W. R. Berkley reported third-quarter net income to common stockholders of $446 million, down from a year earlier, while operating income and Insurance underwriting profit both rose. Operating income climbed to $456.5 million from $440.2 million, and net investment income rose to $383.5 million from $351.2 million. Net investment results swung from a $79 million gain to an $18.3 million loss. The Insurance segment generated $237.7 million in pretax underwriting income, up 10.6%, and the consolidated GAAP combined ratio was 90.8%. Over the first nine months, shareholders received $728.6 million in capital returns, including $435.1 million in share repurchases.
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