WR Berkley has reported a first-quarter net income rise to $US135 million ($131 million), up from $US116 million ($113 million) in the first quarter last year.

Operating income also increased to $US104 million ($101 million), compared with $US97 million ($94 million) in the first quarter last year.

Net written premium increased 11% to $US1.2 billion ($1.17 billion) from $US1.08 billion ($1.05 billion).

The combined ratio was 96.5% and average rates on renewed policies increased 6.5%.

“All of the business segments achieved underwriting profits, our newer ventures continued to gain traction, and price increases are accelerating,” CEO William Berkley said.

“While the property casualty business inherently has significant short-term volatility, we see definitive signs of improving market conditions and expect better overall returns on equity.”