Business & Finance
Business and Finance
Business and Finance
Wed, June 22, 2011
Tue, June 21, 2011 W. R. Berkley Corporation Announces Preliminary Estimate for Spring Storms
GREENWICH, Conn.--([ BUSINESS WIRE ])--W. R. Berkley Corporation (NYSE: WRB) today reported estimated pre-tax losses of approximately $65 million from the numerous severe U.S. storms that occurred in April and May 2011. The Companya™s loss estimate is net of reinsurance and includes reinstatement premiums. Todaya™s preliminary estimate of pre-tax storm losses for April and May exceeds the losses contemplated in the Companya™s budget for the full second quarter by approximately $35 million.
The Company will release its second quarter 2011 earnings after the market closes on Monday, July 25, 2011. A copy of the earnings release will be available on the Companya™s website at [ www.wrberkley.com ].
The Company has scheduled its quarterly conference call with analysts and investors to discuss its earnings and other information on Tuesday, July 26, 2011 at 9:00 a.m. eastern time. A live audio webcast of the conference call may be accessed via the Companya™s website at [ www.wrberkley.com ]. A recording of the conference call will be available on the Companya™s website approximately two hours after the end of the call.
Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates in five segments of the property casualty insurance business: specialty insurance, regional property casualty insurance, alternative markets, reinsurance and international.
This is a aSafe Harbora Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based upon the Companya™s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. In particular, statements and estimates with respect to the storms occurring in April and May 2011 are preliminary and subject to revision as we obtain additional information. Any forward-looking information is subject to various risks and uncertainties, including but not limited to, the long-tail and potentially volatile nature of the insurance and reinsurance business, claims development and the process of estimating reserves, the uncertain nature of damage theories and loss amounts, natural and man-made catastrophic losses, including as a result of terrorist activities, the ability of our reinsurers to pay reinsurance recoverables owed to us, and other risks detailed from time to time in the Companya™s filings with the Securities and Exchange Commission. These risks could cause actual results of the industry or our actual results for the year 2011 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Any projections of growth in the Companya™s net premiums written and management fees would not necessarily result in commensurate levels of underwriting and operating profits. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
