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W. R. BerkleyWRB

Legal name
W. R. Berkley Corp.
Sector
Financial Services
Industry
Fire, Marine & Casualty Insurance
Exchange
NYSE

Stock Price $WRB

Latest filings

You are here#58 of 80 in Financials by market cap

Filing record · 2016–202610-K1110-Q338-K96

WRB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 96 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’18Mar ’18
  2. Leadership change8-K · Dec ’20Dec ’20
  3. Leadership change8-K · Dec ’22Dec ’22
  4. FY2024 annual report10-K · Feb ’25Feb ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $14.71B
YoY changeLargest recent move+18.1%in FY22Latest +7.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All WRB Financial Metrics43 metrics

Income Statement8

Balance Sheet15

Cash Flow15

Per Share5

02—Overview

W. R. Berkley Financial Overview 2021–2025

Updated Nov 4, 2026

W. R. Berkley's net income to common stockholders climbed 74%, from $1.02 billion in FY2021 to $1.78 billiona in FY2025, while its combined ratio barely moved, going from 89.6% to 90.7%. That gap is the story. Growth came from writing far more business and earning more on the float, not from sharper underwriting margins. Underwriting is still profitable, but it is no longer improving.

The scale-up is clear. Gross premiums written rose from $10.70 billion in FY2021 to $15.11 billionb in FY2025. In FY2025 alone they grew 6%, with average renewal rates up 6.7%. Net investment income reached $1.43 billion, up 7%, on a 4.5% earned yield. Catastrophe losses of $336 million and $44 million of adverse development in the Insurance segment, which management partly blames on social inflation, kept the ratio from improving.

The balance sheet gives the company room to keep returning cash. Total equity reached $9.71 billionc at the end of FY2025. Shareholders received $700 million in dividends, and the company bought back $270 million of stock. At the close of FY2025, the shares traded at $70.12, or 15.8x earnings on $4.45 of diluted EPS, for a market capitalization of $26.4 billion. That multiple prices a steady compounder, not a business with expanding margins.

Recent Developments (Q2 and Q3 2026)

Founder and Executive Chairman William R. Berkley died on June 9, 2026, and CEO W. Robert Berkley, Jr. became Chairman. Operations stayed steady. Q2 2026 net income rose to $452.3 milliond from $401.3 million, on record premiums of $4.14 billion. Q3 2026 earnings fell to $446.0 million from $511.0 million, as investment losses on equities rose by $76 million after tax. Operating income per share still rose to $1.17 from $1.10. The nine-month combined ratio improved to 90.5% from 91.1%, while net investment income rose to $383.5 million in Q3. The company also won a court judgment against reinsurers on April 23, 2026, though an appeal is pending.

Bull case: underwriting and investment income are growing, and buybacks reached $435 millione through nine months. Bear case: unrealized losses cut equity to $9.61 billion, and the Insurance segment posted $22 million of adverse reserve development. The shares traded at 16.9x earnings as of the Q3 2026 filing date of Nov. 1, 2026, not today.

What to watch: reinsurer appeal of the April judgment; Reinsurance & Monoline Excess combined ratio, which rose to 83.4% in Q3

