By Katherine Hamilton
W.R. Berkley said fourth-quarter profit rose 45% and that its risk strategy is helping it improve and offset rising catastrophe losses.
The Greenwich, Conn.-based insurance company posted a profit of $576.1 million, or $1.44 a share, in its fourth quarter, compared with $397.3 million, or 98 cents a share, a year earlier.
The profit beat FactSet analysts' expectations of $392 million, or 98 cents a share.
Revenue rose 14% to $3.67 billion. Analysts surveyed by FactSet forecast revenue of $3.5 billion.
Operating income and return on equity improved over the year, the company said. Net investment gains increased to $158.5 million, up from $7.8 million.
W.R. Berkley said its decentralized structure is helping it manage risks. The combined ratio remained around 90% over the year despite growing expenses from catastrophe. Catastrophe losses were up to $79.6 million from $32 million the previous year.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 27, 2025 16:53 ET (21:53 GMT)
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