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W.R. Berkley misses 1Q profit forecasts

GREENWICH, Conn. (AP) _ W.R. Berkley Corp. (WRB) on Monday reported first-quarter profit of $123.4 million.

The Greenwich, Connecticut-based company said it had net income of 96 cents per share. Earnings, adjusted for investment gains, were 70 cents per share.

The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.

The insurance company posted revenue of $1.87 billion in the period. Its adjusted revenue was $1.72 billion.

W.R. Berkley shares have risen 3.5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $68.87, an increase of 23 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WRB at https://www.zacks.com/ap/WRB

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Keywords: W.R. Berkley, Earnings Report