WR Berkley has increased third-quarter net profit by 32% to $US100.95 million ($98.1 million), with CEO and Chairman William Berkley calling an end to the soft market.

Another year of significant rate rises shows the market cycle has turned, he says. “We anticipate continued price increases over the next 12 months.”

Mr Berkley says average rates on renewed policies rose 7% in the quarter and the combined ratio was 95.8%.

Profit for the nine months rose 26% to $US345.1 million ($335.3 million), with catastrophe losses down to $US39.4 million ($38.3 million) from $US138.8 million ($134.9 million) in the corresponding period last year.

Mr Berkley says low investment yields remain an obstacle to achieving adequate returns.