WR Berkley has reported net income of $US503.69 million ($712.56 million) for last year, down 22% on 2014.

Gross written premium increased 2.65% to $US7.25 billion ($10.26 billion), but total expenses also grew, up 4.82% to $US6.47 billion ($9.15 billion).

Catastrophe losses dropped 33% to $US57.61 million ($81.5 million) and investment income fell almost 15% to $US512.65 million ($725.24 million).

The combined operating ratio improved slightly to 93.7%.

“We were pleased with our operating results in both the fourth quarter and full year,” the company said. “We are confident our unique specialist approach and various market dislocations will provide us with greater opportunities in the coming year.

“In spite of the various uncertainties in the insurance and investment markets, we are positive about our future and foresee better returns for [this year].”