Q1 net income $591M ($2.12/sh), up 157%; record underwriting income $274M; ROE 35.5%

BERKLEY W R CORP

2021-Q1 EPS reported $2.12 revenue$2,915,409,000

Net income $590.6M, diluted EPS $2.12, vs $0.82 YoY, up 157%.
Record quarterly underwriting income $274.4M; combined ratio 87.8% with $28.8M catastrophe losses.
Net premiums written grew 18% to a record $2.4B; rate increases above loss cost trends.
Net investment gain $366.3M, largely from sale of London real estate investment (pretax >$300M).
Book value per share grew 3.5% before dividends, aided by short investment duration.

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