US-based insurer WR Berkley has posted second-quarter net income of $US180 million ($193 million), up 55% on the corresponding period last year.

Gross written premium (GWP) was up 9% to $US1.77 billion ($1.9 billion) and the combined operating ratio improved to 94.4% from 96.6%.

Investment income fell slightly to $US139 million ($149 million).

Chairman and CEO Bill Berkley says weather-related losses were average, and the company’s top line grew 11%.

“Price increases for our domestic insurance businesses were about 4%. Thus, for the 12th quarter in a row, prices increased at a rate in excess of loss costs. We believe that in such an environment our goal should be to grow selectively where the margins are most attractive.”

For the first half, GWP grew 10% to $US3.58 billion ($3.85 billion) and net income gained 50% to $US350 million ($376 million).