W R Berkley (WRB) has reported net income of $130m, or 93 cents per share, for the fourth quarter of 2013, compared to $165m, or $1.17 per share during the comparable period last fiscal.

Gross premiums written for the quarter period ended on 31 December 2013, stood at $1.59bn, compared to $1.45bn during the correspondence period earlier year.

Its operating income was $119m, compared to $90m during the same period last fiscal.

Commenting on the company’s performance, W R Berkley chairman and CEO William R Berkley said, "Net written premiums were up 11% and the Company’s combined ratio improved. Price increases are outpacing loss cost trends, and although the fourth quarter rate increases were not as strong as the full year, margins have expanded further.

"We remain focused on raising prices in order to maintain current margins and regain targeted profitability in some currently lagging lines of business."

Established in 1967, W R Berkley operates as an insurance holding company and operates in three segments of the property casualty business including insurance-domestic, insurance-international and reinsurance-global.