Smaller global insurers are reporting a mixed first quarter, with Australian and New Zealand natural catastrophes leading to significant claims.

WR Berkley recorded gross written premium of $US1.27 billion ($1.16 billion) for the quarter, up from $US1.13 billion ($1.04 billion) in the first quarter of 2010.

Operating income fell to $US97.7 million ($89.5 million) for the quarter compared to $US114.8 million ($105.2 million) in 2010.

The company’s combined ratio was 96.3 compared with 94.1 for the corresponding period last year and the Christchurch earthquake and Australian floods caused $US15 million ($13.7 million) of its $US24 million ($22 million) of weather and catastrophe losses.

Chubb increased net income by 6% to $US405 million ($371 million), with net written premiums up 3% to $US2.9 billion ($2.6 billion).

Chairman and CEO John Finnegan says the increase is an encouraging sign in a competitive market, and comes after flat to negative premium growth in the previous five years.

Catastrophes such as the US winter storms, the Australian floods and earthquakes in New Zealand and Japan cost Chubb $US270 million ($247.5 million) in claims.

Axis Capital recorded a loss of $US384 million ($352 million) for the first quarter to March 31 on catastrophes and soft pricing.

The loss compared with net income of $US112 million ($102 million) in the 2010 March quarter and the company’s combined ratio was 161.3 compared with 98.3.

CEO John Charman says the quarter was “extraordinarily challenging” for the industry, and there is “great uncertainty” over the scale and distribution of total insured losses, which are likely to exceed $US50 billion ($46 billion).

The result included losses of $US87 million ($80 million) from the Australian events, $US203 million ($186 million) from the Christchurch earthquake and $US287 million ($253 million) from the Japan earthquake. 

Mr Charman says the result also reflects a slow pick-up in demand for Axis products and low investment returns.

Arch Capital reported a slump in profit to $US7.9 million ($7.2 million) from $US98.7 million ($90 million) for the quarter, with catastrophe losses of $US178.7 million ($163 million).

Arch made an underwriting loss of $US63.5 million ($58 million) against a $24 million ($22 million) profit for the first quarter last year, and its combined ratio was 110% compared with 96.4%.

The group’s cat losses after ceded reinsurance were $US79 million ($72 million) for the Japan earthquake, $US65 million ($59 million) for the Christchurch earthquake and $US33 million ($30 million) for Cyclone Yasi and the Australian floods.