Fourth-quarter net income at W.R. Berkley Corp. increased 4 percent compared to the same period the prior year to about $397.3 million on record pretax underwriting income of nearly $316 million, an 8.2 percent increase.

The Greenwich, Connecticut-based commercial insurer finished 2023 with net income in line with a year ago—both at about $1.4 billion. Underwriting income finished at $1.1 billion for the year—also a record, the company said.

The company recorded fourth-quarter growth of 12 percent in net premiums written to about $2.7 billion versus about $2.4 billion in Q4 2022. Net premiums written went from about $2.1 billion in Q4 2022 in the insurance segment to about $2.4 billion for Q4 2023.

Overall rate increases excluding workers compensation were about 8 percent for both Q4 and full year.

Catastrophe losses for the insurer were $32 million during the last three months of 2023. Berkley’s Q4 2023 consolidated combined ratio was 88.4, matching the year prior. In the insurance segment’s Q4 combined ratio was 89.4, and in the reinsurance & monoline excess segment the combined ratio was 81.2.

“In a market where lines of business increasingly move independently from each other, our decentralized structure provides us with a competitive advantage that allows us to better navigate risks and embrace opportunities,” the company said in a statement.

W.R. Berkley’s highlights for the last quarter and full year included record net investment income of $313.3 million and $1.1 billion, respectively.

This article was previously published on Insurance Journal.