Berkley Q1 profits increase 157%
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W.R. Berkley Corp. on Monday reported a 157.3% increase in net income to $590.6 million for this year’s first quarter.
The Greenwich, Connecticut-based insurer posted a 17.7% increase in net premiums written, to $2.41 billion.
The combined ratio for the quarter improved to 87.8% compared with 90.1% for the comparable quarter in 2021.
“It was a terrific quarter for the organization, really, by any metric,” said President and CEO Rob Berkley.
Mr. Berkley, who said he would describe the company as “more specialty player than not,” said the standard markets have “a very firm view as to what is within their appetite” and for business that is within their appetite, “they appear to be very, very aggressive.”
Within the specialty segment, he said, increasingly, “different product lines are marching through the cycle on their own. They’re not all in perfect lockstep.” Competition is increasing in certain lines and diminishing in others, he said.
He said the company has been only minimally impacted by the Russia-Ukraine conflict. “I think we had claims associated with that of about $2.5 million,” he said.
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