03—Filings

Recent SEC Filings

  1. 8-KW. R. Berkley 8-K Report, Financial Results (Oct 19, 2026)W. R. Berkley Corporation filed this Form 8-K under Item 2.02 (Results of Operations and Financial Condition) to furnish its press release, dated October 19, 2026, announcing results for the third quarter of 2026. The Company reported net income to common stockholders of $446.0 million, or $1.14 per diluted share, for the quarter, compared with $511.0 million, or $1.28 per diluted share, a year earlier. Operating income, a non-GAAP measure that excludes after-tax net investment gains (losses) and after-tax net foreign currency gains (losses), was $456.5 million, or $1.17 per diluted share, versus $440.2 million, or $1.10 per diluted share. Return on equity was 18.4% and operating return on equity was 18.8% for the quarter. Underwriting performance was strong. The Insurance segment's pre-tax income rose to $523.4 million for the quarter, and the company cited pre-tax underwriting income for the Insurance segment growth of 10.6%, to $237.7 million. The consolidated GAAP combined ratio was 90.8%, compared with 90.9% a year earlier. The Reinsurance & Monoline Excess segment's GAAP combined ratio rose to 83.4% from 81.1%, and its pre-tax income declined to $133.3 million from $144.0 million. Average rate increases excluding workers' compensation were approximately 4.0%. Net investment income grew to $383.5 million, from $351.2 million, driven by a 12.0% increase in the core portfolio. On the balance sheet, book value per share was $25.87 at September 30, 2026, up from $25.72 at December 31, 2025. Year to date, the Company returned $728.6 million to shareholders, including $435.1 million of share repurchases, and reported unrealized investment losses of $928 million after tax within stockholders' equity. The release also notes that results are subject to the forward-looking risks described in the Company's SEC filings.
  2. 8-KW. R. Berkley 8-K Report, Financial Results (Jul 20, 2026)W. R. Berkley Corporation reported second quarter 2026 results in a press release (Exhibit 99.1) dated July 20, 2026. Gross premiums written grew to a record $4.14 billion, up from $3.98 billion a year earlier, and net premiums written were $3.43 billion versus $3.35 billion. Net income to common stockholders was $452.3 million, or $1.15 per diluted share, compared with $401.3 million, or $1.00 per diluted share, in the second quarter of 2025. Operating income was $497.1 million, or $1.27 per diluted share, versus $420.5 million, or $1.05, a year earlier. The company reported a return on equity of 18.6% and an operating return on equity of 20.5%. Underwriting performance was strong. The GAAP combined ratio was 90.0% for the quarter, compared with 91.6% a year earlier, and the Insurance segment's combined ratio was 91.4%, while Reinsurance & Monoline Excess improved to 79.3% from 87.4%. Net investment income reached a record $418.7 million, and the fixed-maturity portfolio carried an average rating of AA- and a duration of 3.2 years. Management highlighted disciplined cycle management and continued opportunities in select liability lines. The company returned $334.1 million to shareholders in the quarter, including $185.5 million of special dividends, $111.5 million of share repurchases and $37.1 million of regular dividends. Book value per share rose to $26.50 at June 30, 2026 from $25.72 at December 31, 2025. The filing is an earnings announcement and includes no new guidance beyond the forward-looking statements cautionary language.
  3. 8-KW. R. Berkley 8-K Report, Executive Changes (Jun 26, 2026)W. R. Berkley Corporation filed this Current Report on Form 8-K dated June 26, 2026, under Item 5.02, which covers departures of certain officers and compensatory arrangements. The filing discloses that Lucille Sgaglione has informed the company she will resign as Executive Vice President, effective June 30, 2026. Following her resignation as an executive officer, Ms. Sgaglione will continue to serve the company on a part-time basis as Senior Advisor. Her compensation will be adjusted to reflect the new role. The filing states that her outstanding long-term incentive awards will be treated in accordance with the terms of the applicable award agreements. The filing is limited to this executive transition. It does not report financial results, guidance, or any figures beyond the effective date, so it carries no direct financial information for investors. The filing was signed by Richard M. Baio, Executive Vice President and Chief Financial Officer.
  4. 8-KW. R. Berkley 8-K Report, Material Agreement (Jun 11, 2026)W. R. Berkley Corporation entered into a First Amendment, dated June 9, 2026, to its Credit Agreement originally dated April 1, 2022. The Amendment, among other things, extends the maturity date of the revolving credit facility from April 1, 2027 to June 9, 2031, subject to the terms and conditions of the Credit Agreement. Bank of America, N.A. serves as Administrative Agent, Several L/C Agent and Fronting L/C Issuer, and M&T Bank, JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc. serve as Syndication Agents. The filing is limited to this credit facility amendment and is reported under Item 1.01 (Entry into a Material Definitive Agreement) and Item 2.03 (Creation of a Direct Financial Obligation). The Company is filing the full text of the Amendment as Exhibit 10.1, with certain schedules omitted under Item 601(a)(5) of Regulation S-K, which the Company undertakes to furnish to the SEC upon request. For investors, the key takeaway is the extension of the revolving credit facility's maturity by more than four years, which pushes the facility's expiration well beyond its prior April 2027 date. The filing does not state the facility size, pricing, or other amended terms beyond the maturity extension.
  5. 8-KW. R. Berkley 8-K Report, Corporate Update (Jun 10, 2026)W. R. Berkley Corporation filed this Form 8-K to report that its founder and Executive Chairman, William R. Berkley, passed away on June 9, 2026, at the age of 80. The company issued a press release on that date announcing his passing, attached as Exhibit 99.1. The press release describes him as having founded the Company in 1967 and built it over nearly six decades into a Fortune 500 company and one of the world's leading commercial insurance organizations. In connection with his passing, the Board of Directors appointed W. Robert Berkley, Jr., the Company's President and Chief Executive Officer, as Chairman. The press release states that the appointment is effective immediately. The filing does not disclose any change to Mr. Berkley, Jr.'s role as CEO or any other financial or operational changes. For investors, the filing is primarily a governance and leadership update: the company's founder is no longer serving as Executive Chairman, and the CEO now also holds the Chairman title. The filing contains no financial results, guidance, or quantitative figures.
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04—See also

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