(Reuters) -Commercial insurer W. R. Berkley reported a rise in third-quarter profit on Monday, boosted by robust investment gains and steady underwriting performance.
Resilient consumer spending despite higher borrowing costs has helped sustain insurance demand, as businesses and households continue to prioritize protection against financial risks, accidents, property damage, and natural disasters.
The Greenwich, Connecticut-based insurer’s net written premiums rose 5.5% to $3.23 billion in the quarter.
Net investment income rose 8.5% to a $351.2 million in the third quarter, largely driven by higher returns from the insurer’s growing domestic fixed maturity portfolio.
Last week, industry bellwether Travelers missed Wall Street profit estimates, citing slower commercial property growth.
W.R. Berkley’s quarterly catastrophe losses fell nearly 25% to $78.5 million from a year earlier.
The company reported a combined ratio of 90.9%, unchanged from a year earlier. A ratio below 100% shows that an insurer earned more in premiums than it paid out in claims.
In recent years, insurers have faced heavy losses from increasingly frequent and severe natural disasters, including hurricanes, floods, and wildfires.
W. R. Berkley reported a profit attributable to common stockholders of $511 million, or $1.28 per share, for the quarter ended September 30. That compares with $365.6 million, or 91 cents per share, last year.
(Reporting by Anuj T in Bengaluru; Editing by Maju Samuel)
Comments