W.R. Berkley Corp. reported a fourth-quarter net income of $576.1 million for common shareholders, marking a 45% increase from the $397.3 million reported in the same period last year. The rise in net income was attributed to an increase in net investment gains.
"We positioned our investment portfolio well for changes in the environment, which resulted in robust growth in net investment income from our fixed-maturity portfolio and a strong contribution to total return from net unrealized gains on our equity portfolio," the company said in a statement. "Current reinvestment rates continue to exceed our annual book yield, and our invested assets have increased from record operating cash flow, positioning us for further investment income growth in 2025."
For the fourth quarter, net premiums increased to $2.94 billion from $2.72 billion the previous year. Premium growth was supported by an average rate increase of 7.7% across all lines, excluding workers' compensation, during the quarter. The company’s total premiums for the year amounted to $11.97 billion.
In the third quarter, the company reported a rise in net income to $365.6 million from $333.6 million. Net premiums written for the quarter were $3.06 billion.
The combined ratio for the final quarter rose to 90.2 from 88.4 in the same period last year.
W.R. Berkley Corp.'s operating entities currently hold a Best’s Financial Strength Rating of A+ (Superior).
In recent news, the company said its Berkley Insurance subsidiary had received approval from the International Financial Services Centres Authority to establish a branch office in India. The new branch is located in GIFT City, Gujarat, and will operate under the name Berkley Insurance Company.