Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Berkley income flat in third quarter

Reprints
Berkley income flat in third quarter

W.R. Berkley Corp. reported virtually flat net income on Tuesday, and a modest increase in net premiums written.

The Greenwich, Connecticut-based insurer reported $161.9 million in net income for the third quarter vs. $162 million for the same period a year ago.

It posted $1.62 billion in net premiums written, a 3.4% increase compared with the comparable quarter a year ago. The insurer reported an improved 95.9% combined ratio for the quarter compared with 101% for 2017’s third quarter.

Investment income increased 30.6% to $186.1 million.

Rob Berkley, president and CEO, said during a conference call with analysts Tuesday that despite the increase in severity in the property market, particularly for cat-exposed property, “there’s not a significant change or appetite for change in the marketplace.”

Reinsurance continues to present a “relatively grim picture,” with the U.S. treaty market “exceptionally competitive and quite frankly concerning.”

He said he would characterize the general liability market as steady.  Professional liability is “among the most concerning parts of the business,” particularly for larger directors and officers liability accounts. Commercial auto continues to improve, “but we need to be thoughtful and selective in how one participates in that market,” he said.

 

 

 

Read Next

  • Berkley appoints senior executives

    W.R. Berkley Corp. named James B. Gilbert executive vice president with oversight responsibility for certain of the company’s operating units, and Brian P. Douglas to succeed Mr. Gilbert as president of BerkleyNet Underwriters, effective immediately.