WR Berkley profits flat in Q2 amid competitive market conditions
Commercial property/casualty holding company WR Berkley's profits held steady in the second quarter of 2017, although the company did see drops in growth, particulary in its reinsurance segment.
The company's net income in to common stockholders in Q2 2017 was $109 million, an increase from $108.9 million year-on-year.
WR Berkley reported gross premiums written (GPW) of $1.89 billion in the second quarter of 2017, a decrease from $1.94 billion for the same period in 2016.
For the reinsurance segment, GPW was $141.4 million in Q2, down from $196.1 million year-on-year.
The combined ratio in Q2 was 95.1 percent, up two percentage points from the same period in 2016. This figure includes 2.8 percent from weather-related losses.
The combined ratio in the reinsurance segment was 104.4 percent, up 3.5 percentage points from Q2 2016.
"Market conditions are increasingly competitive, especially in the reinsurance business," WR Berkley said in a statement. "We are willing to sacrifice growth in order to achieve underwriting profits and adequate returns. The combined ratio of 95.1 percent, including 2.8 points from weather-related losses, remained stable despite the competitive environment. We continue to see new opportunities in specialised areas."
Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Today’s stories
New Zealand regulator rejects Tower takeover by Suncorp
Chubb sees Q2 profits soar from underwriting and investment boosts
Former Sompo CEO resurfaces at London firm Oxbow
US Risk snaps up Strategic Insurance Underwriters
QIC global and regional expansion drives GWP in Q2
Ironshore Pembroke Managing Agency launches cargo consortium on Lloyd’s China
Aquiline Capital closes $190m for insurtech fund
RenRe sees Q2 profit increase despite challenges
Don't miss our monthly insurtech email newsletter - sign up today
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze