W.R. Berkley Produced Average Q3 Rate Hikes Above 10 percent, Except for Workers Comp

October 25, 2021

W.R. Berkley Corp reported a nearly 24 percent increase in net premiums written during the 2021 third quarter. As well, average rate increases surpassed 10 percent for nearly every line except workers compensation.

The Connecticut-based specialty insurer and reinsurer generated nearly $261.3 million in net income through the quarter, or $1.40 per diluted share. That compares to almost $151.7 million a year ago, or $0.81 per diluted share.

W.R. Berkley said that “robust” rate increases should continue “for the foreseeable future. Additionally, the strong commercial property/casualty pricing environment should create more opportunities “to write business at attractive underwriting margins,” the company said. Another continued growth driver: the greater focus distribution partners and clients are placing on stable markets such as specialty and E&S lines that have “balance sheet strength and expertise.”

Q3 result highlights:

Sources: W.R. Berkley Corp.