Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

4e28822add015b57ec4791ae2d85fd81b0b0429c8099eb0876a955477debd0f6

d667b053c41a619faf41cfbfb7256988314ae11c772d1037e410615a848d7a51

ffd11426846eb62081967bf29673463626452de756623fce83b652057ac61350

| Metric (Unit) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Catastrophe Losses - Insurance Segment (Million USD)** | N/A | N/A | $48  **[0000011544-23-000018_wrb-20230630.htm:61]**  | $46  **[0000011544-23-000023_wrb-20230930.htm:58]**  | N/A | N/A | $87  **[0000011544-24-000024_wrb-20240630.htm:63]**  | $77  **[0000011544-24-000028_wrb-20240930.htm:63]**  |
| **Catastrophe Losses - Reinsurance & Monoline Excess Segment (Million USD)** | N/A | N/A | $6  **[0000011544-23-000018_wrb-20230630.htm:61]**  | $16  **[0000011544-23-000023_wrb-20230930.htm:58]**  | N/A | N/A | $3  **[0000011544-24-000024_wrb-20240630.htm:63]**  | $21  **[0000011544-24-000028_wrb-20240930.htm:63]**  |
| **Catastrophe Losses Net of Reinsurance Recoveries (Million USD)** | $30.845  **[0000011544-23-000002_wrb123120228-kex991.htm:5]**  | $48  **[0000011544-23-000008_wrb-20230331.htm:50]**  | $101  **[0000011544-23-000018_wrb-20230630.htm:54]**  | $62  **[0000011544-23-000023_wrb-20230930.htm:57]**  | $32.017  **[0000011544-24-000002_wrb123120238-kex991.htm:5]**  | $31  **[0000011544-24-000012_wrb-20240331.htm:47]**  | $90  **[0000011544-24-000024_wrb-20240630.htm:62]**  | $98  **[0000011544-24-000028_wrb-20240930.htm:62]**  |
| **Loss Ratio (%)** | 60.6  **[0000011544-23-000002_wrb123120228-kex991.htm:4]**  | 61.8  **[0000011544-23-000006_wrb33120238-kex991.htm:3]** **[0000011544-23-000008_wrb-20230331.htm:47]**  | 61.5  **[0000011544-23-000016_wrb63020238-kex991.htm:4]** **[0000011544-23-000018_wrb-20230630.htm:57]**  | 61.9  **[0000011544-23-000021_wrb93020238-kex991.htm:4]** **[0000011544-23-000023_wrb-20230930.htm:55]**  | 60.0  **[0000011544-24-000002_wrb123120238-kex991.htm:4]**  | 60.2  **[0000011544-24-000008_wrb33120248-kex991.htm:3]** **[0000011544-24-000012_wrb-20240331.htm:48]**  | 62.6  **[0000011544-24-000021_wrb63020248-kex991.htm:4]**  | 62.4  **[0000011544-24-000026_wrb93020248-kex991.htm:4]**  |
| **Expense Ratio (%)** | 27.8  **[0000011544-23-000002_wrb123120228-kex991.htm:4]**  | 28.8  **[0000011544-23-000006_wrb33120238-kex991.htm:3]**  | 28.1  **[0000011544-23-000016_wrb63020238-kex991.htm:4]**  | 28.3  **[0000011544-23-000021_wrb93020238-kex991.htm:4]**  | 28.4  **[0000011544-24-000002_wrb123120238-kex991.htm:4]**  | 28.6  **[0000011544-24-000008_wrb33120248-kex991.htm:3]**  | 28.5  **[0000011544-24-000021_wrb63020248-kex991.htm:4]**  | 28.5  **[0000011544-24-000028_wrb-20240930.htm:63]** **[0000011544-24-000026_wrb93020248-kex991.htm:4]**  |
| **GAAP Combined Ratio (%)** | 88.4  **[0000011544-23-000002_wrb123120228-kex991.htm:4]**  | 90.6  **[0000011544-23-000008_wrb-20230331.htm:47]** **[0000011544-23-000006_wrb33120238-kex991.htm:3]**  | 89.6  **[0000011544-23-000016_wrb63020238-kex991.htm:4]** **[0000011544-23-000018_wrb-20230630.htm:57]**  | 90.2  **[0000011544-23-000021_wrb93020238-kex991.htm:4]** **[0000011544-23-000023_wrb-20230930.htm:55]**  | 88.4  **[0000011544-24-000002_wrb123120238-kex991.htm:4]**  | 88.8  **[0000011544-24-000012_wrb-20240331.htm:44]** **[0000011544-24-000008_wrb33120248-kex991.htm:3]**  | 91.1  **[0000011544-24-000021_wrb63020248-kex991.htm:4]**  | 90.9  **[0000011544-24-000026_wrb93020248-kex991.htm:4]** **[0000011544-24-000028_wrb-20240930.htm:60]**  |
| **Average Renewal Rates (%)** | 6.4  **[0000011544-23-000004_wrb-20221231.htm:81]**  | 7.2  **[0000011544-23-000008_wrb-20230331.htm:48]**  | 7.2  **[0000011544-23-000018_wrb-20230630.htm:51]** **[0000011544-23-000018_wrb-20230630.htm:57]**  | 7.2  **[0000011544-23-000023_wrb-20230930.htm:55]**  | 7.1  **[0000011544-24-000005_wrb-20231231.htm:81]**  | 6.7  **[0000011544-24-000012_wrb-20240331.htm:44]**  | 7.3  **[0000011544-24-000024_wrb-20240630.htm:59]**  | 7.2  **[0000011544-24-000028_wrb-20240930.htm:60]**  |
| **Revenues from Non-Insurance Businesses (Million USD)** | $164.338  **[0000011544-23-000002_wrb123120228-kex991.htm:3]**  | $124  **[0000011544-23-000008_wrb-20230331.htm:50]**  | $113.9  **[0000011544-23-000016_wrb63020238-kex991.htm:3]**  | $137.116  **[0000011544-23-000023_wrb-20230930.htm:3]**  | $160.283  **[0000011544-24-000002_wrb123120238-kex991.htm:3]**  | $121  **[0000011544-24-000012_wrb-20240331.htm:3]**  | $125.705  **[0000011544-24-000024_wrb-20240630.htm:3]**  | $128.610  **[0000011544-24-000028_wrb-20240930.htm:3]**  |
| **COVID-19 Related Claims Activity Losses (Million USD)** | $341  **[0000011544-23-000004_wrb-20221231.htm:70]** **[0000011544-23-000004_wrb-20221231.htm:156]**  | $0.043  **[0000011544-23-000008_wrb-20230331.htm:39]** **[0000011544-23-000008_wrb-20230331.htm:21]**  | $352  **[0000011544-23-000018_wrb-20230630.htm:42]**  | $354  **[0000011544-23-000023_wrb-20230930.htm:42]** **[0000011544-23-000023_wrb-20230930.htm:23]**  | $384  **[0000011544-24-000005_wrb-20231231.htm:154]** **[0000011544-24-000005_wrb-20231231.htm:70]**  | $386  **[0000011544-24-000012_wrb-20240331.htm:20]** **[0000011544-24-000012_wrb-20240331.htm:36]**  | $388  **[0000011544-24-000024_wrb-20240630.htm:24]** **[0000011544-24-000024_wrb-20240630.htm:44]**  | $382  **[0000011544-24-000028_wrb-20240930.htm:25]** **[0000011544-24-000028_wrb-20240930.htm:46]**  |
| **Average Duration of Fixed Maturity Portfolio (Years)** | 2.4  **[0000011544-23-000002_wrb123120228-kex991.htm:7]**  | 2.4  **[0000011544-23-000008_wrb-20230331.htm:53]** **[0000011544-23-000008_wrb-20230331.htm:55]**  | 2.3  **[0000011544-23-000018_wrb-20230630.htm:63]** **[0000011544-23-000018_wrb-20230630.htm:65]**  | 2.4  **[0000011544-23-000023_wrb-20230930.htm:60]** **[0000011544-23-000023_wrb-20230930.htm:62]**  | 2.4  **[0000011544-24-000005_wrb-20231231.htm:98]** **[0000011544-24-000005_wrb-20231231.htm:16]** **[0000011544-24-000005_wrb-20231231.htm:82]** **[0000011544-23-000023_wrb-20230930.htm:62]**  | 2.5  **[0000011544-24-000012_wrb-20240331.htm:50]**  | 2.5  **[0000011544-24-000024_wrb-20240630.htm:65]** **[0000011544-24-000024_wrb-20240630.htm:67]**  | 2.4  **[0000011544-24-000028_wrb-20240930.htm:65]** **[0000011544-24-000028_wrb-20240930.htm:67]**  |
| **Loss Ratio Excluding Catastrophe Losses and Prior Year Reserve Development (%)** | N/A | 58.9  **[0000011544-23-000008_wrb-20230331.htm:50]**  | 59.5  **[0000011544-23-000018_wrb-20230630.htm:60]**  | 59.6  **[0000011544-23-000023_wrb-20230930.htm:57]**  | N/A | 59.1  **[0000011544-24-000012_wrb-20240331.htm:47]**  | 59.4  **[0000011544-24-000024_wrb-20240630.htm:62]**  | 59.1  **[0000011544-24-000028_wrb-20240930.htm:62]**  |
| **Insurance Service Fees (Million USD)** | $28.260  **[0000011544-23-000002_wrb123120228-kex991.htm:3]**  | $32.857  **[0000011544-23-000006_wrb33120238-kex991.htm:3]**  | $25  **[0000011544-23-000018_wrb-20230630.htm:59]**  | $23  **[0000011544-23-000023_wrb-20230930.htm:56]**  | $25.194  **[0000011544-24-000002_wrb123120238-kex991.htm:3]**  | $25  **[0000011544-24-000012_wrb-20240331.htm:46]**  | $27.6  **[0000011544-24-000024_wrb-20240630.htm:3]**  | $29  **[0000011544-24-000028_wrb-20240930.htm:61]**  |

