WR Berkley has reported net income of $US109 million ($136.47 million) for the second quarter, up slightly from the corresponding period last year.

But gross written premium dropped 2.5% to $US1.89 billion ($2.37 billion).

“Market conditions are increasingly competitive, especially in the reinsurance business,” the company says.

“We are willing to sacrifice growth to achieve underwriting profits and adequate returns.

“The combined operating ratio of 95.1%, including 2.8 points from weather-related losses, remained stable despite the competitive environment.”