By Connor Hart
W.R. Berkley logged better-than-expected profit and higher revenue in the first quarter, despite significant industry-wide catastrophe losses.
The Greenwich, Conn., insurance company on Monday posted a profit of $417.6 million, or $1.04 a share, compared with $442.5 million, or $1.09 a share, in the same quarter last year.
Analysts surveyed by FactSet modeled net income of $400.4 million, or $1.01 a share.
Total revenue increased 8.9% to $3.55 billion, topping the $3.53 billion that analysts expected.
W.R. Berkley said the recent quarter reflects its ability to successfully manage underwriting volatility. The results came amid significant catastrophe losses, which more than tripled to $111.1 million.
Gross premiums written climbed 9.6% to $3.68 billion. Net premiums written rose 9.9% to $3.13 billion, boosted by what the company called favorable market conditions, particularly in its insurance segment.
Operating income fell to $404.7 million, or $1.01 a share, from $423.3 million, or $1.04 a share, a year earlier. Operating return on equity fell to 19.3% from 22.7%.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 21, 2025 16:38 ET (20:38 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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