W.R. Berkley Corporation’s WRB third-quarter 2019 operating income of 85 cents per share beat the Zacks Consensus Estimate by 26.5%. Also, the bottom line improved 6.3% year over year on higher, pre-tax underwriting profits and premiums written.W.R. Berkley Corporation Price, Consensus and EPS Surprise W.R. Berkley Corporation price-consensus-eps-surprise-chart | W.R. Berkley Corporation QuoteBehind the HeadlinesW.R. Berkley’s net premiums written were $1.7 billion, up 7.7% year over year. Higher premiums written at both the Insurance and Reinsurance & Monoline Excess segments contributed to this upside.Operating revenues came in at $96 billion, up 1.4% year over year, mainly owing to higher net premiums earned, partly offset by decline in investment income. Revenues beat the consensus estimate by 5.8%.Investment income decreased 13.1% year over year to $161.7 million due to average performance of investment fund compared to strong returns in the year-ago quarter.Total expenses increased nearly 2% to $1.8 billion, primarily on higher losses and loss expenses, costs from non-insurance businesses plus other operating costs and expenses.Catastrophe loss totaled $31.5 million in the quarter, reflecting decrease of 19.3% year over year. Consolidated combined ratio (a measure of underwriting profitability) was 93.6%, reflecting 230 basis points (bps) improvement year over year.Segment DetailsNet premiums written at the Insurance segment grew 5.1% year over year to $1.5 billion in the quarter, driven by higher premiums at commercial automobile, professional liability, other liability and short-tail lines. Combined ratio improved 260 bps to 93%.Net premiums written in the Reinsurance & Monoline Excess segment increased 30.7% year over year to $220.7 million on higher casualty reinsurance, monoline excess and property reinsurance premium. Combined ratio remained unchanged year over year at 98.3%.Financial UpdateW.R. Berkley exited the third quarter with total assets worth $26.2 billion, up 5.3% from year-end 2018.Book value per share improved 10.9% from 2018 end to $32.97 as of Sep 30, 2019.Cash flow from operations totaled $392.4 million for the quarter, up 75.8% year over year.The company’s return on equity expanded 20 bps to 12.2%.Zacks RankW.R. Berkley currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other Insurance ReleasesOf the insurance industry players that have reported third-quarter results so far, The Progressive Corporation PGR, MGIC Investment Corporation MTG and RLI Corp. RLI beat the respective Zacks Consensus Estimate for earnings.Wall Street’s Next AmazonZacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.Click for details >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MGIC Investment Corporation (MTG): Free Stock Analysis Report RLI Corp. (RLI): Free Stock Analysis Report W.R. Berkley Corporation (WRB): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report To read this article on Zacks.com click here.