W. R. Berkley(US:WRB)2025-04-21 20:11Premiums and Revenue Growth - Net premiums written increased to a record $3.1 billion, representing a 10% growth compared to the first quarter of 2024[4] - Net premiums written increased to $3,133,302 thousand in Q1 2025, up from $2,851,291 thousand in Q1 2024, representing a growth of 9.9%[19] - Total insurance premiums rose to $2,694,455 thousand in Q1 2025, compared to $2,445,715 thousand in Q1 2024, reflecting an increase of 10.2%[19] - Gross premiums written reached $3.7 billion, up from $3.4 billion in the same quarter last year[17] Financial Performance Metrics - Return on equity was reported at 19.9%, while operating return on equity was 19.3%[9] - The combined ratio was 90.9%, including current accident year catastrophe losses of $111.1 million, with a loss ratio of 63.1%[17] - The insurance segment reported a pre-tax income of $509.5 million, with a GAAP combined ratio of 91.7%[17] - The reinsurance & monoline excess segment had a pre-tax income of $120.4 million, with a GAAP combined ratio of 85.4%[17] - Operating income after-tax for Q1 2025 was $404,744 thousand, down from $423,324 thousand in Q1 2024, a decrease of 4.4%[19] Investment Income and Assets - Net investment income grew by 12.6% to $360.3 million compared to the first quarter of 2024[9] - Net investment income reached $360,292 thousand in Q1 2025, compared to $319,839 thousand in Q1 2024, indicating an increase of 12.6%[19] - Total fixed maturity securities amounted to $23,620,804 thousand, representing 76.9% of the net invested assets as of March 31, 2025[23] Shareholder Value and Equity - The company achieved a book value per share growth of 7.1% in the quarter, before dividends and share repurchases[9] - Common stockholders' equity increased to $8,914,039 thousand as of March 31, 2025, from $8,395,111 thousand at the end of 2024, reflecting a growth of 6.2%[21] - Book value per share rose to $23.50 as of March 31, 2025, compared to $22.09 at the end of 2024, an increase of 6.4%[21] - The company repurchased 850,000 shares of its common stock for $49.2 million during the three months ended March 31, 2025[21] Catastrophe Losses - Current accident year losses from catastrophes totaled $111,108 thousand in Q1 2025, significantly higher than $30,506 thousand in Q1 2024, marking a 264.5% increase[19] Operational Cash Flow - Cash flow from operations was $743,817 thousand in Q1 2025, slightly down from $746,235 thousand in Q1 2024, a decrease of 0.3%[19] Future Outlook - The company expressed confidence in delivering outstanding value to shareholders for the remainder of 2025 and beyond[8] Rate Increases - Average rate increases, excluding workers' compensation, were approximately 8.3%[9]