. Berkley posted 44 cents of EPS, a penny better than expectations. Premium rates grew 3% and new written premiums also jumped.
“Our net written premiums increased by more than 14% in the quarter as our operating units found opportunities to grow profitably. The visibility of a cycle change is even more evident, with prices for the quarter up three percent over last year. We believe that price increases and premium volume growth will continue,” said Chairman and CEO William R. Berkley.
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