10d9c4915d8222e09be960c6256e3b1b021b46688365a0fdbc2444cac9bff5b5

1d746a9652c6099ff1f7c493bdcdb1e24e309fe3dc06cad5a9903c38dd4f2d09

| Metric [Unit: Thousand USD] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Insurance Segment**       |         |         |         |         |         |         |         |         |
| Earned Premiums             | 2,207,057  **[0000011544-23-000002_wrb123120228-kex991.htm:4]**  | 2,181,876  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 2,246,394  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 2,319,435  **[0000011544-23-000023_wrb-20230930.htm:30]**  | 2,382,621  **[0000011544-24-000002_wrb123120238-kex991.htm:4]**  | 2,398,768  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 2,484,569  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 2,564,490  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| Investment Income           | N/A     | 166,086  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 187,304  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 206,792  **[0000011544-23-000023_wrb-20230930.htm:30]**  | N/A     | 244,778  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 303,561  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 253,234  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| Other Income                | N/A     | 9,577  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 8,853  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 9,143  **[0000011544-23-000023_wrb-20230930.htm:30]**  | N/A     | 9,423  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 9,591  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 9,189  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| Total Revenue               | N/A     | 2,357,539  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 2,442,551  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 2,535,370  **[0000011544-23-000023_wrb-20230930.htm:30]**  | 2,382,621  **[0000011544-24-000002_wrb123120238-kex991.htm:4]**  | 2,652,969  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 2,797,721  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 2,826,913  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| **Reinsurance & Monoline Excess Segment** | | | | | | | | |
| Earned Premiums             | 306,167  **[0000011544-23-000002_wrb123120228-kex991.htm:4]**  | 309,556  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 306,333  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 322,479  **[0000011544-23-000023_wrb-20230930.htm:30]**  | 331,993  **[0000011544-24-000002_wrb123120238-kex991.htm:4]**  | 365,579  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 361,846  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 362,333  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| Investment Income           | N/A     | 52,055  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 40,210  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 56,259  **[0000011544-23-000023_wrb-20230930.htm:30]**  | N/A     | 53,211  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 58,472  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 57,037  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| Other Income                | N/A     | 0  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 0  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 0  **[0000011544-23-000023_wrb-20230930.htm:30]**  | N/A     | 0  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 0  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 0  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| Total Revenue               | N/A     | 361,611  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 346,543  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 378,738  **[0000011544-23-000023_wrb-20230930.htm:30]**  | 331,993  **[0000011544-24-000002_wrb123120238-kex991.htm:4]**  | 418,790  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 420,318  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 419,370  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| **Corporate, Other, and Eliminations** | | | | | | | | |
| Earned Premiums             | N/A     | 0  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 0  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 0  **[0000011544-23-000023_wrb-20230930.htm:30]**  | N/A     | 0  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 0  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 0  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| Investment Income           | N/A     | 5,257  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 17,638  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 7,893  **[0000011544-23-000023_wrb-20230930.htm:30]**  | N/A     | 21,850  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 10,096  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 13,485  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| Other Income                | N/A     | 147,587  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 130,528  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 151,063  **[0000011544-23-000023_wrb-20230930.htm:30]**  | N/A     | 137,384  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 144,409  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 148,697  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| Total Revenue               | N/A     | 152,844  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 148,166  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 158,956  **[0000011544-23-000023_wrb-20230930.htm:30]**  | N/A     | 159,234  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 154,505  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 162,182  **[0000011544-24-000028_wrb-20240930.htm:33]**  |
| **Consolidated Total Revenue** | 3,013,802  **[0000011544-23-000002_wrb123120228-kex991.htm:3]**  | 2,895,004  **[0000011544-23-000008_wrb-20230331.htm:26]**  | 2,995,914  **[0000011544-23-000018_wrb-20230630.htm:30]**  | 3,030,638  **[0000011544-23-000023_wrb-20230930.htm:30]**  | 3,221,382  **[0000011544-24-000002_wrb123120238-kex991.htm:3]**  | 3,256,773  **[0000011544-24-000012_wrb-20240331.htm:25]**  | 3,314,032  **[0000011544-24-000024_wrb-20240630.htm:31]**  | 3,400,379  **[0000011544-24-000028_wrb-20240930.htm:33]**  |

