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W.R. Berkley Corp.’s profit plummeted in the second quarter of 2020 as coronavirus-related losses hit the insurer and investment income fell.
The Greenwich, Connecticut-based company reported second-quarter net income of $71.3 million on Tuesday, compared with $216.7 million in the same period in 2019.
Berkley previously reported that its results would be hurt by $145 million in catastrophe losses, including $85 million in losses related to the COVID-19 pandemic.
In addition, second-quarter net investment income fell to $85.4 million, compared with $188.3 million in the same period last year.
“Net investment income was adversely impacted by a $58 million loss from investment funds, which are reported on a one-quarter lag. The loss was driven by the first quarter downturn in the financial markets resulting from the COVID-19 related economic shutdown,” a Berkley statement said.
Gross premiums written increased 2% to $2.13 billion.
Net premiums written edged down less than 0.5% to $1.74 billion. The insurer’s workers compensation business saw the sharpest drop in revenue with net written premium falling 19.8% to $273 million.
“Average rate increases excluding workers compensation in the second quarter of 2020 of approximately 13% mitigated the top-line impact of the shrinking economy,” the Berkley statement said.
The insurer reported a 2020 second-quarter combined ratio of 98.7%, compared with 93.9% in the 2019 quarter.
More insurance and risk management news on the coronavirus crisis here.
W.R. Berkley Corp. on Tuesday reported a 20.3% increase in profit, to $216.7 million, for the second quarter of 2019.