WR Berkley full-year 2010
WR Berkley Corporation consolidated results year ended 31 December ● $m Category 2006 2007 2008 2009 2010 Gross written premium 5,276.91 5,053.23 4,520.13 4,253.44 4,416.08 Net written premium 4,818.99 4,575.99 4,033.90 3,730.10 3,850.93 Increased NWP % 4.7 (5.0) (11.8) (7.5) 3.2 Retention % 91.3 90.6 89.2 87.7 87.2 Net earned premium 4,692.62 4,663.70 4,289.58 3,805.85 3,835.58 Claims incurred 2,864.5 2,779.58 2,688.66 2,336.71 2,309.87 Claims incurred % NEP 61.0 59.6 62.7 61.4 60.2 Operating expenses 1,267.22 1,330.52 1,303.55 1,248.46 1,314.48 Operating expenses % NWP 26.3 29.1 32.3 33.5 34.1 Underwriting result 560.90 553.60 297.37 220.68 211.23 Underwriting result % NWP 11.6 12.1 7.4 5.9 5.5 Combined ratio % 88.0 88.1 93.1 94.2 94.5 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 549.03 634.39 537.03 552.56 538.70 Net realised gains/(losses) 9.65 49.70 (356.93) (38.41) 56.58 Pre-tax result 988.65 1,092.39 326.32 382.23 603.31 Pre-tax % NWP 20.5 23.9 8.1 10.2 15.7 Net result 699.52 766.24 281.14 309.06 449.29 Shareholders' funds 3,335.16 3,592.37 3,046.32 3,596.07 3,702.88 Solvency margin % 69.2 78.5 75.5 96.4 96.2 Unearned premium reserve 2,314.28 2,240.69 1,966.15 1,928.43 1,953.72 Outstanding claims reserve 6,947.60 7,822.90 8,122.59 8,147.78 7,999.52 Total technical provisions 9,261.88 10,063.59 10,088.74 10,076.21 9,953.24 Technical reserves as % NWP 192.2 219.9 250.1 270.1 258.5 Overall coverage as % NWP 261.4 298.4 325.6 366.5 354.6