Berkley reports $3.6B in total revenue in Q4, up 12.5%

W.R. Berkley Corp. reported during its quarterly conference call Monday that total revenue in the fourth quarter of 2024 increased 12.5% to $3.6 billion, compared with the year-ago period.

The Greenwich, Connecticut-based insurer generated $2.9 billion in net premiums written in the fourth quarter compared with $2.7 billion for the year-ago period.

Net income for the quarter increased 45% to $576 million.

Revenue from reinsurance was down 15.4%, with gross written premiums of $336 million, the decrease due to competitive pricing for casualty reinsurance, the insurer said.

“I think the casualty reinsurance market needs more discipline, and they need to charge more,” W. Robert Berkley, president and CEO, said during the call.

He also said there is “a disconnect” between primary property and property reinsurance markets.

The liability market, he said, “continues to be plagued by social inflation, the combination of an emboldened plaintiff bar along with, quite frankly, just jet fuel that they have in their back pocket, otherwise known as litigation funding.”

He pointed out that social inflation does not apply to all product lines equally.

Average rates rose approximately 7.7% across all lines, except workers compensation, the insurer said.

Operating income increased 15.5% to $453 million, the insurer said.

Renewal retention was around 80%, Mr. Berkley said.

The fourth-quarter loss ratio was 62.2%, an increase from 61% in the same quarter last year. The insurer also reported loss and loss expenses of $1.8 billion, up from $1.6 billion for the same time in 2023.

For the full year, the insurer reported $1.1 billion in pre-tax underwriting income and a net income of $1.8 billion.

The 2024 combined ratio was 90.5% compared with 89.4% in 2023.