Property and casualty re/insurer W. R. Berkley Corporation has reported a Q1 2024 combined ratio of 88.8%, including current accident year catastrophe losses of $30.5 million, leading to a 31.8% rise in pre-tax underwriting income to $309 million.
The insurer’s gross premiums written (GWP) were $3.4 billion for Q1 2024, compared to the prior year quarter’s $3.05 billion.
The company has also reported a record for net premiums written, which grew 10.7% year-on-year to $2.9 billion.
The Q1 2024 return on equity and operating return on equity reported were 23.7% and 22.7%, respectively.
At the same time, net investment income grew 43.2% to a record $319.8 million.
All in all, the firm has reported net income of $442 million, up more than 50% year-on-year, as operating income rose from $276 million in Q1 2023 to $423 million in Q1 2024.
W. R. Berkley Corporation commented: “The Company continued to have very strong results in the first quarter 2024, with a 23.7% annualized return on beginning of year common stockholders’ equity.
“Growth in first-quarter net premiums written accelerated year over year to 10.7%, as market conditions remained favorable in many areas of our business. Our combined ratio was 88.8% even as we continued our prudent view of loss trends. Our flexibility to expand or contract each of our businesses according to specific market conditions continues to be a competitive advantage.
“Net investment income increased 43.2% over the prior year first quarter, despite challenges during this quarter with our investment funds. 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.
“Our results demonstrate how our persistent focus on risk-adjusted return in all aspects of our business allows us to successfully navigate risks and embrace opportunities. We remain confident that we will continue to deliver outstanding value to shareholders in 2024 and beyond.”
