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.