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.”

Overall average rate increases excluding workers’ compensation were about 7.8% for the first three months of 2024.

“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.