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WR Berkley profit soars

US-based insurer and reinsurer WR Berkley has reported third-quarter net income of $US188.54 million ($214.07 million), up 38% on the corresponding period last year.

Gross written premium was $US1.78 billion ($2.02 billion), up 6.6%, and investment income gained 43% to $US179.23 million ($203.5 million).

The combined operating ratio improved marginally to 93.5% from 93.9%.

For the first nine months of the year, net income was up 46% to $US538.17 million ($611.05 million).

Chairman and CEO Bill Berkley says underwriting performed well in the third quarter, “while investment income and capital gains were especially strong as a result of our long-term investment strategy”.

He says market conditions continue to vary by product and class.

“We are expanding our market position in places where we believe underwriting margins are more attractive. In other places, we chose not to grow.”