W.R. Berkley Fourth Quarter Up 28%

W.R. Berkley Fourth Quarter Up 28%

NU Online News Service, Feb. 12, 2:53 p.m. EST?Greenwich, Conn.-based insurance company W.R. Berkley Corporation reported its combined ratio dropped nearly four points as 2003 fourth-quarter net income rose 28 percent.[@@]

Fourth-quarter net increased $20 million, going from $73 million, or 88 cents a share, to $93 million, or $1.07 a share. Net premiums written rose $176 million, from $787 million to $963 million.

Net income per share for 2003 rose $1.66 to $3.87, the company said.

"This was a terrific year by any measure," said William R. Berkley, chairman and chief executive officer in a statement. "Our net premiums written increased by 35 percent for the year. This growth was primarily driven by price increases as well as an increase in policy count of approximately 7 percent."

For the year ending Dec. 31, 2003, net income rose 93 percent, or $162.2 million, going from $175 million, or $2.21 a share, to $337.2 million, or $3.87 a share. Net premiums written increased 35 percent, or $960 million, going from $2.7 billion to $3.67 billion.

The company's combined ratio dropped 3.4 percentage points, going from 93.9 percent to 90.5 percent.

"All segments of our business continue to perform well, and we expect this to continue for some time," said Mr. Berkley. "Currently, in almost all lines of business, prices are still increasing at rates that exceed estimated loss cost inflation."