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WRB · W. R. Berkley

50 filings

10-Q

WRB 10-Q Quarterly Reports

W. R. Berkley - 50 quarterly reports

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
  1. 2026-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2026

    W. R. Berkley Corporation reported net income to common stockholders of $446.0 million for the third quarter of 2026, compared with $511.0 million in the third quarter of 2025, and $1.41 billion for the nine months ended September 30, 2026, versus $1.33 billion a year earlier. Diluted EPS was $1.14 for the quarter (versus $1.28) and $3.60 for the nine months (versus $3.32). Total revenues for the nine months were $11.15 billion, and net premiums written were $9.87 billion, with the consolidated GAAP combined ratio at 90.5% for the nine months (91.1% in 2025). The quarterly decline was driven mainly by a $76 million after-tax increase in net investment losses, primarily from lower unrealized gains on equity securities, partially offset by higher net investment income, which rose to $383.5 million for the quarter from $351.2 million. Balance sheet and capital activity show total assets of $45.68 billion and stockholders' equity of $9.61 billion at September 30, 2026, down from $9.70 billion at year-end 2025. Accumulated other comprehensive loss widened to $1.25 billion from $451 million, reflecting a $803 million after-tax change in unrealized investment losses for the nine months. The company repurchased 6,465,878 shares for $435 million in the nine months and paid $293 million in dividends. Operating cash flow was $2.20 billion for the nine months, down from $2.59 billion, which the filing attributes to increased loss and loss expense payments and income tax payments. The filing also notes a tax benefit from the repeal of undiscounted property-casualty loss deductions under Internal Revenue Code Section 847, which lowered the nine-month effective tax rate to 19.8% from 22.2%. Net favorable prior year reserve development was $4 million for the nine months, with adverse development of $22 million in the Insurance segment offset by $26 million of favorable development in Reinsurance & Monoline Excess.

    Nov 2, 2026
  2. 2026-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2026

    W. R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2026 reports net income to common stockholders of $452.3 million for the second quarter, up from $401.3 million in the prior-year quarter, and $967.5 million for the six months, up from $818.9 million. Diluted EPS was $1.15 for the quarter and $2.46 for the six months, compared with $1.00 and $2.05 a year earlier. Total revenues for the six months were $7.41 billion, and net premiums earned rose to $6.30 billion. The Insurance segment's GAAP combined ratio was 91.8% for the six months, and the Reinsurance & Monoline Excess segment's was 79.0%, with consolidated at 90.4%. Catastrophe losses were $138 million for the six months, compared with $210 million a year earlier. Net investment income increased 11% to $823 million for the six months, driven mainly by a larger fixed maturity portfolio, and the fixed maturity yield was 5.0%. Net investment losses of $71 million for the six months, compared with gains of $47 million in the prior-year period, reflect lower unrealized gains on equity securities. Total assets were $45.68 billion at June 30, 2026, and total stockholders' equity was $9.83 billion. Stockholders' equity per outstanding share was $26.50. The company repurchased 6,156,370 shares for $414 million during the first half and declared a second-quarter ordinary dividend of $0.10 per share plus a special dividend of $0.50 per share. The filing also reports that a subsidiary won a court judgment on April 23, 2026 in its lawsuit against reinsurers, with the reinsurers seeking permission to appeal, and that the Company's repurchase authorization was increased to 25,000,000 shares on June 3, 2026.

    Jul 31, 2026
  3. 2026-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2026

    W. R. Berkley Corporation reported first-quarter 2026 net income to common stockholders of $515.2 million, or $1.31 per diluted share, compared with $417.6 million, or $1.04 per diluted share, in the first quarter of 2025. Total revenues rose to $3.69 billion from $3.55 billion. Net premiums earned increased to $3.12 billion from $3.01 billion, and net investment income grew to $404.3 million from $360.3 million. The consolidated GAAP combined ratio was 90.7% compared with 90.9% a year earlier, with the Insurance segment at 92.2% and Reinsurance & Monoline Excess at 78.6%. The company attributed the earnings increase mainly to higher net investment income, a lower tax expense driven by the repeal of certain undiscounted property-casualty loss deductions, a favorable foreign currency result, and higher non-insurance profits, partially offset by net investment losses. Gross premiums written were $3.79 billion, up 3%, with the Insurance segment up 5% and Reinsurance & Monoline Excess down 9%. Average renewal premium rates for insurance and facultative reinsurance rose 6.6%, or 7.2% excluding workers' compensation. Management reported adverse prior-year reserve development of $8 million in the Insurance segment, largely offset by $9 million of favorable development in Reinsurance & Monoline Excess, with adverse other liability development driven by umbrella and excess liability claims tied in part to auto exposures and social inflation. On the balance sheet, total assets reached $44.32 billion and total stockholders' equity was $9.74 billion at March 31, 2026. The company repurchased 4,471,634 shares for $302 million during the quarter and paid $0.09 per share in dividends. In April 2026, a court issued a judgment principally resolving a lawsuit by a subsidiary against certain reinsurers in the subsidiary's favor, with the award amount to be determined by the court.

