W.R. Berkley Corporation’s WRB third-quarter 2020 operating income of 65 cents per share beat the Zacks Consensus Estimate of 62 cents by 4.8%. However, the bottom line plunged 22.6% year over year due to higher catastrophe losses. The COVID-19 pandemic had an adverse impact on the company’s results.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 for the quarter under review were $1.9 billion, up 7.4% year over year, primarily due to higher premiums written at the Insurance and Reinsurance & Monoline Excess segment.Operating revenues came in at $2 billion, up 1.9% year over year, on the back of higher net premiums written. Moreover, the top line beat the consensus estimate by 0.4%.Investment income decreased 11.8% year over year to $142.7 million.Total expenses increased 4% to $1.8 billion, primarily due to higher losses and loss expenses, other operating costs and expenses and interest expense.Catastrophe losses of $72.7 million in the quarter widened from $31.5 million incurred in the year-ago quarter. Consolidated combined ratio (a measure of underwriting profitability) was 93.7%, deteriorated 10 basis points (bps) year over year.Segment DetailsNet premiums written at the Insurance segment increased 6.5% year over year to $1.6 billion in the quarter, primarily due to higher short-tail lines, commercial automobile and professional liability. Combined ratio deteriorated 110 bps to 94.1%.Net premiums written in the Reinsurance & Monoline Excess segment increased 13.7% year over year to $251 million on higher casualty reinsurance, monoline excess, and property reinsurance. Combined ratio improved 800 bps to 90.3%.Financial UpdateW.R. Berkley exited the third quarter with total assets worth $28.2 billion, up 5.9% from year-end 2020.Tangible book value per share increased 1.6% from 2019 end to $32.38 as of Sep 30, 2020.Cash flow from operations was $557 million in the third quarter of 2020, up 41.9% year over year.The company’s return on equity contracted 220 bps to 10%.The company repurchased shares for $13 million.Zacks RankW.R. Berkley currently carries a Zacks Rank #5 (Strong Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Some Other InsurersOf the insurance industry players that have reported third-quarter results so far, The Progressive Corporation PGR and The Travelers Companies TRV beat the Zacks Consensus Estimate for earnings.Upcoming ReleaseRLI Corporation RLI will release third-quarter 2020 earnings on Oct 21 after market close. The Zacks Consensus Estimate for the same stands at a loss of 10 cents per share.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 The Travelers Companies, Inc. (TRV): Free Stock Analysis Report W.R. Berkley Corporation (WRB): Free Stock Analysis Report RLI Corp. (RLI): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report To read this article on Zacks.com click here.