27 April 2016 Insurance

WR Berkley posts stable Q1 results

WR Berkley has reported a stable net income for the first quarter of 2016.

The commercial lines property casualty insurance firm posted a net income of $119.5 million for Q1 2016, compared with $118.3 million during the same time period last year.

The firm also reported an increase in its gross written premiums (GWP) to $2 billion in the first quarter of the year, compared with $1.9 billion in the first quarter of last year.

WR Berkley’s combined ratio improved in all segments and overall stood at 93.5 percent.

Its investment income was also up to $130.1 million for Q1 2016, compared with $124.2 million for the same time period the previous year. Loss expenses were up however for the quarter to $922.3 million, compared with $900.7 million for Q1 2015.

Underwriting expenses were up to $505.3 million for the first quarter of this year, compared with $482.1 million for the first quarter of 2015.

WR Berkley said: The company’s first quarter operating results provided a solid start to the year. Both our underwriting and our investment results were favourable, as we continued to take advantage of opportunities provided by the current environment.

“As previously announced, storm losses during the quarter were consistent with our first quarter experience in each of the prior few years. The underlying loss ratio, excluding catastrophes, declined by approximately one point, reflecting our careful underwriting, risk selection and exposure management.”

It added: “We continue to identify opportunities to start new operating units or divisions that will enhance our business in the future. Investments in these new ventures can have a temporary impact on our expense ratio, however, they create substantial economic value over the long term. Nevertheless, we are making progress on our expense ratio compared to the latter half of 2015.”

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