Berkley profits fall 22% in Q2, operating income jumps
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W.R. Berkley Corp. on Thursday reported a 22.4% decrease in net income, to $279.3 million in the second quarter.
Operating income, which excludes after-tax net investment gains or losses and related expenses, increased 43%, to $313.4 million
The Greenwich, Connecticut-based insurer posted a 16.9% increase in net premiums written, to $2.59 billion.
The combined ratio improved to 88.7% from 89.9%.
For the first half, Berkley reported a 65% increase in net income, to $770 million, while operating income increased 47.3%, to $619.8 million. Net premiums increased 17.3%, to $5 billion. The combined ratio was 88.2% vs. 90.2% for the comparable period.
The quarter was “obviously very encouraging,” said president and CEO Rob Berkley. “There is clear evidence that the momentum continues to be there in a meaningful way on the underwriting side” and is building on the investment side.
“The top line continued to be very healthy,” he said. In specialty lines in general “we are seeing continued strength in submissions,” he said.
“The flow of business coming our way continues to have significant momentum. The opportunity to making sure we get the rate we want and need continues to be there as well,” and the company is well positioned for the coming months and years, Mr. Berkley said.
