Berkley profit falls 8.2% in Q3

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.