WR Berkley has reported first-quarter net income of $US118 million ($147 million), down 30% on the corresponding period last year.

Gross written premium was up 2.6% to $US1.85 billion ($2.31 billion) and investment income dropped 26% to $US124 million ($155 million).

The combined operating ratio held firm at 93.9%.

Chairman and CEO William Berkley says the company’s international business improved substantially.

“We were able to increase overall rates at a level that exceeded loss cost trends, although in some areas competitive challenges became more visible,” he said.

“However, there are still niche opportunities within the insurance marketplace that exist for limited periods of time. Our flexible structure uniquely positions us to capitalise on them.”