W. R. Berkley Corporation reported net income for the third quarter of 2014 of $189 million, or $1.42 per share. Net income per share increased 46.4%, and Return on Equity was 17.4%.Third quarter highlights included:
--Net premiums written grew 7.1%.
--Return on equity was 17.4%.
--GAAP combined ratio improved to 93.5%.
--Net investment gains were $72 million.
--Book value per share was up 13.1% since December 31, 2013.
Commenting on the Company's performance, William R. Berkley, chairman and chief executive officer, said: "We are pleased with our third-quarter results. Our underwriting continued to perform well, while investment income and capital gains were especially strong as a result of our long-term investment strategy.
"Market conditions continued to vary by product and class of business and we are expanding our market position in places where we believe underwriting margins are more attractive. In other places, we chose not to grow. Underwriting results also benefited from our ongoing efforts to further reduce the expense ratio.
"The improvement in both investment income and capital gains was led by the performance of our investment funds, which as we have suggested, may vary quarter over quarter. Over the long term, we expect a moderate level of capital gains to continue.
"Overall, we were pleased with the 17.4% return on equity for the quarter and anticipate being able to exceed our target return for the full year. We continue to be positive as we look to the future," Berkley concluded.