W. R. Berkley shares fell 1.3% after earnings, a roughly flat reaction. The quarter featured record underwriting profit and improved ex-cat loss ratios, alongside 4.9% premium growth in the Insurance segment.
- Operating earnings were $456 million, or $1.07 per share; annualized operating ROE was 18.8% for the quarter and over 20% year to date.
- Record third-quarter underwriting profit was $296 million. The current accident-year combined ratio excluding catastrophe losses was 88.1%, with the loss ratio improving 40 basis points to 59.5%.
- Catastrophe losses were $86 million, or 2.7 loss-ratio points. Despite nearly twice as many named storm events as in the prior-year quarter, losses increased by $7 million, or 20 basis points.
- The Insurance segment’s ex-cat combined ratio improved 1 percentage point to 88.3%; pretax underwriting income grew 10.6% to $238 million.
- Insurance segment gross and net premiums written grew 4.9%. Management said technology-enabled intake is improving efficiency by more than 20%, while describing further decision-making gains as a next step.
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