WR Berkley has reported net profit of $US221 million ($287.9 million) for the three months to September 30, up from $US153 million ($199.31 million) in the corresponding period last year.

The US-based commercial lines insurer says its results are “greatly augmented” by pre-tax realised gains of $US176 million ($229.24 million), including $US135 million ($175.8 million) for the sale of Aero Precision Industries.

“In the current low-yield environment, we have pursued investment opportunities that offer more attractive total returns, with modest incremental risk,” the company says.

Investment income improved 9.3% to $US145.66 million ($189.63 million) in the quarter.

The combined operating ratio deteriorated slightly to 93.9% from 93.7%.

Gross written premium was $US1.86 billion ($2.42 billion), compared with $US1.82 billion ($2.37 billion) in the corresponding period last year.