    May 1, 2026
  4. 2025-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2025

    W. R. Berkley Corporation's Form 10-Q for the quarter ended September 30, 2025 reports net income to common stockholders of $511.0 million for the third quarter, up from $365.6 million a year earlier, and $1.33 billion for the nine months, up from $1.18 billion. Diluted EPS was $1.28 for the quarter and $3.32 for the nine months, versus $0.91 and $2.92 in 2024. Total revenues for the nine months rose to $10.99 billion from $9.97 billion, driven by net premiums earned of $9.27 billion, up from $8.54 billion. The filing attributes the nine-month earnings increase mainly to higher net investment gains, driven by unrealized gains on equity securities, and higher net investment income from investment funds, partly offset by foreign currency losses. Underwriting performance was steady. The consolidated GAAP combined ratio for the nine months was 91.1%, compared with 90.3% in 2024, with the Insurance segment at 92.0% and Reinsurance & Monoline Excess at 84.6%. Gross premiums written rose 7% to $11.50 billion, and average renewal premium rates for insurance and facultative reinsurance increased 6.8%. The filing notes adverse prior-year reserve development of $32 million in the Insurance segment, offset by $34 million of favorable development in Reinsurance & Monoline Excess, and cites social inflation as a factor in auto and liability claims. At September 30, 2025, total assets were $43.72 billion, stockholders' equity was $9.80 billion, and cash and cash equivalents were $2.40 billion. Net cash from operating activities for the nine months was $2.59 billion, down from $2.87 billion. The company repurchased 1.2 million shares for $74 million in the nine months and declared dividends of $0.09 per share in the third quarter. Senior notes and other debt totaled $1.83 billion, and the company had no borrowings under its $300 million revolving credit facility.

    Nov 3, 2025
  5. 2025-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2025

    W. R. Berkley Corporation's second-quarter 2025 Form 10-Q reports net income to common stockholders of $401.3 million for the three months ended June 30, 2025, compared with $371.9 million in 2024, and diluted EPS of $1.00 versus $0.92. For the six months, net income was $818.9 million ($2.05 diluted EPS) versus $814.4 million ($2.01). Net premiums written rose to $3.35 billion for the quarter from $3.13 billion, and net premiums earned rose to $3.10 billion from $2.85 billion. The consolidated GAAP combined ratio was 91.6% for the quarter compared with 91.1% a year earlier, with catastrophe losses of $99 million for the quarter, driven by severe storms, and $210 million for the six months, led by California wildfire losses. Net investment income increased to $379.3 million for the quarter, and net investment gains swung to $31.0 million from a loss of $58.5 million. The balance sheet strengthened over the period. Total assets reached $42.66 billion and total stockholders' equity rose to $9.29 billion from $8.40 billion at December 31, 2024. Net reserves for losses and loss expenses were $18.22 billion, and accumulated other comprehensive loss narrowed to $572 million. Operating cash flow for the six months was $1.45 billion, down from $1.63 billion, which the filing attributes to higher loss and loss expense payments partly offset by higher premium receipts. Shareholder returns included $254 million of cash dividends for the six months, including a $0.50 special quarterly dividend declared in the second quarter, and $49 million of share repurchases. The filing notes that foreign currency losses weighed on results, with net foreign currency losses of $55 million for the quarter, primarily from other major currencies strengthening against the U.S. dollar. Management reports that there were no material changes to risk factors from the 2024 Form 10-K, and that a subsidiary's lawsuit against certain reinsurers seeking to recover more than $90 million remains pending.

