W.R. Berkley Corp.’s third quarter featured flat net income but also higher premiums and soaring investment income.
The Connecticut-based insurer and reinsurer said it generated $162 million in net income during the 2018 third quarter, on par with the 2017 third quarter.
Its insurance combined ratio was 94.9, which was better than the 95.6 figure produced a year ago. W.R. Berkley’s reinsurance combined ratio was 107.9, an improvement over the 153.6 reinsurance combined ratio booked in the 2017 third quarter.
W.R. Berkley’s net investment income surpassed $186 million during the quarter, much higher than the $142.6 million produced in the 2017 third quarter. The insurer credited, in part, strong investment income results for its investment funds as well as a bigger yield on fixed-income securities, plus a higher base of invested assets.
- Consolidated gross premiums written were $1.9 billion, up from $1.87 billion in the 2017 third quarter.
- Consolidated net premiums written reached $1.6 billion compared to $1.57 billion a year ago.
- Catastrophe losses for the quarter were $39 million versus $119 million in the 2017 third quarter.
- Insurance gross premiums written for Q3 were nearly $1.8 billion compared to 41.7 billion in the 2017 third quarter. Net premiums written were $1.5 billion, up from $1.4 billion in the 2017 third quarter.
- Reinsurance gross premiums written reached nearly $133.7 million during the quarter, down from $155.6 million a year ago. Net premiums written were $119.4 million, down from more than $138.8 million in the same, year-ago period.
Source: W.R. Berkley Corp.
Was this article valuable?
Here are more articles you may enjoy.