Greenwich insurer W.R. Berkley Corp. booked higher first-quarter profits amid higher premiums and lower property-casualty losses.
For three months ended March 31, Berkley netted $135.3 million, or 94 cents a fully diluted share, up from $115.9 million, or 78 cents a share, netted a year earlier.
First-quarter premium revenues were $1.2 billion vs. $1.1 billion last year.
The insurer said during the quarter it applied retroactively the Financial Accounting Standards Board's recent guidance on the treatment of costs associated with acquiring or renewing insurance contracts.
The result decreased deferred acquisition costs by $84 million, common stockholders' equity by $55 million and book value per share by 40 cents as of Dec. 31, 2011.