W.R. Berkley Corp. has sold a piece of real estate in Washington, D.C. for a sizable price.
The Connecticut-based insurer and reinsurer said it will report a realized pre-tax gain of about $120 million on the sale of 1101 New York Avenue NW in the 2017 third quarter. This comes on top of approximately $22 million in pre-tax earnings from the property in previous year.
Berkley said in its deal announcement that the sale continues its “long-term strategy of investing for total return in order to continue delivering superior long-term value creation to shareholders despite a low interest rate environment.”
Earlier in June, W.R. Berkley disclosed the launch of two Mexico subsidiaries: : Berkley International Fianzas México S.A. and Berkley International Seguros México S.A. The former is expected to focus on surety business while the later will offer specialty commercial products and services.
In a statement, W.R. Berkley Corp. President and CEO Robert Berkley J.R. said that Mexico offered “significant opportunities” as it was both a “vibrant market” with relatively low insurance penetration.
Source: W.R. Berkley