WR Berkley’s net income was flat at $US162 million ($228 million) in the third quarter as claims from Hurricane Florence and other catastrophe losses affected earnings.

Estimated catastrophe losses for the commercial lines insurer were $US39 million ($55 million). The combined operating ratio improved to 95.9% from 101%.

Gross written premium increased to $US1.79 billion ($2.52 billion) from $US1.72 billion ($2.42 billion) in the corresponding period last year.

“The third quarter… was another outstanding quarter in light of the elevated worldwide catastrophe activity,” the insurer said.

“Our expense ratio has begun to decline modestly and we anticipate further gradual improvement over the next 12-18 months as new ventures gain scale and other initiatives take hold.”

The expense ratio fell to 32.4% from 32.6%.