WR Berkley profits hike in Q3

WR Berkley has posted a solid set of results for the third quarter of 2014.

The company’s profits hiked to $188.5 million in the third quarter of 2014, compared with $137 million in the same period of the prior year.

Its gross written premiums hit $1.78 billion, compared with $1.67 billion in the third quarter of 2013. The company’s combined ratio improved slightly to 93.5 percent, compared with 93.9 percent in the same period of the prior year.

William Berkley, chairman and chief executive officer, said: "We are pleased with our third-quarter results. Our underwriting continued to perform well, while investment income and capital gains were especially strong as a result of our long-term investment strategy.

"Market conditions continued to vary by product and class of business and we are expanding our market position in places where we believe underwriting margins are more attractive. In other places, we chose not to grow. Underwriting results also benefited from our ongoing efforts to further reduce the expense ratio.

"The improvement in both investment income and capital gains was led by the performance of our investment funds, which as we have suggested, may vary quarter over quarter. Over the long term, we expect a moderate level of capital gains to continue.

"Overall, we were pleased with the 17.4 percent return on equity for the quarter and anticipate being able to exceed our target return for the full year. We continue to be positive as we look to the future.”