Berkley reports 2% increase in profit in Q3

W.R. Berkley Corp. reported a 2% increase in profit, to $165.2 million on Tuesday.

The Greenwich, Connecticut-based insurer posted $1.75 billion in net written premiums, a 7.7% increase over the comparable period in 2018.

This reflects a 5.1% increase, to $1.53 billion, in net premiums written in its insurance business, and a 30.7% increase in reinsurance net premiums and monoline excess, to $220.8 million.

Similarly, in the second quarter, Berkley reported a 5.6% increase in net premiums written in its insurance business and a 27.3% increase in reinsurance net premiums and monoline excess.

The insurer’s combined ratio improved in the third quarter to 93.6% from 95.9% in the same period a year ago.

“Growing opportunities presented by current market conditions, including accelerating rate increases in all lines of business except workers’ compensation, drove growth in premiums written,” the insurer said in its statement.

“We continue to focus on lines of business that have the potential to meet or exceed our targeted risk-adjusted return and have been carefully monitoring the rising trends in loss costs.

“As market momentum accelerates, we anticipate that price increases will persist for the foreseeable future,” the insurer said.