Parent Company of PEO Carrier Key Risk Reports Another Strong Quarter!
W.R. Berkley Corp. reported net premium growth exceeding 27 percent
Kudos to our friends at W.R. Berkley for a stellar Q2! So happy they are a part of our PEO community.
W.R. Berkley Corp. reported net premium growth exceeding 27 percent and a combined ratio under 90 for the 2021 second quarter, positive results the commercial lines insurer and reinsurer attributed to rate adequacy and an improving economy.
Consolidated net premiums written during Q2 surpassed $2.2 billion, up from $1.7 billion in the 2020 second quarter.
The company booked net income of more than $237 million in Q2 versus $71.2 million a year ago.
Additionally, net investment income jumped nearly 97 percent to $169.2 million during the quarter.
The company said that its rate increases continue to outpace loss costs, with new products also helping to achieve or exceed its targeted rate levels. During the quarter, W.R. Berkley focused on exposure growth and business expansion, and it said the strategy should help lead to additional underwriting profits down the line.
W.R. Berkley’s consolidated combined ratio was 89.7 during the quarter, compared to 98.7 a year ago.
W.R. Berkley even produced gains for workers’ compensation, which had average rate increases of just under 10 percent.
Commercial auto and casualty reinsurance also saw large premium increases. Professional liability was among the largest gainers, jumping to $287 million in net premiums written during Q2, versus $174.2 million the year before.
Current accident year insurance losses from catastrophes, including COVID-related losses, landed at $36.8 billion during the quarter, improved from $114 million in the 2020 second quarter. Reinsurance and monoline excess losses were just under $7.2 million, compared to $31.8 million a year ago.
Source: W.R. Berkley
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Contact Professional Employer Organization (PEO) Expert, Sharlie Reynolds
Sharlie Reynolds is the Executive Vice President of Libertate Insurance Services, LLC and RiskMD, which reports into the overall Ballator Insurance Group family of companies. She has been with the company since its inception in 2014. Prior to joining Libertate, Sharlie served several different service and sales capacities at Risk Transfer Programs, LLC. Learn more about Sharlie.
Specializing in PEO Services: Workers Compensation, Mergers & Acquisitions, Data Management, Insurance Focus on: Employment Practices Liability (EPLI), Cyber Liability, Health Insurance, Occupational Accident, Business Insurance, Client Company, Casualty and Disability Insurance.