W. R. Berkley sees record Q3 net profit of $365.6m

W.R. Berkley Corporation has reported a record Q3 net profit of $365.6 million amid continued strong underwriting margins and increased investment income.

The firm’s Q3 2024 return on equity and operating return on equity were 19.6% and 20.0%, respectively, while net investment income grew 19.5% compared to the same period of last year to $323.8 million.

Meanwhile, W.R. Berkley’s current accident year combined ratio before catastrophe losses of 3.3 loss ratio points was 87.6%, and the reported Q3 2024 combined ratio was 90.9%.

The firm’s insurance segment’s combined ratio was 91.5% while reinsurance & monoline excess had a combined ratio of 86.7%.

According to W.R. Berkley, this demonstrated below-average volatility despite the frequency of severe market-wide events.

Elsewhere, catastrophe losses for the firm in Q3 2024 for the insurance segment were up about 66.5% to $76.8 million.

At the same time, the reinsurance & monoline excess business has catastrophe losses of nearly $21 million compared to $15.4 million during the same period a year ago.

W.R. Berkley’s Q3 2024 gross written premiums stood at $3.63 billion, up from $3.35 billion in the same quarter last year.

The firm commented, “We continue to grow thoughtfully by focusing on business we expect to achieve or exceed our targeted risk-adjusted return, being ever mindful of rate adequacy, loss trend, and exposure management.

“Our success in navigating a wide variety of underwriting and investment environments has resulted in best-in-class returns on equity and below-average volatility that has generated significant shareholder value over many years.

“Fueled by knowledge and expertise, our decentralized structure allows us to take a flexible, proactive, and innovative approach to whatever risks and opportunities the market may present. We expect to continue to deliver outstanding risk-adjusted returns to our shareholders for the remainder of 2024 and beyond.”

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