f47944703d22daf74440125bae58f02295d768ef83eb3cb8456cf491ee2b6753

W. R. Berkley Corporation is an insurance holding company that operates globally, focusing on underwriting commercial insurance and providing reinsurance solutions **[0000011544-24-000005_wrb-20231231.htm:65]** **[0000011544-24-000005_wrb-20231231.htm:5]**. The company sells a variety of insurance products, including general liability, professional liability, and workers' compensation, through its two main segments: Insurance and Reinsurance & Monoline Excess **[0000011544-24-000005_wrb-20231231.htm:65]** **[0000011544-24-000005_wrb-20231231.htm:5]** **[0000011544-24-000005_wrb-20231231.htm:7]**. The Insurance segment is the primary revenue driver, while the Reinsurance & Monoline Excess segment offers facultative and treaty reinsurance services **[0000011544-24-000005_wrb-20231231.htm:5]** **[0000011544-24-000005_wrb-20231231.htm:14]**.

1. **Insurance** - Underwrites commercial insurance, including excess and surplus lines, admitted lines, and specialty personal lines across the United States and internationally. Focuses on areas such as excess & surplus lines, industry specialty, product specialty, and regional markets, offering products like general liability, professional liability, and workers' compensation **[0000011544-24-000005_wrb-20231231.htm:65]** **[0000011544-24-000005_wrb-20231231.htm:5]** **[0000011544-24-000005_wrb-20231231.htm:7]**.
2. **Reinsurance & Monoline Excess** - Provides facultative and treaty reinsurance, primarily in the United States and other regions like the Asia-Pacific and Europe. Includes businesses like Berkley Re America and Berkley Re Asia Pacific, offering property and casualty reinsurance solutions **[0000011544-24-000005_wrb-20231231.htm:5]** **[0000011544-24-000005_wrb-20231231.htm:14]**.

790c064fd24faa2aca99c174a0df0d02fd4bc708bb8397be6e79e52652140462

1. You mentioned taking action in the commercial auto line that slowed growth this quarter; can you elaborate on the specific challenges in commercial auto liability and the steps you're taking to address them?

2. With the significant opportunities you see in the specialty and E&S markets amidst regulatory and political challenges, how is W.R. Berkley positioning itself to capitalize on this growth, and what risks do you anticipate in the non-admitted market?

3. Given concerns from some analysts about the adequacy of reserves in recent accident years, especially in casualty lines, how confident are you in the strength of your reserves considering factors like social inflation and climate change?

4. While you have a comfortable surplus of capital and plan to return excess to shareholders, how do you balance this with the need to invest in growth opportunities, particularly in new units that are currently dilutive to your expense ratio?

5. With investment fund returns below historical levels and expectations of continued short-term underperformance, what adjustments are you making to your investment strategy to enhance returns, and what risks are involved with your current approach?

80d3658a45e7631dec7de04ef7b41aebab1ba2cd9fa46e230ecf2996fc7cfaf5

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024
- **Guidance**:
  - **Growth Rate**: Expected annual growth rate of **10% to 15%**  **[WRB_3403142_20]** **[WRB_3403142_7]** .
  - **Expense Ratio**: Anticipated to remain comfortably below **30%**  **[WRB_3403142_1]** .
  - **Effective Tax Rate**: Expected to be **23.5% to 24%**  **[WRB_3403142_1]** **[WRB_3403142_16]** .
  - **Investment Income**: New money rate slightly over **5%**, domestic book yield at **4.5%**  **[WRB_3403142_4]** **[WRB_3403142_16]** .
  - **Investment Funds Returns**: Expected around **$10 million per quarter**, with potential to return to **$20 million per quarter**  **[WRB_3403142_25]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Operating Income**: Increase of approximately **35%** to **$418 million** or **$1.04 per share**  **[WRB_3393867_1]** .
  - **Net Premiums Written**: Growth of **11.2%** to **$3.1 billion**  **[WRB_3393867_1]** .
  - **Expense Ratio**: Increased by 40 basis points to **28.5%**, expected to remain below **30%**  **[WRB_3393867_1]** .
  - **Net Investment Income**: Increased almost **52%** to **$372 million**, expected to grow quarter-over-quarter  **[WRB_3393867_1]** **[WRB_3393867_16]** .
  - **Effective Tax Rate**: Expected to remain at **23.7%**  **[WRB_3393867_1]** .
  - **Capital Management**: Total capital returned of **$381 million**  **[WRB_3393867_1]** .
  - **Investment Portfolio**: Credit quality at **AA-**, duration of **2.5 years**  **[WRB_3393867_1]** .
  - **Inflation-Linked Securities**: Contribution of **$20 million to $30 million** anticipated  **[WRB_3393867_6]** .
  - **Growth Rate**: Expected **10% to 15%** growth, with returns in the high teens to low 20s  **[WRB_3393867_4]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain specific guidance for Q1 2024.

