W.R. Berkley profit up sharply

W.R. Berkley Corp. on Thursday reported third-quarter net income of $261.3 million, up 72.3% from the year-earlier period.

The Greenwich, Connecticut-based insurer said after the markets closed that net premiums written in the quarter rose 23.7% to $2.33 billion.

The combined ratio for the quarter improved to 90.4% from  93.7% in last year’s third quarter.

“By virtually every measure” Berkley had “a pretty attractive and healthy quarter,” Rob Berkley, president and CEO, said in a call with analysts. “It’s a good moment for the P&C space, quite frankly.”

The exception is the workers compensation market, “which continues to feel a bit of a growing headwind,” he said.

Mr. Berkley said, “Obviously, property felt some pain in the quarter, but general market conditions are reasonably attractive.”

“There is nothing that leads us to believe that the tide is going to reverse any time soon,” he said.

Mr. Berkley said social inflation is still an issue, and the “realities of financial inflation clearly are having an impact on loss costs.”