WR Berkley Corporation releases results for Q1 2024
WR Berkley Corporation releases results for Q1 2024 | Insurance Business America
Insurance News
WR Berkley Corporation releases results for Q1 2024
It reports an increase in net and operating income
Insurance News
By
Abigail Adriatico
WR Berkley Corporation, an insurance holding company, has released the results of its business operations for the first quarter of 2024.
For the quarter, its net income and operating income increased by 50.4% and 53.4%, respectively. The company also saw a return on equity of 23.7% and an operating return on equity of 22.7%.
In its report, the company noted the strength of its results for Q1 2024 with its 23.7% annualized return. It also stated that its net premiums written had seen accelerated growth year-over-year to 10.7% due to the market conditions in various areas of its businesses continuing to be in its favor. The company’s combined ratio for the period was 88.8%.
“Our flexibility to expand or contract each of our businesses according to specific market conditions continues to be a competitive advantage,” the company said in its statement.
Meanwhile, despite the firm’s challenges when it comes to its investment funds, its net investment income increased 43.2% year-over-year.
“Our total-return investment strategy seeks to maximize risk-adjusted returns over the long-term across all market cycles and economic environments. New money rates remain higher than our book yield, which along with extremely strong operating cash flow, positions us well for future investment income growth,” the company said.
WR Berkley Corporation said that the results demonstrated its focus on risk-adjusted return in its businesses, which allowed it to tread the risks and utilize the opportunities present in the current market.
“We remain confident that we will continue to deliver outstanding value to shareholders in 2024 and beyond,” the firm said.
WR Berkley Corporation is one of the largest commercial lines writers in the US. It operates all over the world in the insurance and reinsurance and monoline excess segments of the property casualty business.
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