W.R. Berkley Corp. reported on Tuesday a net income increase of 161.6% to $ 312.2 million in the fourth quarter of 2020.
Greenwich, Connecticut-based insurance company, increased net premiums by 8.2% for the quarter to $ 1.8.
The combination ratio improved to 90.9% compared to 93.3% for the comparable period in 2019.
For the year, Berkley reported a 22.2% decline in net income to $ 530.7 million. Net premiums increased by 5.8% to $ 7.26 billion. The combination ratio was 94.9%, compared to 93.8% for 2019.
Richard M. Baio, Deputy CEO, CFO and treasurer, said during a conference call with analysts after the stock market closed on Tuesday that interest rate hikes and lower claims rates contributed to insurance revenues, which were offset by higher disaster losses from natural disasters and pandemic-related losses. ] Compared to the hard market in the 1
Many markets, he said, "have a lot to catch up to do." Mr Berkley said there had been moments when the insurer had felt "a little lonely when we were pushing for prices."
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