WR Berkley profits flat in Q2 amid competitive market conditions
Commercial property/casualty holding company WR Berkley's profits held steady in the second quarter of 2017, although the company did see drops in growth, particulary in its reinsurance segment.
The company's net income in to common stockholders in Q2 2017 was $109 million, an increase from $108.9 million year-on-year.
WR Berkley reported gross premiums written (GPW) of $1.89 billion in the second quarter of 2017, a decrease from $1.94 billion for the same period in 2016.
For the reinsurance segment, GPW was $141.4 million in Q2, down from $196.1 million year-on-year.
The combined ratio in Q2 was 95.1 percent, up two percentage points from the same period in 2016. This figure includes 2.8 percent from weather-related losses.
The combined ratio in the reinsurance segment was 104.4 percent, up 3.5 percentage points from Q2 2016.
"Market conditions are increasingly competitive, especially in the reinsurance business," WR Berkley said in a statement. "We are willing to sacrifice growth in order to achieve underwriting profits and adequate returns. The combined ratio of 95.1 percent, including 2.8 points from weather-related losses, remained stable despite the competitive environment. We continue to see new opportunities in specialised areas."
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