W. R. Berkley Corporation announced its first-quarter 2025 results, with net premiums written increasing to a record $3.13 billion, a 10% rise from Q1 2024. This growth was achieved despite significant industry-wide catastrophe losses during the quarter.
Net income to common stockholders for the quarter was $417.6 million, or $1.04 per diluted share, a decrease from $442.5 million, or $1.09 per diluted share, in Q1 2024. The combined ratio stood at 90.9%, which included 3.7 points of catastrophe losses totaling $111.1 million.
Net investment income increased significantly to $360.3 million, up from $319.8 million in the prior year, driven by higher new money rates on the growing fixed-maturity portfolio. The company's net invested assets reached $30.7 billion, supported by strong operating cash flow of $743.8 million.
The company's annualized return on beginning-of-year common stockholders' equity was 19.9%, demonstrating its ability to manage underwriting volatility and generate strong returns. Book value per share increased to $23.50 from $22.09 at year-end 2024, and W. R. Berkley repurchased 850,000 shares for $49.2 million during the quarter.
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