Greenwich property-casualty insurer W. R. Berkley Corp. earned $98 million in the third quarter, a reversal from a $28 million loss the same time last year.
Berkley earned 59 cents a share in the three months ended Sept. 30, compared to a loss of 17 cents a share a year ago.
Operating income for the third quarter of 2009 was $112 million, or 67 cents per share, compared with $103 million, or 63 cents per share, for the corresponding quarter of 2008.
Chairman William R. Berkley said the company’s capital position is strong and that it has $500 million in liquidity available, although he did not reveal the insurer’s plans for all that cash.
He did, however, offer his outlook on the industry for the coming months.
“At current pricing levels with existing low interest rates,” he said, “we believe the industry is operating at a net loss on an accident year basis; and a turn in the cycle is inevitable. We anticipate modest improvement in the economy and a turn in the insurance pricing environment in the first half of next year.”
