WR Berkley Corp. reported on Thursday a 22.4% drop in net income to $279.3 million in the second quarter.
Operating profit, which excludes net investment gains or losses after tax and related expenses, increased 43% to $313.4 million
The Greenwich, Connecticut-based insurer reported a 16.9% increase in net premium income, to $2.59 billion.
The total cost ratio improved to 88.7% from 89.9%.
For the first half of the year, Berkley reported a 65% increase in net income to $770 million, while operating income rose 47.3% to $619.8 million. Net premiums increased 17.3% to $5 billion. The total cost percentage was 88.2% compared to 90.2% for the comparable period.
The quarter was “obviously very encouraging,”; said president and CEO Rob Berkley. “There is clear evidence that the momentum continues to be there in a meaningful way on the underwriting side” and builds on the investment side.
“The top line continued to be very healthy,” he said. In specialty areas in general, “we’re seeing continued strength in submissions,” he said.
“The flow of business coming our way continues to have significant momentum. The ability to make sure we get the rate we want and need continues to be there as well,” and the company is well positioned for the months and years ahead, Berkley said.