Global specialty insurer and reinsurer WR Berkley has reported a 13.2% increase in net profit during the second quarter, returning $US110 million ($123 million).

The quarter marked the first time in nearly four years that WR Berkley increased its overall premiums, with the company’s new businesses helping to offset a slight decline in established units.

Operating income for the period was $US102 million ($114 million), up from $US100 million ($112 million) for the same period last year.

Return on equity for the second quarter was 12.3% with a combined ratio of 94.4%.

Gross written premium for the period was $US1.11 billion ($1.24 billion), up from $US1.05 billion ($1.17 billion) last year.

Chairman and CEO Bill Berkley says the results show the success of the company’s new units.

“Our new enterprises continue to gain traction, and their growth led to an increase in overall premiums for the first time in 15 quarters,” he said. “Written premium grew by more than 5.5% in the quarter as the growth in these new businesses more than offset the slight decline in our established business units.”

Overall, results from the first half of this year showed a stark improvement from the first half of last year, with net income rising to $US229 million ($256 million) from $US77 million ($86 million), largely due to improved investment results.