    Aug 4, 2025
  6. 2025-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2025

    W. R. Berkley Corporation reported net income to common stockholders of $417.6 million for the three months ended March 31, 2025, compared with $442.5 million in the same period of 2024, or $1.04 per diluted share versus $1.09. Management attributed the $24 million decline mainly to an after-tax decrease in underwriting income of $28 million, largely from California wildfire losses, and a $25 million after-tax decrease in foreign currency gains, partially offset by a $31 million after-tax increase in income from investment funds. Total revenues rose to $3.55 billion from $3.26 billion, and gross premiums written grew 10% to $3.68 billion, with the Insurance segment up 10% and Reinsurance & Monoline Excess up 6%. Underwriting profitability was somewhat weaker. The consolidated loss ratio rose to 63.1% from 60.2%, and the GAAP combined ratio increased to 90.9% from 88.8%. Catastrophe losses, net of reinsurance, were $111 million, mainly from California wildfires, versus $31 million a year earlier. Net investment income increased 13% to $360 million, driven by investment funds, and the company repurchased 850,000 shares for $49 million during the quarter. Balance sheet growth was notable: total assets reached $41.35 billion and stockholders' equity rose to $8.91 billion from $8.40 billion at year-end 2024, supported by a $172 million increase in other comprehensive income. Net reserves for losses and loss expenses were $17.68 billion, and the filing reports adverse development in excess other liability (including umbrella) within the Insurance segment, which was largely offset by favorable development elsewhere, leaving net favorable prior year development of $1 million.

    May 2, 2025
  7. 2024-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2024

    W. R. Berkley Corporation's quarterly report for the period ended September 30, 2024 shows net income to common stockholders of $365.6 million for the third quarter of 2024, up from $333.6 million a year earlier, and $1.18 billion for the first nine months, up from $984.0 million. Diluted EPS was $0.91 for the quarter and $2.92 for the nine months. Gross premiums written rose to $10.71 billion for the nine months from $9.74 billion, and net premiums earned reached $8.54 billion from $7.69 billion. The consolidated GAAP combined ratio was 90.3% for the nine months and 90.9% for the quarter, with the Insurance segment at 91.4% and Reinsurance & Monoline Excess at 82.7% for the nine months. Net investment income rose to $1.02 billion for the nine months from $739 million, driven mainly by higher interest rates, a larger fixed maturity portfolio, and $183 million of pre-tax income from Argentine inflation-linked securities, which the company does not expect to continue at that level. Catastrophe losses, net of reinsurance, were $218 million for the nine months, with Hurricane Helene the largest contributor. Adverse development in commercial auto and umbrella/excess liability was largely offset by favorable development in workers' compensation and professional liability, leaving net favorable prior-year development of $3 million for the nine months. Total stockholders' equity increased to $8.43 billion from $7.46 billion, and the company repurchased $236 million of common stock during the period. The filing also reports a 3-for-2 common stock split effective July 10, 2024, which is reflected in all share and per-share amounts. Management reported that the company's operating cash flow was $2.87 billion for the nine months, up from $2.23 billion, and noted that the company had no borrowings outstanding under its $300 million revolving credit facility at period end.

    Nov 4, 2024
  8. 2024-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2024

    W. R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2024 reports net income to common stockholders of $814.4 million for the six months, up from $650.4 million a year earlier, and diluted EPS of $2.01 versus $1.58. For the three months, net income was $371.9 million ($0.92 diluted) compared with $356.3 million ($0.87) in 2023. The increase was driven mainly by higher net investment income, which rose to $692.0 million for the six months from $468.6 million, reflecting higher interest rates, a larger fixed maturity portfolio, and Argentine inflation-linked securities, which the company says are not expected to continue at this level. Net premiums written grew 11% to $5.98 billion for the six months, and the consolidated GAAP combined ratio was 90.0% versus 90.1% a year earlier. Underwriting results were stable overall. The Insurance segment's combined ratio was 91.3%, while Reinsurance & Monoline Excess improved to 80.7% from 84.0%. Net favorable prior year reserve development was $2 million for the six months, though the Insurance segment reported adverse development in commercial auto liability and other liability, offset by favorable workers' compensation and professional liability development. Net investment losses of $32.7 million for the six months, driven by foreign currency losses on Argentine peso-denominated investments and unrealized losses on equity securities, partially offset the investment income gains. The balance sheet grew, with total assets of $38.91 billion and total stockholders' equity of $7.77 billion at June 30, 2024. The company repurchased 4,298,510 shares for $223.8 million during the six months, declared a special dividend of $0.33 per share along with a regular $0.08 quarterly dividend in the second quarter, and announced a 3-for-2 stock split paid July 10, 2024.

