W R Berkley has reported total revenues of $1.15bn for the first quarter of 2010, an increase of 19% compared to $963.6m for the same quarter of 2009.
The company’s operating income for the first quarter of 2010 were $111.7m, or $0.7 per share compared to $117.2m, or $0.7 per share for the same period last year.
Gross premiums written for the quarter were $1.12bn compared to $1.14bn, while net premiums written were $984m compared to $1.02bn. The net premiums earned for the first quarter of 2010 were $930.5m compared to $979.2m for the same quarter in 2009.
For the first quarter of 2010 the company posted net income of $119m, or $0.74 per share, compared to a net loss of $20m, or $0.13 per share for the same period last year.
William Berkley, chairman and CEO of W R Berkley, said: “Our insurance rates remain generally flat, and the pace of the decline in our written premiums has slowed over the past twelve months. We were able to selectively increase prices, although the overall insurance market momentum has not yet turned positive. We are maintaining underwriting discipline and continue to obtain adequately-priced business with customers who value the strengths of our enterprise.”