W.R. Berkley Corporation Reports 1st Quarter 2023 Results

Quarterly Net Income of  $223 Million, Return on Equity of 17.4%

First quarter highlights included:

  • Return on equity of 17.4%.
  • Book value per share grew 7.2% prior to dividends and share repurchases.
  • Net investment income grew 28.8% to $223.4 million.
  • Average rate increases excluding workers’ compensation were approximately 8.3%.
  • Pre-tax underwriting income of $234.4 million.
  • The current accident year combined ratio before catastrophe losses of 1.9 loss ratio points was 87.7%.
  • The reported combined ratio was 90.6%, including current accident year catastrophe losses of $47.9 million and prior year development principally from property catastrophe losses of approximately $24 million.
  • Total capital returned to shareholders was $293.8 million, consisting of $132.3 million of special dividends, $26.3 million of regular dividends and $135.2 million of share repurchases.

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