Oppenheimer Raising Estimates On W.R. Berkley (WRB)

Oppenheimer & Co. is raising its estimates on W.R. Berkley Corporation WRB, but is keeping its Perform rating on shares. In a research report sent to investors, Oppenheimer writes, "We are raising our 2010 and 2011 operating EPS estimates for WRB to $2.69 and $2.23 respectively. Our revised estimates reflect marginally better revenue, through both investment income and premiums, and lower relative expenses. Our modeled 2011 combined ratio is 130 bps below our previous estimate and includes both loss and expense ratio improvement. Although we don't think rates are poised to change near term, WRB's business should generate returns to justify its current valuation, in our view. We remain at Perform." Shares of WRB lost 25 cents on Friday to close at $27.36.