W.R. Berkley (WRB) Misses Q4 EPS by 9c, Revenues Miss

W.R. Berkley (NYSE: WRB) reported Q4 EPS of $0.62, $0.09 worse than the analyst estimate of $0.71. Revenue for the quarter came in at $1.98 billion versus the consensus estimate of $2.01 billion.

The Company commented:

We were pleased to see further compelling evidence of an improving market in the fourth quarter of 2019. Rate increases accelerated, which is the natural progression in a hardening market, to approximately 9% excluding workers’ compensation. As rate increases remain robust, we expect continued opportunities to grow the top line.

Our objective remains the creation of book value for our shareholders through an appropriate risk-adjusted return on equity. We focus on our investment portfolio’s total return and consciously accept a degree of variability in our alternative investment performance. Although the fourth quarter was challenging for our alternative investments, it is our belief that they will continue to produce above-average long-term returns and remain a core part of our investment strategy.

Our book value per share grew at a rate of 17.3% for the full year, before the return of over $326 million to shareholders through special and ordinary dividends and share repurchases.

We believe the market is at a point where those companies that have appropriately managed their businesses through the cycle will be able to grow meaningfully in this improving pricing environment. As we look to 2020, we are confident that our Company is well positioned to continue to deliver superior value to our shareholders.

For earnings history and earnings-related data on W.R. Berkley (WRB) click here.

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