WR Berkley has reported its Q3 2022 results, saying that gross written premiums (GWP) in the period were $3bn up from $2.7bn in the same period from the prior year.
Net premiums written, said the firm, also rose between the two periods, from $2.3bn in Q3 2021 to $2.5bn.
The firm said that the Q3 2022 highlights include operating return on equity of 16.9%; average rate increases, excluding workers’ compensation of 7.3%; pre-tax underwriting income of $192.1m; and an increase in operating income of 14.2% to $281.8m.
A statement from the company said: “Results for Q3 2022 were excellent, with strong underwriting performance and net investment income driving a 16.9% annualized operating return on beginning stockholders’ equity.”
“Net premiums written grew 10.8%. The short duration and high quality of our fixed-maturity securities tempered the market value impact on the Company’s book value and allowed us to quickly invest more funds at higher interest rates and grow core net investment income by 51%.”
It added: “Growth in net premiums written reflected the continuation of favourable market conditions for many of our products. After several years of compounding rate, the majority of our businesses are achieving or exceeding our target return on equity. As a result, we continue to expand our business, while maintaining our focus on rate adequacy in this inflationary environment.”
