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.”
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom