By Connor Hart
W.R. Berkley logged better-than-expected profit and higher revenue in the first quarter, despite significant industry-wide catastrophe losses.
The Greenwich, Conn., insurance company on Monday posted a profit of $417.6 million, or $1.04 a share, compared with $442.5 million, or $1.09 a share, in the same quarter last year.
Analysts surveyed by FactSet modeled net income of $400.4 million, or $1.01 a share.
Total revenue increased 8.9% to $3.55 billion, topping the $3.53 billion that analysts expected.
W.R. Berkley said the recent quarter reflects its ability to successfully manage underwriting volatility. The results came amid significant catastrophe losses, which more than tripled to $111.1 million.
Gross premiums written climbed 9.6% to $3.68 billion. Net premiums written rose 9.9% to $3.13 billion, boosted by what the company called favorable market conditions, particularly in its insurance segment.
Operating income fell to $404.7 million, or $1.01 a share, from $423.3 million, or $1.04 a share, a year earlier. Operating return on equity fell to 19.3% from 22.7%.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 21, 2025 16:38 ET (20:38 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.