WR Berkley has celebrated its golden anniversary with improved first-quarter profit figures.

Net income was $US123.45 million ($164.61 million), up from $US119.51 million ($159.36 million) in the corresponding period last year.

Gross written premium dropped slightly to $US1.94 billion ($2.59 billion), and the combined operating ratio deteriorated to 95.7% from 93.5%.

“The first quarter reflected the competitive climate in the (re)insurance industry,” the company says. “While market conditions remain challenging, particularly in the reinsurance segment, we were able to grow in select areas where margins remain attractive, while gaining traction in some of our new ventures.

“As we celebrate 50 years of delivering outstanding returns to our shareholders, we are confident our unique structure and long-term focus on risk-adjusted return will enable us to continue to do so this year and beyond.”