W.R. Berkley Net Income Up 39%, Comp Looking 'Very Good'

Thursday, July 26, 2018 | 0

W.R. Berkley reported net income of $180.1 million in the second quarter, up from $109 million in the same quarter of last year.

Gross premiums written were $1.95 billion, an increase from $1.89 billion in the second quarter of 2017. The company reported $377 million in workers’ compensation premiums during the quarter, compared to $372 million in the prior-year quarter.

W.R. Berkley reported $126.8 million in reinsurance premiums, down from $141.4 million in the prior-year quarter.

Liability insurance was the company’s biggest seller in the insurance category, with $504.3 million in premiums in the quarter, up from $478.6 million in the prior-year quarter. Commercial auto brought in $185.8 million in premiums, up from $174 million in the second quarter of 2017.

Chief Executive Officer Robert Berkley said during a conference call on Tuesday that professional liability lines remain an "area of great concern," that directors and officers has had challenges, but workers’ compensation trends “look very good,” according to a report in the Intelligent Insurer.