Better investment returns and weather has helped US insurer WR Berkley triple fourth-quarter net profit with earnings of $US134.2 million ($153.3 million), against $US40 million ($46 million) a year ago.

This brought net profit for the year up nearly 10% for the full year, to $US309.1 million ($352.9 million).

The combined ratio for the group was unchanged at 92.6% for the quarter, although for the year it rose 1.1 points to 94.2%.

Quarterly weather-related losses totalled $US4 million ($4.6 million), down from $US6 million ($6.8 million) a year earlier. Investment income rose 24% to $US141.2 million ($161 million).

CEO Bill Berkley says the company’s existing book of business continues to modestly shrink as pricing discipline is maintained.

“It is still hard to find new business that is attractively priced in the current marketplace,” he said.

“However, we are beginning to see improving price trends in selected lines of business.”