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  - **Expense Ratio**: Expected to be below **30%**  **[WRB_3370742_1]** .
  - **Investment Portfolio**: New money rate above **5%**, duration at **2.4 years**  **[WRB_3370742_3]** .
  - **Casualty Market**: Anticipated strengthening in 2024  **[WRB_3370742_6]** .

fbedf747ae5af1e0da0aaa90d670bc10d1169bbd4edfc7777fcb50fe15daa58a

- Swiss Re, Munich Re, Berkshire Hathaway, Partner Re - Competitors in the reinsurance market with greater financial and/or marketing resources  **[0000011544-24-000005_wrb-20231231.htm:38]** .
- The Allstate Corporation, Arch Capital Group Ltd., Chubb Limited, Cincinnati Financial Corporation, The Hartford Financial Services Group, Inc., Loews Corporation (CNA), The Progressive Corporation, The Travelers Companies, Inc. - Part of the S&P 500® Property and Casualty Insurance Index  **[0000011544-24-000005_wrb-20231231.htm:63]** .
- Specialty insurers, regional carriers, large national multi-line companies, reinsurers, excess and surplus insurers, standard carriers, mutual and other regional stock companies, national carriers, direct writers of property casualty insurance - Competitors in the property casualty insurance and reinsurance businesses  **[0000011544-24-000005_wrb-20231231.htm:33]** .
- Domestic and foreign reinsurers - Competitors for reinsurance business  **[0000011544-24-000005_wrb-20231231.htm:33]** .
- Technology companies or other third parties - Potential competitors creating technology-enabled business models, processes, platforms, or alternate distribution channels  **[0000011544-24-000005_wrb-20231231.htm:39]** .

4a75e52fe3f47fe267c459621c368fac8eb048c189b7179b27a2fe65ed06e791

**Catastrophe Losses - Insurance Segment (Million USD)**

**Catastrophe Losses - Reinsurance & Monoline Excess Segment (Million USD)**

**Catastrophe Losses Net of Reinsurance Recoveries (Million USD)**

**Loss Ratio (%)**

**Expense Ratio (%)**

**GAAP Combined Ratio (%)**

**Average Renewal Rates (%)**

**Revenues from Non-Insurance Businesses (Million USD)**

**COVID-19 Related Claims Activity Losses (Million USD)**

**Average Duration of Fixed Maturity Portfolio (Years)**

**Loss Ratio Excluding Catastrophe Losses and Prior Year Reserve Development (%)**

**Insurance Service Fees (Million USD)**

46b3e960186654afc80b8e58e3fb549f4787501ae4232ffe879cd37b13cfe8a4

Insurance

- Foreign Operations

Reinsurance & Monoline Excess

Insurance-Domestic

Insurance-International

Reinsurance-Global

Corporate, Other, and Eliminations

Net Investment Gains

Total Revenue

7300bab8aeabc09a201edcd65fcc20e126923114f77d238374e629d62ae60717

| Name               | Position                                      | Start Date | Short Bio                                                                                                                                                                                                 |
|--------------------|-----------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Richard M. Baio    | Executive Vice President — Chief Financial Officer | February 2019 | Richard M. Baio has served as Executive Vice President — Chief Financial Officer since February 2019. He joined the company as Vice President in May 2009 and has over 30 years of experience in the insurance and financial services industry  **[0001193125-24-118082_d629453ddef14a.htm:18]** **[0001193125-23-126981_d459072ddef14a.htm:20]** . |
| Lucille T. Sgaglione | Executive Vice President                      | December 2015 | Lucille T. Sgaglione has served as Executive Vice President since December 2015. She joined the company in 2010 as a Senior Vice President and has more than 30 years of senior leadership experience in the commercial property casualty insurance industry  **[0001193125-24-118082_d629453ddef14a.htm:18]** **[0001193125-23-126981_d459072ddef14a.htm:20]** . |
| James G. Shiel     | Executive Vice President — Investments         | June 2015  | James G. Shiel has served as Executive Vice President — Investments since June 2015. He joined the company in 1987 and has been President of Berkley Dean & Company, Inc., a subsidiary of the company, since February 1994  **[0001193125-24-118082_d629453ddef14a.htm:18]** **[0001193125-23-126981_d459072ddef14a.htm:20]** . |
| Philip S. Welt     | Executive Vice President — Secretary           | June 2020  | Philip S. Welt has served as Executive Vice President — Secretary since June 2020. He joined the company in 2004 as Vice President — Senior Counsel and is a certified public accountant with prior experience at Deloitte & Touche  **[0001193125-24-118082_d629453ddef14a.htm:18]** . |

44e28063eddc31f1723a93562059637e6ff1a5d507157fb1c4499b4604286e40

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | N/A             |
| End Date/Duration        | N/A             |
| Total additional amount  | N/A             |
| Remaining authorization  | **15,324,795** shares  **[0000011544-24-000028_wrb-20240930.htm:74]**  |
| Details                  | **238,620** shares repurchased in July 2024 at an average price of **$52.30** per share  **[0000011544-24-000028_wrb-20240930.htm:74]**  |

a2186869ba7f921796900d6adbcedc95c92eacbbf9d05b9b4e029ee2aeb178dd

1. **Auto Liability Reserves**  
   **Q:** Any color on reserve movements by product line?  
   **A:** Management noted that while there are various "pluses and minuses" across their 50 different businesses, they are particularly focused on the auto liability line due to challenges in the claims environment. They are approaching it with caution and ensuring that their reserves are adequate. They do not see issues in auto liability spilling over into general liability.  **[WRB_3393867_5]** **[WRB_3393867_8]** **[WRB_3393867_11]** **[WRB_3393867_14]** **[WRB_3393867_24]** **[WRB_3393867_25]** 

