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    James Inglis • Philo Smith & Co.

    James Inglis's questions to W R Berkley Corp (WRB) leadership

    James Inglis's questions to W R Berkley Corp (WRB) leadership • Q2 2025

    Question

    James Inglis of PhiloSmith & Company inquired about the company's philosophy on risk-adjusted returns, specifically how frequently and by what process their view of risk is updated.

    Answer

    President & CEO W. Robert Berkley, Jr. described the process as a daily preoccupation with formal monthly and granular quarterly reviews. Executive Chairman William R. Berkley added that it is a continuous process where a single unexpected event, like a court case, can cause an immediate reevaluation of a line of business.

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    James Inglis's questions to W R Berkley Corp (WRB) leadership • Q2 2025

    Question

    James Inglis of PhiloSmith & Company asked about the frequency and process for re-evaluating risk-adjusted returns for different lines of business in a rapidly changing environment.

    Answer

    President & CEO W. Robert Berkley, Jr. described the process as a daily preoccupation with formal, granular reviews on a monthly and quarterly basis, allowing for immediate action when needed. Executive Chairman William R. Berkley added that it is a continuous process where a single adverse event, like a court case, can trigger a complete re-evaluation of a business line.

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    James Inglis's questions to RLI Corp (RLI) leadership

    James Inglis's questions to RLI Corp (RLI) leadership • Q4 2024

    Question

    James Inglis of Philo Smith & Co. asked about the elasticity of the expense ratio relative to premium growth, particularly in the Property segment. He also questioned how expenses have been managed historically when a segment's premiums decline.

    Answer

    CFO Todd Bryant explained that premium growth allows RLI to leverage its fixed expense base, leading to an improved expense ratio. He noted that historically, periods of strong E&S growth have correlated with lower expense ratios. He also mentioned that the expense model is flexible, and incentive compensation moves in line with overall company performance, aligning costs with profitability and shareholder interests.

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