By Sabela Ojea
W.R. Berkley on Thursday said net income nearly doubled in the second quarter, but its costs continued to increase when compared to revenue growth.
The insurance company net income rose to $356.3 million, or $1.30 a share, compared with $179.3 million, or 64 cents a share, for the same period a year earlier.
Revenue rose 19% to $3.0 billion.
Record gross and net premiums written grew 9.3% and 8.7% to $3.3 billion and $2.8 billion, respectively.
Its combined ratio, the proportion of revenue eaten up by costs, stood at 89.6%, up from 88.6% a year ago, it said.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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