2. **Growth in E&S Lines**  
   **Q:** How much of growth is coming from E&S mix shift?  
   **A:** The Excess & Surplus (E&S) business is growing approximately **50% faster** than the standard market, driven by opportunities where standard markets cannot get necessary rate increases. This shift has significantly contributed to their top-line growth.  **[WRB_3393867_15]** **[WRB_3393867_18]** **[WRB_3393867_27]** **[WRB_3393867_28]** 

3. **Investment Income Outlook**  
   **Q:** Will investment income continue to increase despite drop in inflation linkers?  
   **A:** Management expects net investment income to continue increasing on a year-over-year basis, even considering potential reductions from Argentinian inflation-linked securities. They are leaning into fixed income opportunities given current interest rates, rather than alternatives.  **[WRB_3393867_6]** **[WRB_3393867_12]** **[WRB_3393867_16]** **[WRB_3393867_17]** 

4. **Capital Return Strategy**  
   **Q:** Why not increase regular dividend instead of paying specials?  
   **A:** The company prefers paying special dividends to maintain flexibility. This approach allows them to return capital to shareholders while retaining the ability to respond to future opportunities or market conditions.  **[WRB_3393867_20]** **[WRB_3393867_21]** 

5. **Catastrophe Losses**  
   **Q:** What drove the $90 million in insurance cat losses?  
   **A:** The catastrophe losses were primarily due to severe convective storms in the U.S. Midwest, contributing to almost **$90 million** in losses within the Insurance segment.  **[WRB_3393867_19]** **[WRB_3393867_20]** 

6. **Impact of Social Inflation**  
   **Q:** Does social inflation affect lines beyond auto?  
   **A:** Management believes social inflation affects all liability lines, but auto liability is most impacted. They see the trend as meaningful and are ensuring their pricing and reserves keep pace with the evolving claims environment.  **[WRB_3393867_11]** **[WRB_3393867_14]** **[WRB_3393867_24]** **[WRB_3393867_25]** 

7. **Workers' Compensation Trends**  
   **Q:** Any changes in workers' comp loss trends, particularly frequency?  
   **A:** They are more concerned about medical cost inflation than frequency in workers' compensation. The medical trend is seen as a wildcard that could impact profitability going forward.  **[WRB_3393867_15]** **[WRB_3393867_23]** 

8. **Sale of Equity Holdings**  
   **Q:** What caused the decline in the equity portfolio?  
   **A:** The company sold its common stock holdings to realize gains, deciding that the stock market wasn't the ideal place for their specialty positions at the moment.  **[WRB_3393867_28]** **[WRB_3393867_29]** 

9. **Cyber Exposure**  
   **Q:** How significant is your cyber exposure after recent events?  
   **A:** The company's cyber exposure is less than **a couple of percent** of net written premium. They do not expect recent cyber incidents to result in material losses, though they acknowledge it highlights systemic technology risks.  **[WRB_3393867_21]** **[WRB_3393867_22]** 

10. **Reinsurance Expense Ratio**  
    **Q:** Is the reinsurance expense ratio of 29% sustainable?  
    **A:** Management expects the expense ratio to remain around **29%**, depending on business scale and market conditions. It could tick up incrementally if market conditions deteriorate significantly.  **[WRB_3393867_17]** **[WRB_3393867_18]** 

11. **Slowdown in Short-Tail Lines Growth**  
    **Q:** Why is growth in short-tail lines slowing?  
    **A:** The slowdown is due to the peaking of the property reinsurance market, leading to less robust opportunities in the property insurance market compared to 6–12 months ago.  **[WRB_3393867_28]** 

12. **Workers' Comp Frequency Trends**  
    **Q:** Is workers' comp frequency becoming less negative?  
    **A:** While acknowledging that frequency may not remain negative indefinitely, their primary concern is rising medical costs, which they believe will "come home to roost."  **[WRB_3393867_15]** 

3b1c150b68b5bc941699f469ebc16fdb7cc5e9a052a3c04f15e3345d56da0a06

**Quarterly guidance for Q4 2024:**
- **Investment Funds Returns**: $10 million per quarter with potential to return to $20 million per quarter  **[WRB_3403142_25]**  (no prior guidance)

**Annual guidance for FY 2024:**
- **Growth Rate**: 10% to 15%  **[WRB_3403142_20]** **[WRB_3403142_7]**  (no change from prior guidance 10% to 15%  **[WRB_3393867_4]** )  
- **Expense Ratio**: comfortably below 30%  **[WRB_3403142_1]**  (no change from prior guidance below 30%  **[WRB_3393867_1]** )  
- **Effective Tax Rate**: 23.5% to 24%  **[WRB_3403142_1]** **[WRB_3403142_16]**  (no change from prior guidance 23.7%  **[WRB_3393867_1]** )  
- **Investment Income**: new money rate slightly over 5%, domestic book yield at 4.5%  **[WRB_3403142_4]** **[WRB_3403142_16]**  (no prior guidance)

d137bf17499d7305962b62b4ade26bcdbb5cf3e4cea57792629a0d2fb6b514cd

- Earned Premiums

- Investment Income

- Other Income

Net Investment Gains/Losses

- Insurance Service Fees

2a78244227b09be41a457878fbcce7057b9aa23b7799c5cfd3de02b1904cfd6e

| Name     | Start Date | End Date | Reason for Change |
|----------|------------|----------|-------------------|
| KPMG LLP | 1972  **[0000011544-24-000005_wrb-20231231.htm:100]**  | Present  | Current auditor   |

