WR Berkley Corp. reported on Thursday a 29.8% increase in net income to $382.2 million in the fourth quarter of 2022.
The Greenwich, Connecticut-based insurer reported a 6.7% increase in net premiums to $2.43 billion.
The total expense ratio was 88.4%, compared to 88.2% for comparable quarters in 2021.
For the year, Berkley reported a 35.1% increase in net income to $1.38 billion. Net premiums increased 12.9% to $10 billion. The total expense ratio was 89.3% for the year, compared to 2021’s 89.6%.
“All in all, we had a very strong year,” Rob Berkley, president and CEO, said during the quarterly analysts’ earnings call.
“While no one knows for sure exactly what tomorrow will bring, we have many pieces laid out in good position for the coming years to be very attractive to the business.”;
Mr. Berkley said, “We’re still seeing a pretty healthy flow of business coming into the E&S market,” on the non-life side, as well as parts of the professional market, “and it’s building momentum on the property side as well.”