WR Berkley stays in profit; suggests cycle change is ‘visible’
Specialist (re)insurer WR Berkley reported an 18 percent year-on-year slide in third quarter net income to $77mn as the company's founder argued that the low interest rate environment would push up rates.
At a time when many of its peers are posting third quarter losses, the company scraped an underwriting profit on a combined ratio of 99.1 percent despite $51mn catastrophe losses adding 4.8 points to the ratio.
Alongside significantly higher cat claims, the company's operating costs also increased by...
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