01—Abstract
Summary
Summary of the 10-K filed February 27, 2026. Cited figures are marked; the original filing is the authoritative source.
W.
R. Berkley Corporation is an insurance holding company and one of the largest commercial lines writers in the United States, operating in two segments: Insurance and Reinsurance & Monoline Excess. For 2025, net income to common stockholders was $1,779 milliona ($4.45 per diluted share), up from $1,756 million in 2024.
Total revenues rose to $14.71 billionb from $13.64 billion, and gross premiums written grew 6% to $15.11 billion. The consolidated GAAP combined ratio was 90.7% in 2025 compared with 90.3% in 2024, with the Insurance segment at 91.7% and Reinsurance & Monoline Excess at 83.7%. Net investment income rose 7% to $1.43 billion, supported by a larger portfolio and a 4.5% earned yield.
Balance sheet strength improved over the year. Total equity reached $9.71 billionc and total assets $44.07 billion, with reserves for losses and loss expenses of $22.21 billion gross and $18.95 billion net. Shareholders received $700 million in dividends in 2025, including special dividends of $0.50 and $1.00 per share, and the company repurchased $270 million of stock.
The filing notes that the lead insurer's statutory capital and surplus was $9.86 billiond. Prior-year reserve development was nearly neutral, with $3 million net favorable in 2025, though the Insurance segment recorded $44 million of adverse development driven by other liability and auto liability lines, which the company attributes partly to social inflation.
Key risks cited include cyclical pricing, with average renewal rate increases of 6.7% in 2025 and rates moderating or decreasing in some lines, competitive pressure from well-capitalized new entrants, reserve adequacy, catastrophe exposure (current accident year catastrophe losses of $336 million net in 2025), and climate change. Mitsui Sumitomo Insurance owns about 14.7% of common stock as of February 23, 2026, and the Berkley family controls the voting of those shares.
02—Key points
Key Highlights
- Net income to common stockholders of $1,779 million in 2025 versus $1,756 million in 2024; diluted EPS of $4.45 versus $4.36.
- Gross premiums written rose 6% to $15.11 billion; net premiums written reached $12.71 billion, and net premiums earned grew 8% to $12.45 billion.
- Consolidated GAAP combined ratio of 90.7% in 2025 (90.3% in 2024); Insurance segment 91.7% and Reinsurance & Monoline Excess 83.7%.
- Net investment income increased 7% to $1.43 billion, with a 4.5% yield on average investments of $31.6 billion.
- Total dividends of $700 million in 2025, including special dividends of $0.50 and $1.00 per share, plus $270 million of share repurchases.
- Total equity of $9.71 billion and common shares outstanding of 377.2 million at year-end 2025; the effective fixed maturity duration was 3.0 years.
- Insurance segment recorded $44 million of unfavorable prior-year reserve development, mainly other liability and auto liability, while overall prior-year development was $3 million favorable.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $14.71B$13.64B | +7.8% |
| Interest Expense | $126.89M$126.91M | 0.0% |
| Net Income | $1.78B$1.76B | +1.3% |
| EPS (Basic) | $4.48$4.39 | +2.1% |
| EPS (Diluted) | $4.45$4.36 | +2.1% |
| Shares Outstanding (Basic) | 396.97M399.73M | −0.7% |
| Shares Outstanding (Diluted) | 399.86M403.22M | −0.8% |
05—Questions
Frequently Asked Questions
How profitable was W. R. Berkley's underwriting in 2025?
The consolidated GAAP combined ratio was 90.7% in 2025, up slightly from 90.3% in 2024. The Insurance segment's combined ratio was 91.7% (91.2% in 2024), while Reinsurance & Monoline Excess improved slightly to 83.7% from 84.1%. A combined ratio below 100 indicates an underwriting profit.
What drove premium growth in 2025?
Gross premiums written increased 6% to $15,105 million. The Insurance segment grew by $803 million, led by short-tail lines (up $365 million, or 11%) and other liability (up $264 million, or 5%). Average renewal premium rates for insurance and facultative reinsurance rose 6.7% in 2025, though the filing notes rates have moderated for many lines and are decreasing in some property and workers' compensation lines.
Is the company's loss reserve position a concern?
Net reserves for losses and loss expenses were $18.95 billion at year-end 2025, up from $17.17 billion. Prior-year development was nearly neutral in total at $3 million favorable, but the Insurance segment had $44 million of adverse development from other liability and auto liability, which the company links to social inflation. The filing acknowledges that reserves are estimates and may prove inadequate.
How does the company return capital to shareholders?
In 2025 the company paid $700 million in total dividends, consisting of ordinary quarterly dividends ($0.08 in Q1 and $0.09 in each of the remaining quarters) and special dividends of $0.50 per share in Q2 and $1.00 per share in Q4. It also repurchased shares for $270 million. The repurchase authorization was increased to 25,000,000 shares on January 8, 2026.
What ownership and governance factors should investors be aware of?
Mitsui Sumitomo Insurance Co., Ltd. owned approximately 14.7% of common stock as of February 23, 2026. It has voting arrangements with members of the Berkley family, who can, subject to certain exceptions, determine how MSI's shares are voted. The company's classified board, 80% supermajority requirement for certain transactions with 5% holders, and insurance change-of-control laws may also deter unsolicited acquisitions.
06—Continue