W.R. Berkley net income drops despite increased written premiums
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W.R. Berkley Corp. posted $116.6 million net income for the first quarter of 2013, a drop of 13.8% from the first quarter of last year.
Net written premiums increased 14.4% to $1.38 billion.
However, investment income dropped income dropped 13.8% to $135.9 million.
The company's combined ratio improved to 94.7% from 96.5% in the same period a year earlier.
“We had a good quarter, setting the foundation for an excellent year,” Berkley Chairman and CEO William R. Berkley said in a statement. “Our business is showing continued signs of improvement, and we are well-positioned to take advantage of the positive rate environment.”
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