Berkley reports nearly 30% hike in Q4 profit

W.R. Berkley Corp. on Thursday reported a 29.8% increase in net income to $382.2 million in the fourth quarter of 2022.

The Greenwich, Connecticut-based insurer posted a 6.7% increase in net premiums to $2.43 billion.

The combined ratio was 88.4%, compared with 88.2% for the comparable quarter in 2021. 

For the year, Berkley reported a 35.1% increase in net income, to $1.38 billion. Net premiums increased 12.9%, to $10 billion. The combined ratio was 89.3% for the year, vs. 2021’s 89.6%.

“We had by any measure a very strong year,” said Rob Berkley, president and CEO, during the quarterly analysts’ earnings call. 

“While nobody knows exactly with certainty what tomorrow will bring, we have a lot of pieces laid out in good position for the coming years to be very attractive for the business.”

Mr. Berkley said, “We still see a pretty healthy flow of business coming into the E&S market,” on the casualty side, as well as parts of the professional market, “and it’s building momentum on the property side as well.”