BERKLEY W R (WRB) Company Report

Third quarter net income was $511 million or $1.28 per share, delivering a 24.3% return on beginning-of-year equity (operating ROE 21%) and underwriting pre-tax income up 8.2% to $287 million, with a combined ratio of 90.9% (ex-cats 88.4%)
Record net premiums earned exceeded $3.2 billion and net premiums written totaled $3.8 billion, supporting an expense ratio of 28.5% and current accident year loss ratio ex-cats of 59.9%
Net investment income grew 9.4% to $351 million, while fixed maturities yielded 4.8% with a duration of 2.9 years; liquidity stood at $2.4 billion
Stockholders’ equity reached $9.8 billion, up 16.7% YTD; YTD capital returned was $362 million via dividends and share repurchases; book value per share grew 20.7% YTD and financial leverage fell to 22.5%
Management noted ongoing industry cyclicality with pressure on property CAT pricing, emphasizing specialty and small-account underwriting plus selective growth in homeowners (Berkley One) and accident & health

Oct 20, 2025, 9:00 PM

Transcript

W. R. Berkley reports Q3 2025 results

WRB

Earnings

Dividends

Share Buyback

Net income of $511 million ($1.28/share), up ~40% YoY; operating income rose 12% to $440 million ($1.10/share) with a 21% return on beginning-of-year equity.
Pretax underwriting income increased 8.2% to $287 million; combined ratio of 90.9% and accident-year ex-cat ratio of 88.4%.
Record net premiums written of $3.8 billion and earned of $3.2 billion, with growth across all lines.
Net investment income grew to $351 million (9.4% increase); fixed-maturity portfolio yield of 4.8% and duration of 2.9 years.
Stockholders’ equity reached $9.8 billion (up 16.7% YTD); book value per share up 20.7% YTD; returned $362 million via dividends and share repurchases; leverage at historic low of 22.5%.

Oct 20, 2025, 9:00 PM

Transcript

W. R. Berkley reports Q3 2025 earnings

WRB

Earnings

Net income rose 39.8% to $511.0 million, with a 24.3% return on equity and 21.0% operating ROE.
Premium growth: gross premiums written of $3.84 billion and net premiums written of $3.23 billion, delivering a GAAP combined ratio of 90.9%.
Investment performance: net investment income of $351.2 million, driven by a 9.4% increase in the core portfolio.
Capital strength: book value per share rose 5.8% to $25.79, underpinning record common equity of $9.8 billion as of September 30, 2025.

Oct 20, 2025, 8:15 PM

8-K

Berkley reports Q3 2025 results

WRB

Earnings

Net income increased 39.8% to $511.0 million in Q3 2025.
Return on equity was 24.3% and operating ROE 21.0% for the quarter.
Gross premiums written rose to $3.8 billion and net premiums written to $3.2 billion.
Combined ratio was 90.9%, driven by current accident year catastrophe losses of $78.5 million.
Net investment income totaled $351.2 million, supported by a 9.4% increase in the core portfolio.

Oct 20, 2025, 8:10 PM

Press Release

W. R. Berkley launches Berkley Edge insurance unit

WRB

Product Launch

Management Change

Hiring

W. R. Berkley has created Berkley Edge, a dedicated unit offering professional liability and casualty coverage for small and mid-sized enterprises with hard-to-place risks.
The new business will distribute exclusively through wholesale brokers to address complex risk profiles.
Industry veteran Jamie Secor—with over 25 years’ underwriting experience at State Farm, James River, Kinsale Insurance, and Hamilton Insurance Group—has been named president of Berkley Edge.
This initiative aligns with W. R. Berkley’s strategy to expand its specialty insurance offerings in the excess and surplus lines market.
In Q2 2025, the company reported net income of $401.28 million (up 8% YoY) and revenue of $3.67 billion.

Aug 19, 2025, 1:39 PM

Morningstar

W. R. Berkley reports Q2 2025 results

WRB

Earnings

Dividends

W. R. Berkley reported Q2 operating earnings of $420 M (or $1.05 per share), up 8.7% YoY, with a combined ratio of 91.6% and underwriting income of $261 M; accident year combined ratio before catastrophes was 88.4%.
Net premiums earned reached $3.1 B, net premiums written were a record $3.4 B, and net investment income was $379 M, driven by a 4.7% book yield and new money rates above 5%.
Stockholders’ equity rose to a record $9.3 B (+4.3%), cash and cash equivalents exceeded $2 B, financial leverage remained low at 23.4%, and the company returned $224 M via ordinary and special dividends, with book value per share growth of 6.8%.
Management noted growing competition in property (notably from reinsurers and MGAs), stable casualty pricing with selective rate gains, and favorable workers’ compensation trends following California’s 8.7% rate approval.
The investment portfolio quality remains AA- with duration extended to 2.8 years, positioning the firm for higher investment returns amid rising rates.

Jul 22, 2025, 12:10 AM

W. R. Berkley credit ratings affirmed by AM Best

WRB

AM Best affirmed W. R. Berkley Corporation’s Long-Term Issuer Credit Rating at a- (Excellent), and the Financial Strength Rating of its insurance subsidiaries at A+ (Superior) with a stable FSR outlook and positive ICR outlook.
The Berkley Group’s balance sheet strength is anchored by its strongest-level BCAR and a reduction in debt leverage to 19.1% as of year-end 2024.
AM Best highlighted 10 years of organic GAAP surplus growth and improved financial leverage as drivers of the positive ICR outlook.
In Q1 2025, Berkley Group achieved net premium growth across most core lines, with a GAAP ROE of 19.9% and an operating ROE of 19.3%.

Jul 3, 2025, 9:32 PM

Press Release

W. R. Berkley Q1 2025 Earnings Highlights

WRB

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Net income reached $418 million with EPS of $1.04 and operating earnings of $405 million, reflecting strong Q1 performance despite challenges .
Record net premiums written reached $3.1 billion, marking a 10% increase in favorable market conditions .
Net investment income up 12.6% to $360 million with record net invested assets of $30.7 billion, underscoring robust portfolio management .
Return on equity of 19.9% alongside an operating ROE of 19.3%, demonstrating effective capital utilization .
Resilient underwriting performance prevailed despite significant catastrophe losses from California wildfires .
Maintained a favorable expense ratio below 30% while prioritizing rate adequacy .

Apr 21, 2025, 9:01 PM

Transcript 8-K

W. R. Berkley Confirms MSI 15% Investment Plan

WRB

New Projects/Investments

MSI intends to acquire 15% of the Company's outstanding common stock via open market or private transactions from third parties, without purchasing shares from the Berkley Family.
A voting arrangement is in place whereby MSI's acquired shares will be voted in accordance with the Berkley Family's recommendations once MSI reaches 4.9% ownership, with a director nomination process triggered at 12.5%.
The arrangement does not affect the Company’s day-to-day operations and is subject to customary regulatory approvals.

Mar 28, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for BERKLEY W R.