    Aug 2, 2024
  9. 2024-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2024

    W. R. Berkley Corporation reported net income to common stockholders of $442.5 million for the three months ended March 31, 2024, up from $294.1 million in the prior-year period, with diluted EPS of $1.64 versus $1.06. Net premiums written rose to $2.85 billion from $2.57 billion, and net premiums earned rose to $2.76 billion from $2.49 billion. The consolidated GAAP combined ratio improved to 88.8 from 90.6, with the loss ratio at 60.2 versus 61.8. Net investment income increased to $319.8 million from $223.4 million, driven mainly by higher interest rates, a larger fixed maturity portfolio, and Argentine inflation-linked securities, partially offset by investment fund losses. The balance sheet grew in the quarter: total assets were $37.85 billion at March 31, 2024 versus $37.11 billion at year-end 2023, and total stockholders' equity rose to $7.78 billion from $7.46 billion. Operating cash flow was $746.2 million, compared with $445.3 million a year earlier. The company did not repurchase any shares during the quarter and declared a regular quarterly dividend of $0.11 per share. The filing also notes adverse prior-year reserve development in the Insurance segment, driven by commercial auto liability and excess other liability, which was largely offset by favorable development in workers' compensation and professional liability. Net favorable prior-year development for the total company was $1 million. The company also disclosed a lawsuit filed in December 2023 seeking to recover in excess of $90 million from reinsurers.

    May 3, 2024
  10. 2023-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2023

    W. R. Berkley Corporation reported net income to common stockholders of $333.6 million for the third quarter of 2023 ($1.23 per diluted share), compared with $228.9 million ($0.82 per diluted share) in the third quarter of 2022. For the nine months ended September 30, 2023, net income to common stockholders was $984.0 million ($3.59 per diluted share), compared with $998.8 million ($3.57 per diluted share) a year earlier. Total revenues for the nine months rose to $8.92 billion from $8.15 billion, driven by higher net premiums earned of $7.69 billion (up from $7.05 billion) and net investment income of $739.5 million (up from $547.9 million), which the filing attributes primarily to rising interest rates and a larger fixed maturity portfolio. Underwriting results remained solid. The consolidated GAAP combined ratio was 90.1% for the nine months, compared with 89.6% a year earlier, with the Insurance segment at 91.2% and Reinsurance & Monoline Excess at 82.4%. Gross premiums written grew 8% to $9.74 billion, and average renewal premium rates for insurance and facultative reinsurance increased 7.2% when adjusted for exposure changes. The filing notes $20 million of net adverse prior year reserve development for the nine months, concentrated in the first quarter and tied to 2016 through 2019 casualty accident years and 2022 property catastrophe events. Net realized investment gains were boosted by an $88 million pre-tax gain on the June 2023 sale of the property and casualty insurance services division of Breckenridge IS, Inc. Balance sheet and capital activity were active. Total assets were $36.11 billion and total stockholders' equity was $6.92 billion at September 30, 2023. During the nine months, the company repurchased 7,146,975 shares for $430.5 million, and it declared a $0.11 regular quarterly dividend plus a $0.50 special dividend in the third quarter. The filing reports $1.17 billion of gross unrealized investment losses on fixed maturity securities, concentrated in securities that are substantially all rated investment grade, and states that the company believes these losses are primarily temporary and sector-related.

    Nov 3, 2023
  11. 2023-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2023

    W. R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2023 reports net income to common stockholders of $356.3 million for the second quarter, compared with $179.3 million in the same period of 2022, and $650.4 million for the six months ended June 30, 2023, versus $770.0 million a year earlier. Diluted EPS was $1.30 for the quarter and $2.36 for the six months. The six-month decline was attributed mainly to lower net investment gains, a foreign currency loss swing, and higher tax expense, partly offset by a $97 million after-tax increase in net investment income, which the filing links to rising interest rates and a larger fixed maturity portfolio. Gross premiums written rose 8% to $6.39 billion for the six months and net premiums earned rose 10% to $5.04 billion, with the consolidated GAAP combined ratio at 90.1% versus 88.2% a year earlier. Underwriting results were mixed: the loss ratio increased to 61.6% from 60.2%, and the expense ratio increased to 28.5% from 28.0%, with the filing citing lower ceding commissions and higher compensation costs. The filing reports $21 million of adverse prior-year reserve development for the six months, concentrated in the Insurance segment's casualty lines for 2016 through 2019 accident years, and attributes part of the development to social inflation. Total stockholders' equity was $6.89 billion at June 30, 2023, up from $6.75 billion at December 31, 2022, with 257.5 million common shares outstanding. During the six months the company repurchased 7,098,959 shares for $427.6 million and paid a $0.50 special dividend plus regular quarterly dividends. The company also completed the sale of the property and casualty insurance services division of Breckenridge IS, Inc. in June 2023, recognizing a pre-tax net realized gain of $88 million, and recorded a $51 million impairment on a real estate investment in the second quarter. The filing notes that the company's fixed maturity portfolio carried a 2.3-year average duration and that $1.03 billion of gross unrealized losses on fixed maturity securities were recorded at June 30, 2023.

