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WR Berkley Q4 net income down

Published 01 February 2012

US-based insurer WR Berkley has reported a net income of $117.93m, or $ 0.82 diluted earnings per share, for the fourth quarter of 2011, compared to $126.85m, $ 0.85 diluted earnings per share, for the same period in 2010.

The total revenues for the fourth quarter of 2011 rose to $1.37bn, compared to $1.23bn for the same period in the prior year.

Net investment income has come down to $117.09m, compared to $138.09m for the same period a year ago.

WR Berkley chairman and CEO William Berkley said average renewal rate was up 4.2% during the quarter with the upward pricing trend accelerating. Their operating units priority is to remain focused on price.

"We continue to maintain the quality of our fixed income portfolio, but we are willing to forgo immediate liquidity for a portion of the portfolio to achieve improved returns," added Berkely.