2023-04-21 13:37:43 ET
Shares of commercial property and casualty insurer W.R. Berkley Corporation (NYSE: WRB) traded nearly 10% lower as of 12:51 p.m. ET today after the company reported earnings results for the first quarter of 2023.
W.R. Berkley reported diluted earnings per share of $1.06 on total revenue of close to $2.9 billion in the first quarter. Earnings missed estimates, while revenue beat.
The company wrote net premiums of $2.57 billion, which is up about 6.7% year over year. The company's combined ratio, which looks at an insurance firm's incurred expenses and losses divided by earned premiums, was 90.6%. That's up from 87.8% in the first quarter of 2022, implying that the insurer has seen more losses.
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Why Shares of W. R. Berkley Corporation Are Falling Today