The W.R. Berkley Corporation reported third-quarter net income rose 42 percent, driven by a sharp rise in net investment income and a combined ratio of 88.
The Greenwich, Conn.-based property-casualty insurer reported net income for the third quarter of $142 million, compared with $123 million for the 2005 period.
Net investment income grew 36 percent to $146 million, while net premiums increased 7 percent to $1.2 billion.
Company Chairman William Berkley said the carrier's expansion into new lines of business and growth of existing activities "have enabled us to maintain a growth rate in excess of the industry."
"We remain confident in our competitive posture even as some of our competitors continue to behave aggressively in areas they find attractive," he said in a statement.
The company reported a 27 percent return on equity on an annualized basis.
"We continue to believe that returns in excess of 20 percent are attainable next year and that returns in 2008 will be comfortably above our long-term objective," Mr. Berkley said.
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