W.R. Berkley Reports 50.4% Increase in Q1 Net Income
First quarter net income at W.R. Berkley Corp. increased about 50% compared to the same period the prior year to about $442.5 million on pretax underwriting income growth of 31.8% to $309 million.
The Greenwich, Connecticut-based commercial insurer started 2024 with record net premiums written of about $2.9 billion, up 10.7% from the year prior. The company said “market conditions remained favorable in many areas of our business.”
“Our flexibility to expand or contract each of our businesses according to specific market conditions continues to be a competitive advantage,” the company said in a statement.
W.R. Berkley said it recorded a Q1 combined ratio of 88.8, including catastrophe losses of $30.5 for the quarter. The combined ratio for the comparable period in 2023 was 90.6.
First-quarter operating income increased 53.4% to a record $423 million, the company said.