First quarter net income at W.R. Berkley Corp. increased about 50% compared to the same period the prior year to about $442.5 million on pretax underwriting income growth of 31.8% to $309 million.
The Greenwich, Connecticut-based commercial insurer started 2024 with record net premiums written of about $2.9 billion, up 10.7% from the year prior. The company said “market conditions remained favorable in many areas of our business.”
Overall average rate increases excluding workers’ compensation were about 7.8% for the first three months of 2024.
“Our flexibility to expand or contract each of our businesses according to specific market conditions continues to be a competitive advantage,” the company said in a statement.
W.R. Berkley said it recorded a Q1 combined ratio of 88.8, including catastrophe losses of $30.5 for the quarter. The combined ratio for the comparable period in 2023 was 90.6.
First-quarter operating income increased 53.4% to a record $423 million, the company said.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Zillow Deleting Home Climate Risk Scores Reveals Limits of Flood, Fire Data 
North Carolina Sting Operation Alleges Roofer Damaged Shingles to File Claim 
Trump to Issue Order Creating National AI Rule 
Owner of Historic Minnesota Resort Charged With Arson, Insurance Fraud 
