W. R. Berkley Q2 net income doubles to $356M; ROE 21.1%

BERKLEY W R CORP

2023-Q2 EPS reported $2.36 revenue$5,890,918,000

Net income $356.3M ($1.30 diluted EPS) vs $179.3M ($0.64) YoY; operating income $310.9M ($1.14).
Record net investment income $245.2M, up 42.9% YoY; core portfolio yield increased 71.6%.
Gross premiums written $3.34B (+9.3%); net premiums written $2.81B (+8.7%); combined ratio 89.6%.
Returned $320.8M to shareholders: $292.5M in share repurchases and $28.3M in dividends.
Average rate increase ex-workers' comp ~8.2%; current accident year combined ratio before catastrophes 87.6%.

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