US-based insurance and reinsurance group WR Berkley has reported a net profit of $US648.9 million ($833 million) for last year, with the group’s Australian operations reporting “increased traction in the marketplace” as the result of an important internal change.

The profit result was well up on 2013’s $US449.9 million ($577.6 million) figure, with Chairman and CEO Bill Berkley attributing the result to the group’s “decentralised structure and long history of strategic cycle management”.

“We are optimistic 2015 will be an excellent year,” he said.

The group also recorded gross written premium of $US984.3 million ($1.26 billion) for the year compared with $US898.8 million ($1.15 billion) in 2013.

Mr Berkley says Australia is a “key contributor to our global strategy of generating long-term risk-adjusted returns in our target markets”.

Last August WR Berkley Insurance Australia – then a branch of WR Berkley Insurance (Europe) – became a branch of the group’s primary underwriter, Berkley Insurance Company (BIC) and was rebranded Berkley Insurance Australia (BIA).

Australia CEO Tony Wheatley says the local rebranding exercise has been well received in the market.

Speaking after BIA’s annual underwriters’ conference on the Gold Coast last week, he told insuranceNEWS.com.au the company is focused on “consolidating existing product lines, bedding down existing business and doing more of what we’re good at”.

“We will be focusing on our new motor insurance product for medium to large fleets, and we'll be looking to grow our motor book this year.”