Berkley reports 20% profit increase

W.R. Berkley Corp. on Tuesday reported a 20.3% increase in profit, to $216.7 million, for the second quarter of 2019.

This compares with the Greenwich, Connecticut-based insurer’s 65.2% increase reported for the comparable period in 2018.

Berkley reported net written premiums of $1.74 billion for the second quarter, a 7.3% increase over the same period last year. 

This reflects a 5.6% increase, to $1.57 billion, in net premiums written in its insurance business, and a 27.3% increase in reinsurance net premiums and monoline excess, to $168.9 million.

The insurer’s combined ratio improved to 93.9% from 94.9% in the same period.

“The underwriting environment continues to improve with rate increases in all lines of business except workers compensation,” the insurer said in its statement. 

“We see increasing signs of rate firming on both domestic and international business, which should provide even greater opportunities for future growth.”