Earnings

The workers’ comp specialist's gross written premiums fell 20% for the fourth straight quarter as the pandemic-induced downturn continues to hit the top line.

The company grew NPW by 1.4%, boosting its financial indemnity and property writings, as it scaled back in workers’ comp and general liability.

The CEO also says M&A remains a “low priority” for the carrier and that he doesn’t see any further outsized liability exposures in the portfolio after settling with BSA.

Rate increases remained strong in the quarter, but slowed from the end of last year.

The carrier’s results showed its biggest reserve release on record, and the highest growth in 36 quarters.

Catastrophe losses climbed higher, totaling $16mn, but underwriting income still grew by 75% to nearly $30mn.

Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.

The pricing disclosures from both carriers indicated rate moderation for the first time in many quarters.

The CEO says WR Berkley is benefitting also from a continued reduction in appetite by standard insurers.

Catastrophe losses were halved from the year before, premium volumes continued to surge, and underlying underwriting margins expanded.

The CEO says the carrier remains optimistic about rates in the class of business.

Catastrophe claims spiked to $835mn, compared with $333mn a year ago.