    Aug 3, 2023
  12. 2023-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2023

    W. R. Berkley Corporation's Form 10-Q for the quarter ended March 31, 2023 shows net income to common stockholders of $294.1 million, down from $590.6 million in the first quarter of 2022. Diluted EPS was $1.06 versus $2.12 a year earlier. The decline is attributed mainly to a $270 million after-tax reduction in net investment gains, which in 2022 included the sale of a London real estate investment, along with an after-tax underwriting income reduction of $31 million driven by storm and property losses. Partly offsetting these were an after-tax increase in net investment income of $39 million, driven by rising interest rates and a larger fixed maturity portfolio. Top-line growth was solid. Gross premiums written rose 7% to $3.05 billion, net premiums earned increased 11% to $2.49 billion, and average renewal premium rates for insurance and facultative reinsurance rose 7.2% when adjusted for exposure changes. The consolidated GAAP combined ratio worsened to 90.6% from 87.8%, with the loss ratio up to 61.8% from 59.5%. The filing reports $24 million of adverse prior year reserve development, mainly from property catastrophe losses tied to 2022 events and casualty development on the 2016 through 2019 accident years, which management links to social inflation. Balance sheet and capital activity was steady. Total assets were $34.30 billion and total stockholders' equity was $6.94 billion at March 31, 2023. During the quarter the company repurchased 2,038,391 shares for $135.2 million, and it declared a regular quarterly dividend of $0.10 per share plus a special dividend of $0.50 per share. Net cash from operating activities was $445 million, down from $478 million. The filing states that there were no material changes to risk factors from the 2022 Form 10-K.

    May 4, 2023
  13. 2022-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2022

    W. R. Berkley Corporation reported net income to common stockholders of $228.9 million ($0.82 diluted per share) for the three months ended September 30, 2022, compared with $261.3 million ($0.93 per diluted share) a year earlier. Total revenues for the quarter were $2.72 billion versus $2.42 billion, with net premiums earned of $2.44 billion versus $2.08 billion. The quarter's results were pulled down by $66.3 million of net realized and unrealized investment losses and a consolidated GAAP combined ratio of 92.1% (versus 90.4%), which included $39 million of adverse prior-year reserve development. For the nine months ended September 30, 2022, net income to common stockholders was $998.8 million ($3.57 diluted per share), up from $728.1 million ($2.59 per diluted share). Results were aided by a $251 million after-tax gain on the March 2022 sale of a London office building, higher net investment income of $547.9 million versus $506.6 million, and a consolidated GAAP combined ratio of 89.6% (versus 90.1%). Gross premiums written rose to $8.99 billion from $7.93 billion, and the filing states that average renewal premium rates for insurance and facultative reinsurance rose 6.5%. Balance sheet pressure is visible in accumulated other comprehensive loss, which widened to $1.39 billion from $282 million at December 31, 2021, reflecting unrealized investment losses of $1.08 billion for the nine months. Total stockholders' equity fell to $6.35 billion from $6.65 billion, and book value per outstanding share was stated at $23.88. The filing also discloses $348 million of recognized COVID-19-related losses net of reinsurance, and states that the company expects investment income to rise as interest rates move higher.