94a57d9ea793e733746cc55d96185acb6f2baa61af7ca75d319711f1647339ea

138d6051c22fabae40f9ee2fcd8c5bc4c4087e76fdcf606e0da72a6b63cad5de

248f7316a08a667beb08d3c38be4ac4c3be467e6bd0ede35f4a117cf6a451853

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $3,668M (+14% YoY from $3,221M  **[0000011544-24-000005_wrb-20231231.htm:169]** )  
- Insurance Segment: $1,809M (−31% YoY from $2,626M  **[0000011544-24-000005_wrb-20231231.htm:169]** )  
- Reinsurance & Monoline Excess: $204M (−48% YoY from $395M  **[0000011544-24-000005_wrb-20231231.htm:169]** )  
- Net Investment Gains: $158M (**+1,950% YoY** from $8M  **[0000011544-24-000005_wrb-20231231.htm:169]** )  

fa40c5c90296a30dca63bfc59b3ae08b225c5036684044c52fe247b3601b6334

2c0fadd30d4b4b70c4067a5f15f287ddb57155705feb4b1454f435afa473302f

3fc44e4f1905666770195b993b6366c5c44c1dc2b458e12c156a6478e8634b8d

- **Favorable conditions in the property catastrophe reinsurance market may have peaked**, potentially reducing growth opportunities in 2024. The CEO stated, "I think the market is still very attractive, but I also believe it has peaked, at least for the moment."  **[WRB_3370742_19]**
- **Challenges in older accident years (2016-2019) could impact profitability.** The company acknowledged that these years are "not without its challenges," and that they "may have gotten caught a little flat-footed" with loss inflation.  **[WRB_3370742_8]**
- **Rising medical costs in the workers' compensation line are anticipated to be challenging**, leading to a more defensive posture in this segment. The CEO mentioned, "We still have reservations about the product line... we think that the medical trend is going to prove to be challenging."  **[WRB_3370742_8]**

85d19bcd4c20bf9ef364f89f7520b209e47097437293aea54a57f93586839a63

| Year | Amount Due (in millions) | Debt Type            | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|--------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2024     | $6                           | Senior Notes            | N/A                   | 0.2% = (6 / 2837.4) * 100 **[0000011544-24-000028_wrb-20240930.htm:68]** **[0000011544-24-000028_wrb-20240930.htm:68]**                                         |
| 2037     | $250                         | Senior Notes            | 5.700                | 8.8% = (250 / 2837.4) * 100 **[0000011544-24-000028_wrb-20240930.htm:68]** **[0000011544-24-000028_wrb-20240930.htm:0]**                                       |
| 2044     | $350                         | Senior Notes            | N/A                   | 12.3% = (350 / 2837.4) * 100 **[0000011544-24-000028_wrb-20240930.htm:68]** **[0000011544-24-000028_wrb-20240930.htm:68]**                                      |
| 2050     | $470                         | Senior Notes            | N/A                   | 16.6% = (470 / 2837.4) * 100 **[0000011544-24-000028_wrb-20240930.htm:68]** **[0000011544-24-000028_wrb-20240930.htm:68]**                                      |
| 2052     | $400                         | Senior Notes            | N/A                   | 14.1% = (400 / 2837.4) * 100 **[0000011544-24-000028_wrb-20240930.htm:68]** **[0000011544-24-000028_wrb-20240930.htm:68]**                                      |
| 2058     | $185                         | Subordinated Debentures | 5.700                | 6.5% = (185 / 2837.4) * 100 **[0000011544-24-000028_wrb-20240930.htm:68]** **[0000011544-24-000028_wrb-20240930.htm:0]**                                       |
| 2059     | $300                         | Subordinated Debentures | 5.100                | 10.6% = (300 / 2837.4) * 100 **[0000011544-24-000028_wrb-20240930.htm:68]** **[0000011544-24-000028_wrb-20240930.htm:0]**                                      |
| 2060     | $250                         | Subordinated Debentures | 4.250                | 8.8% = (250 / 2837.4) * 100 **[0000011544-24-000028_wrb-20240930.htm:68]** **[0000011544-24-000028_wrb-20240930.htm:0]**                                       |
| 2061     | $650                         | Subordinated Debentures | 4.125                | 22.9% = (650 / 2837.4) * 100 **[0000011544-24-000028_wrb-20240930.htm:68]** **[0000011544-24-000028_wrb-20240930.htm:0]**                                      |

b601ca60a9677c2ec43575e90305e960e3a04870fdcfdea7e11d9863665740ee

- **Pressure on expense ratio due to new businesses**: The company has moved some operating units from corporate expense to underwriting expense, which are currently dilutive to the expense ratio and are in early stages of scaling. This may continue to impact the expense ratio until these units become accretive.  **[WRB_3403142_24]**
- **Concerns about reserve adequacy in commercial auto liability**: The company indicated that commercial auto liability is an area of focus due to some "noise" in the reserves, suggesting potential reserve challenges in this line of business.  **[WRB_3403142_12]** **[WRB_3403142_5]** **[WRB_3403142_23]**
- **Sustainability of loss ratio improvements is uncertain**: Improvement in the accident year loss ratio ex-catastrophe was attributed mainly to favorable attritional loss ratios in property. The company acknowledged that it is unsure if this improvement is purely due to their efforts or if some luck was involved, indicating that sustainability of this improvement is uncertain.  **[WRB_3403142_17]**

3b8786977019f54d9cd312b708fc65e0ad6e1a462ecf35c9718d60eba4acde3f

- **Increased catastrophe losses**: The company experienced $90 million in catastrophe losses in the quarter, primarily due to severe convective storms in the U.S., which increased the loss ratio by 1.1 points over the prior year quarter.  **[WRB_3393867_19]**
- **Ongoing pressures from social inflation**, particularly in **auto liability**, which remains an area of concern. The company is facing challenges in securing necessary rate increases due to resistance from insurance departments, making it harder to keep up with loss cost trends.  **[WRB_3393867_2]** **[WRB_3393867_4]** **[WRB_3393867_23]**
- **Slowdown in property insurance market growth**: The growth rate in short-tail lines, particularly property insurance, has decelerated as market opportunities are not as robust as they were 6-12 months ago, potentially impacting future growth in this segment.  **[WRB_3393867_17]**

1d1dbd70b13bab45fbd429d54cd3c917a959f443a1a31be297325f508ba5ebd2

- *• W.R. Berkley expects to grow its business at an annual rate of 10% to 15%, driven by opportunities in the Excess and Surplus (E&S) market and rate increases that exceed loss trends, maintaining confidence in this growth outlook despite temporary headwinds.**  **[WRB_3403142_20]**
- *• The company has a surplus of capital and plans to return excess capital to shareholders through share buybacks and special dividends, while still maintaining a strong capital position.**  **[WRB_3403142_22]**
- *• W.R. Berkley is seeing improvement in underwriting margins, with deliberate efforts leading to better attritional loss ratios in property lines, and is capitalizing on increased pricing opportunities in excess casualty and umbrella lines.**  **[WRB_3403142_16]** **[WRB_3403142_17]** **[WRB_3403142_15]**

