Berkley profit falls in Q4, but still a robust year

W.R. Berkley Corp. on Thursday reported a 5.7% decrease in net income, to $294.4 million, in the fourth quarter of 2021.

The Greenwich, Connecticut-based insurer posted a 26.6% increase in net premiums written to $2.28 billion.

The combined ratio improved to 88.1% vs. 92.8% for the previous quarter.

For the year, Berkley reported a 92.7% increase in net income, to $1.02 billion. Net premiums increased 22%, to $8.86 billion. The combined ratio was 89.4% for the year, compared with 95.2% for 2020.

Rob Berkley, president and CEO, said, “As we see it, the growth will continue” and “there’s nothing that leads us to believe rate increases won’t outpace trends.” The situation is “very promising on that front.”

“Clearly, the top line continues to be very healthy by any measurement,” he said. “We like the balance we see between rate vs. exposure.”