The following is a summary of the W. R. Berkley Corporation (WRB) Q1 2024 Earnings Call Transcript:
Financial Performance:
W. R. Berkley Corporation reported Q1 2024 operating income of $423 million or $1.56 per share, a 53.4% increase.
Net income increased by 50.4% to $442 million or $1.64 per share.
The company saw a growth in net premiums written to almost $2.9 billion, rising by 10.7%.
Pretax underwriting income increased by 31.8% to $309 million and the combined ratio improved to 88.8%.
The company reported an operating cash flow of $746 million, an almost 68% increase compared to last year.
Business Progress:
Property and liability lines within the insurance segment saw significant growth, with net premiums written by the insurance segment increasing by 11.9% to more than $2.4 billion.
The company introduced four new start-up units that are positively contributing to the business.
The company foresees continued growth in the 10% to 15% range for the foreseeable future.
The company showed robust activity on the E&S front, particularly in the liability sector. Commercial auto insurance saw continued growth due to increased rate acceptance.
The company reported opportunities for growth due to the social and legal environment driving lost costs. However, there is concern over potential future increases in medical costs.
More details: WR Berkley IR
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