5043f50d45417bc6dc4341dd011eb53c3dc03dbe89a8e1b5d37aa84be9dba655

- **WRB experienced strong premium growth of 12% in Q4**, and expects **meaningful opportunities** for continued growth in 2024, possibly exceeding 12%.  **[WRB_3370742_5]**
- **Commercial auto growth has accelerated**, driven primarily by **significant rate increases**, as the company insists on charging more.  **[WRB_3370742_16]**
- **Submission counts remain as robust as ever**, and WRB is **very encouraged** by the opportunities**, indicating potential for continued strong underwriting performance.  **[WRB_3370742_28]**

03397bc0fe9747ff8fb8cfc032f4aab608cdc5a3f5300ca17ebde15193e63bb4

- **Increased exposure to property lines may heighten catastrophe risk.** The company is experiencing significant growth in property lines, with the "lion's share" of short-tail lines being property.  **[WRB_3359266_13]**
- **Rising reinsurance costs could pressure profitability.** The company acknowledges that reinsurance costs are up and is attempting to pass these costs onto clients, but it may not fully offset the increased expense.  **[WRB_3359266_14]**
- **Professional liability and D&O markets remain highly competitive and challenging.** The company notes that the professional liability sector is "pretty challenging" and that D&O continues to be "very, very competitive," potentially limiting profitability in these lines.  **[WRB_3359266_22]**

29af5e3250463de3d388fcd6aeb519cc9cece2a5cbf26a378402b82c12ffdd4c

- **Excess and Surplus (E&S) lines are growing significantly**, at a rate **50% higher than the standard market business**, indicating strong growth opportunities in this profitable segment.  **[WRB_3393867_28]**
- **Achieving substantial rate increases**, with overall rate excluding workers' compensation at **8.3%**, up **50 basis points** sequentially, particularly driven by auto liability lines, helping to offset social inflation and maintain profitability.  **[WRB_3393867_7]**
- **Expecting net investment income to continue increasing quarter-over-quarter for the foreseeable future**, leveraging higher reinvestment yields and a focus on the fixed income market, which should bolster earnings.  **[WRB_3393867_16]**

534d8ebef8b42060a7e291a3e14d5425e700db581bda58fd2c052e95f41a3fe6

1. **Premium Growth Outlook**  
   **Q:** Is 12% premium growth sustainable in 2024?  
   **A:** Management sees **12%** as a reasonable growth rate for 2024 and believes it could even be better, depending on market conditions. They are optimistic about meaningful opportunities ahead but acknowledge that actual results will depend on how the market evolves.  **[WRB_3370742_5]** 

2. **Casualty Market Strength**  
   **Q:** Will casualty lines see stronger pricing in 2024?  
   **A:** Management expects broader strengthening in casualty lines due to ongoing social inflation and pressures in the reinsurance market. They believe this will introduce further discipline and support continued rate increases, particularly in umbrella and excess markets.  **[WRB_3370742_6]** 

3. **Reserve Development Trends**  
   **Q:** How are loss reserves developing, especially older years?  
   **A:** Older accident years are beginning to show signs of stabilizing, with years **2016 through 2019** slowing considerably. More recent years are looking encouraging, and as they mature, management anticipates recognizing good news.  **[WRB_3370742_8]** **[WRB_3370742_17]** 

4. **Reinsurance Market Impact**  
   **Q:** How will reinsurance market conditions affect you?  
   **A:** Rising reinsurance costs may lead to adjustments in ceding commissions and structures. Given their lower reinsurance dependency, the company may retain more risk, especially as primary rates are attractive. A hardening reinsurance market is seen as beneficial overall.  **[WRB_3370742_10]** **[WRB_3370742_11]** **[WRB_3370742_19]** **[WRB_3370742_20]** 

5. **Liability Lines Rate Trends**  
   **Q:** Are rates increasing in liability lines?  
   **A:** Rates in liability lines are robust, with management achieving rate increases that exceed loss trend. They are optimistic that this momentum will continue, driven by loss costs and market focus.  **[WRB_3370742_12]** 

6. **Improved Loss Ratios**  
   **Q:** Is the accident year loss ratio ex-cat improving?  
   **A:** Yes, the loss ratio has improved due to reduced fire losses and re-underwriting of property risks. Management anticipates a better position going forward, though the process may not be entirely complete.  **[WRB_3370742_13]** 

7. **Professional Lines Decline**  
   **Q:** Why is growth down in professional lines?  
   **A:** Growth is down due to declining rates in public D&O markets and increased competition willing to undercut on pricing. The company maintains discipline and is not chasing unprofitable business, particularly in lines like medical professional liability and architects and engineers.  **[WRB_3370742_14]** 

8. **Investment Income Increase**  
   **Q:** What's driving higher investment income?  
   **A:** The book yield increased to **4.7%**, up from the previous quarter, driven by reinvesting at higher rates and some inflation-adjusted securities. Management is seeing benefits from higher new money rates over roll-offs.  **[WRB_3370742_22]** 

9. **Duration Strategy**  
   **Q:** Will you extend investment portfolio duration?  
   **A:** Management aims to modestly extend duration from **2.4 years**, targeting **2.5 to 2.7 years** when market opportunities arise. They are navigating market volatility and will adjust duration sensibly as conditions allow.  **[WRB_3370742_23]** 

10. **Client Rate Pushback**  
    **Q:** Is client pushback increasing on rate hikes?  
    **A:** While industry returns are strong in some areas, management believes that not all lines have been profitable, and discipline is necessary. They acknowledge that some clients may resist rate increases, but they emphasize the importance of adequate pricing given loss cost trends.  **[WRB_3370742_21]** 

3579a2ea1a974826708d66bbed8eaf3f8abdbded4a5e218c91f86e6f3510ca70

1. **Premium Growth Outlook**  
   **Q:** What is the expected trend for premium growth?  
   **A:** Rob Berkley indicated that momentum is building in premium growth within the insurance book, and there's nothing seen today that's going to "take the wind out of that sail".  **[WRB_3359266_7]**  He suggests that growth will continue in the fourth quarter and into 2024.  **[WRB_3359266_7]** 

