Net income declines for WR Berkley in 2011

WR Berkley’s full year results have revealed that the company’s net income has dropped to $395 million in 2011, from $449 million in 2010, despite net written premiums rising by 19 percent in 2011.

Despite this, William Berkley, the company’s chairman and chief executive officer, said that he was happy with the results and that WR Berkley was well positioned for the future.

“Premiums written for our core business are beginning to grow again, and the newer units are growing at an increasing pace,” he says.

“Average renewal rates were up 4.2 percent during the quarter with the upward pricing trend accelerating. Our operating units' priority is to remain focused on price.”