W. R .. Berkley Corp.'s earnings declined during the second quarter of 2020 as coronavirus – related losses hit the insurer and investment income declined.
Greenwich, Connecticut-based companies reported second-quarter net income of $ 71.3 million on Tuesday, compared to $ 216.7 million in the same period in 2019.
Berkley previously reported that its results would be hurt by $ 145 million in disaster losses, including $ 85 million in losses related to the COVID-19 pandemic.
In addition, second-quarter net investment income fell to $ 85.4 million, compared to $ 188.3 million in the same period last year.
“Net investment income was negatively impacted by a $ 58 million loss from mutual funds, which is reported with a quarterly delay. The loss was driven by the downturn in the first quarter on financial markets due to the COVID-1
Gross premiums written increased by 2% to $ 2.13 billion. Less than 0.5% to The insurer's employment compensation business saw the sharpest decline in revenue with the net price declining by 19.8% to $ 273 million.
, "said the Berkley statement.
The insurance company reported a combined ratio for the second quarter of 98.7% compared to 93.9% in the 2019 quarter.
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