2. **Social Inflation and Loss Cost Trends**  
   **Q:** Has Berkley's view on loss cost trends changed recently?  
   **A:** Rob Berkley stated that social inflation continues to be a challenge, but with rate increases excluding workers' comp of **8.5%**, they are in a comfortable position to absorb whatever the inflation trend sends their way.  **[WRB_3359266_5]**  He also mentioned generating a **20% return**, so there's no need to "push the envelope".  **[WRB_3359266_5]** 

3. **Approach to Rate Increases**  
   **Q:** Why continue pushing for rate increases despite strong returns?  
   **A:** Berkley emphasized the need to keep up with loss cost trends due to ongoing social and medical inflation, stating that "we're just going to keep pushing".  **[WRB_3359266_27]**  He noted that while economic inflation may be slowing, "there is no evidence that social inflation is abating at all".  **[WRB_3359266_27]** 

4. **General Liability Trends**  
   **Q:** Are you seeing a rehardening in general liability?  
   **A:** Berkley attributed the acceleration in general liability to a combination of rate increases and benefits in their E&S and specialty businesses.  **[WRB_3359266_9]**  He highlighted increased discipline in the market and a growing preference among clients and distribution partners for carriers they can "have confidence in".  **[WRB_3359266_9]** 

5. **Paid Loss Ratios and Reserve Adequacy**  
   **Q:** How do paid loss ratios reflect on older accident years?  
   **A:** Berkley explained that growth benefits are largely driven by charging more per unit of exposure.  **[WRB_3359266_11]**  With an average duration of loss reserves around **3.5 years**, he believes investors should have comfort in how challenging years are developing.  **[WRB_3359266_11]** 

048967d824755f8daa3bbd180d30471016eb91ff5a74285b47b7e7076267a68e

- **WRB's CEO expects the earnings power of the business to grow for the foreseeable future**, benefiting from both underwriting and investing activities, with momentum expected to continue.  **[WRB_3359266_29]** ,  **[WRB_3359266_4]**
- **Momentum in premium growth is building**, particularly in the insurance segment, with no indications of slowing down as per overall outlook.  **[WRB_3359266_7]**
- **Successfully obtaining rate increases in key lines such as general liability and property**, which is improving margins and capitalizing on market opportunities.  **[WRB_3359266_13]** ,  **[WRB_3359266_9]**

c4557f1e291e08c99745972635569676e10fc0f211063eeaa18a85b51da70195

1. **Premium Growth Outlook**  
   **Q:** Do you still expect 10%-15% annual growth despite recent slowdown?  
   **A:** Management continues to believe the business can grow between **10% and 15%** annually, acknowledging that quarterly growth may vary.  **[WRB_3403142_7]** **[WRB_3403142_20]**  The recent slowdown in insurance premium growth to about **8%** is due to a cautious stance on auto and related lines.  **[WRB_3403142_6]** **[WRB_3403142_10]** **[WRB_3403142_20]**  Early indications in October suggest the market is adjusting, and the growth rate should normalize.  **[WRB_3403142_7]** **[WRB_3403142_20]** 

2. **Underwriting Margins and Loss Trends**  
   **Q:** Are rate increases sufficient to cover loss trends and improve margins?  
   **A:** The company achieved an **8.4%** rate increase ex-workers' comp, which comfortably exceeds their loss trend estimates.  **[WRB_3403142_8]** **[WRB_3403142_16]**  Management is focused on maintaining rate adequacy and believes this should ultimately benefit underwriting margins.  **[WRB_3403142_8]** **[WRB_3403142_16]**  They remain cautious due to uncertainties like social inflation, especially in liability lines.  **[WRB_3403142_8]** 

3. **Catastrophe Impact**  
   **Q:** How have recent hurricanes affected results and market pricing?  
   **A:** Approximately half of the catastrophe losses in the quarter were related to Hurricane **Helena**.  **[WRB_3403142_21]**  The impact of Hurricane **Milton** is still uncertain, but management expects any losses to be within anticipated levels.  **[WRB_3403142_9]** **[WRB_3403142_21]**  It's too early to determine how these events will affect market pricing, but the industry is reassessing exposures and pricing adequacy.  **[WRB_3403142_9]** 

4. **Capital Management**  
   **Q:** How do you plan to utilize excess capital and approach shareholder returns?  
   **A:** The company has a comfortable surplus of capital and is generating capital more quickly than it can utilize.  **[WRB_3403142_22]**  Management intends to opportunistically return excess capital to shareholders while maintaining a strong balance sheet.  **[WRB_3403142_22]** 

5. **Reserve Adequacy**  
   **Q:** Can you provide insights on reserve adequacy, especially for recent years?  
   **A:** Management is confident in their reserve approach, highlighting the strength of their IBNR relative to total reserves and case reserves.  **[WRB_3403142_5]** **[WRB_3403142_23]**  They regularly review reserves at a granular level and caution against broad industry generalizations.  **[WRB_3403142_23]** 

6. **Investment Income and Yields**  
   **Q:** What is the new money yield on your investment portfolio?  
   **A:** The new money yield on domestic fixed income investments is slightly over **5%**, compared to the earlier **4.5%**.  **[WRB_3403142_17]**  The company maintains high credit quality with an average rating of **AA-**.  **[WRB_3403142_25]** 

7. **Expense Ratio and New Businesses**  
   **Q:** How will new businesses impact the expense ratio and premium growth?  
   **A:** Four new operating units contributed over **$25 million** in net written premium in the quarter.  **[WRB_3403142_24]**  These businesses are in early stages and currently dilutive to the expense ratio but are expected to scale and become accretive over time.  **[WRB_3403142_24]** 

8. **E&S Market and Lloyd's Business**  
   **Q:** How significant is the Lloyd's business within your E&S operations?  
   **A:** A meaningful portion of non-admitted business is written through Lloyd's, with the vast majority being U.S.-centric and focused on smaller accounts.  **[WRB_3403142_13]** **[WRB_3403142_14]**  This aligns with the company's overall philosophy.  **[WRB_3403142_14]** 

0b87c7c65c2f29933e5036847bca9556196cab6da59580e8016afd52c976b8b0

W R Berkley Corp (WRB)

Financials