WR Berkley has reported third-quarter net income of $US152.61 million ($213.85 million), down 19% on the corresponding period last year.

Gross written premium increased 2.4% to $US1.82 billion ($2.55 billion), but investment income dropped 25.7% to $US133.21 million ($186.67 million).

The combined operating ratio deteriorated slightly to 93.7%.

Net income for the first nine months was down 26.8% to $US393.95 million ($552.04 million).

Chairman and CEO Bill Berkley says the results were pleasing and in line with expectations.

“Although we are not immune to global catastrophe losses, our approach to writing business where we can achieve superior long-term risk-adjusted returns again resulted in low volatility in what was a challenging quarter for many companies that operate on a global basis,” he said.

“Opportunities continue to be available in the market, and we were able to start several new ventures. Our view at this time is that the cyclical decline in [primary] insurance pricing will likely be gradual.

“We continue to have a favourable view of price levels in most lines of business and look forward to a continuation of positive investment results.”