Berkley profits fall in Q4, but still increase 16.7% for year

W.R. Berkley Corp. reported lower profits for the fourth quarter of 2018, but higher profits for the year overall despite elevated catastrophe risks and volatility in the securities markets.

The Greenwich, Connecticut-based insurer reported $132.4 million in net income in the fourth quarter of last year, a 14.4% drop from the same period in 2017, according to the company’s earnings report released on Tuesday. However, net income in the full year was $640.7 million, up 16.7% from 2017, according to the report.

Net premiums written rose 2.8% to $1.5 billion in the fourth quarter of 2018 and increased 2.8% to $6.4 billion for the full year, according to the report.

The accident year combined ratio excluding catastrophes was 93.9% and the calendar year combined ratio was 95.9%, according to the report.

“We delivered strong underwriting and investment results during a period of elevated worldwide catastrophes and turbulent securities markets,” the company stated in its earnings report. “Rate improvement for most lines of business is likely to continue for the foreseeable future, and we expect further gradual progress in reducing our expense ratio during 2019.”