W.R. Berkley Corp. on Tuesday reported net income for the third quarter of 2020 declined 8.2% to $151.7 million, while net premiums were $1.88 billion, up 7.4% from the year-earlier period.
Net investment income also declined, 11.6% to $142.7 million, according to the financial statement in the release.
The insurer said average rate increases for the quarter excluding workers compensation were approximately 14.5%.
Berkley’s third-quarter combined ratio was 93.7%, with 4.2 percentage points of catastrophe losses, the earnings statement said.
Rate increases continued to accelerate during the quarter, Berkley said in its statement.
Third-quarter net premiums written in the insurance segment rose 6.5% to $1.63 billion.
Third-quarter net premiums written in the reinsurance and monoline excess segment rose 13.7% from the year-earlier period to $251 million, financial data showed.
W.R. Berkley Corp. on Tuesday reported a 20.3% increase in profit, to $216.7 million, for the second quarter of 2019.