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Member, Beacon International Group, Ltd.
W.R. Berkley Corp.’s profitability has shown signs of recovery, as net income during the second quarter totaled $116 million, an increase of 6.4% over the same period last year.
The insurer reported its net income for the first half of year was $233 million, 4.5% lower than midyear totals reported in 2012.
Meanwhile, total revenue through the first six months of 2013 increased 10.4% to $3.08 billion compared with the same period in 2012, the Greenwich, Conn.-based insurer said Monday.
Midway through the year, W.R. Berkley has seen its gross underwriting revenue increase to $3.25 billion, while net underwriting revenue has grown to $2.72 billion. The gross and net underwriting totals through the first two quarters are year-over-year increases of 14.8% and 13.8%, respectively.
In a statement, Chairman and CEO William R. Berkley said the company’s improving performance in the second quarter was driven by higher underwriting margins and a declining expense ratio.
“Our cumulative rate increases since 2010 are in excess of 18%, and our premium volume has grown by over 30% in the past two years,” Mr. Berkley said in the statement. “Our company continues to improve its relative competitive position while avoiding the extreme volatility impacting the general marketplace. We expect our returns to increase as our earned premium reflects the recently improved pricing levels.”
W.R. Berkley’s domestic insurance segment reported a 13.4% jump in gross premium revenue through the end of June, rising to $2.37 billion. Net premium revenue for the period grew 11.4% to $1.95 billion.