Shares in Greenwich-based insurer W.R. Berkley jumped more than 3 percent in morning trading after the company held a meeting with analysts to discuss its second quarter earnings.
On Monday, WRB, reported earnings of 56 cents a share, beating the mean estimate of 42 cents, according to a survey of analysts by Factset.
Shares in the company were up $1.25 to $33.20 on Tuesday morning, almost 4 percent higher than Monday’s close.
While the earnings report beat estimates, WRB didn’t post as high a profit as it did for the same quarter a year ago.
The company reported net income for the second quarter of 2011 of $83 million, or 56 cents per share, compared with $110 million, or 70 cents per share, for the same period a year ago.
Insurers have had to pay out on some big natural disasters in the last year, but William R. Berkley, chairman and CEO, gave investors reason to expect better days remain ahead for WRB.
Berkley said in a prepared statement, “at the moment, while rate increases are definitively positive, loss costs are also increasing. We anticipate accelerating rate increases as the year progresses.”