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Sep 30, 2020
W. R. Berkley Q3 2020 Earnings Report
Reported strong third quarter results with a combined ratio of 93.7%, despite catastrophe losses and growth in gross premiums written by more than 8%.
Key Takeaways
W. R. Berkley Corporation reported strong third quarter 2020 results with a combined ratio of 93.7%, despite 4.2 points of catastrophe losses. Gross premiums written grew more than 8%, and rate increases continued to accelerate. Growth and efficiency initiatives have helped drive the expense ratio to its lowest level in many years.
Average rate increases excluding workers' compensation were approximately 14.5%.
The reported combined ratio was 93.7%. The accident year combined ratio before catastrophe losses was 89.8%.
Gross and net premiums written increased 8.1% and 7.4%, respectively.
Book value per share grew 3.7%, before dividends and share repurchases.
Forward Guidance
The industry’s need for disciplined underwriting and additional rate has been reinforced by, among other factors, the global pandemic, the continued increase in the frequency of catastrophe losses, the ongoing impacts of social inflation and the low interest rate environment. We remain focused on profitable underwriting with low volatility, growth in attractive areas of the market, and total risk-adjusted returns in our investment portfolio. Our Company is built to succeed in periods of uncertainty through a constant evaluation of risk and reward in all aspects of our business, and to excel in periods of market improvement. The momentum is building, and we are excited for the opportunity before us.
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