Company profile: WR Berkley

After recording a pre-tax loss of US$79mn in 1999, largely due to the poor performance of its US regional operations, WR Berkley Corporation achieved a pre-tax profit of $41mn last year. The improved result was driven by price increases, higher investment income and lower expenses achieved through operating efficiencies. The 1999 result was also impacted by a restructuring charge of $11.5mn, against restructuring costs of $1.9mn in 2000.