W.R. Berkley's profit rises on record net premiums written, investment income

W. R. Berkley

23/10/2023 21:37

Oct 23 (Reuters) - Insurer W.R. Berkley  WRB.N  on
Monday reported a near 46% rise in third-quarter profit, helped
by record-high net premiums written and investment income. 
    The demand environment for the insurance sector remains
strong against a weakening economy, with analysts expecting the
companies, usually considered recession proof, to stay
resilient. 
    W.R. Berkley's net premiums written climbed 10.5% to $2.8
billion. 
    Insurers, which invest a chunk of their capital in a diverse
portfolio of assets including stocks and bonds, have also
benefited this year as markets recover from a downbeat 2022,
when investor appetite was hit by rising interest rates and
geopolitical turmoil. 
    The company's net investment income rose to a quarterly
record of $270.9 million, driven by a core portfolio increase of
59.3%. 
    Net income to common shareholders came in at $333.6 million,
or $1.23 per diluted share, for the three months ended Sept. 30,
compared with $228.9 million, or 82 cents per diluted share, a
year earlier. 
    Shares of the insurer were flat in extended trading after
its results. 

 (Reporting by Manya Saini in Bengaluru; Editing by Shailesh
Kuber and Devika Syamnath)
 ((Manya.Saini@thomsonreuters.com;))