    Nov 4, 2022
  14. 2022-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2022

    W. R. Berkley Corporation's quarterly report for the period ended June 30, 2022 shows net income to common stockholders of $179.3 million for the three months ended June 30, 2022, compared with $237.2 million a year earlier, and $770.0 million for the six months ended June 30, 2022, compared with $466.8 million in the prior-year period. The six-month results were supported by a $251 million after-tax net gain from the sale of a London real estate investment in March 2022, which was partly offset by unrealized losses on equity securities. For the second quarter, the decline was mainly due to an after-tax decrease in net investment gains of $158 million, mainly from changes in market value on equity securities, partly offset by higher underwriting income. Underwriting performance remained solid. The consolidated GAAP combined ratio was 88.2% for the six months ended June 30, 2022 versus 89.9% a year earlier, and 88.6% for the three months versus 89.7%. Gross premiums written rose 15% to $5.91 billion for the six months, and net premiums earned increased 21% to $4.61 billion. Average renewal premium rates for insurance and facultative reinsurance rose 6.4% for the six months when adjusted for exposure changes. Balance sheet changes were mixed. Total assets were $32.69 billion at June 30, 2022, and total stockholders' equity was $6.51 billion, down from $6.65 billion at December 31, 2021, mainly because accumulated other comprehensive loss grew to $1.03 billion from $282 million. Senior notes and other debt declined to $1.83 billion from $2.26 billion following repayments at maturity. The filing also reports a 3-for-2 common stock split effected March 23, 2022, and a regular quarterly dividend of $0.10 per share plus a special dividend of $0.50 per share declared in the second quarter.

    Aug 2, 2022
  15. 2022-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2022

    W. R. Berkley Corporation reported first-quarter 2022 net income to common stockholders of $590.6 million, or $2.12 per diluted share, compared with $229.5 million, or $0.82 per diluted share, in the first quarter of 2021. The filing attributes the increase largely to a $251 million after-tax net gain from the March 2022 sale of a London real estate investment, along with higher underwriting income. Gross premiums written rose 15% to $2.86 billion, net premiums earned rose 22% to $2.25 billion, and the consolidated GAAP combined ratio improved to 87.8% from 90.1%, with the loss ratio at 59.5% versus 60.6%. Total assets were $32.25 billion at March 31, 2022, and total stockholders' equity was $6.86 billion, up from $6.65 billion at year-end 2021, although accumulated other comprehensive loss widened to $649.2 million from $282.0 million as unrealized investment losses increased. Senior notes and other debt fell to $1.83 billion from $2.26 billion after the company repaid $77 million of 8.7% senior notes and $350 million of 4.625% senior notes at maturity. Cash and cash equivalents rose to $2.11 billion, and net cash from operating activities was $478 million. Subsequent to quarter end, on April 1, 2022, the company entered into a $300 million senior unsecured revolving credit facility, with no borrowings outstanding as of the report date. The filing also reports a 3-for-2 common stock split effective March 23, 2022, and a quarterly dividend of $0.09 per share.

    May 3, 2022
  16. 2021-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2021

    W. R. Berkley Corporation reported a substantially stronger third quarter and nine months ended September 30, 2021. Net income to common stockholders was $261.3 million for the quarter ($1.40 per diluted share) versus $151.7 million ($0.81 per diluted share) a year earlier, and $728.1 million ($3.89 per diluted share) for the nine months versus $218.5 million ($1.15 per diluted share). Net premiums written rose to $6.59 billion for the nine months from $5.46 billion, and gross premiums written grew 20% to $7.93 billion. The filing attributes the growth to premium rate increases, with average renewal premium rates for insurance and facultative reinsurance up 9.5% for the nine months when adjusted for exposure changes. The consolidated GAAP combined ratio improved to 90.1% from 96.4% for the nine months, and the loss ratio fell to 61.4% from 65.6%. Net investment income rose 26% to $507 million for the nine months, driven mainly by investment funds, which contributed $169.5 million versus $1.3 million a year earlier. Net investment gains of $78.4 million were largely tied to real estate sales. The company also reported $256 million of net COVID-19-related losses recognized to date, with $46 million recognized as current accident year losses in the first nine months, and it said the ultimate impact remains uncertain given the Delta variant and slowing vaccination rates. Balance sheet and capital activity: total assets were $31.54 billion and stockholders' equity was $6.65 billion at September 30, 2021. Senior notes and other debt increased to $2.26 billion from $1.62 billion at year-end 2020, reflecting new issuances of $400 million of 3.55% senior notes due 2052 and $350 million of 3.15% senior notes due 2061, along with the redemption of $400 million of subordinated debentures. The company repurchased $122 million of common stock during the nine months and declared a regular quarterly dividend of $0.13 per share.

    Nov 4, 2021
  17. 2021-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2021

    W. R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2021 reports a strong rebound in earnings. Net income to common stockholders was $237.2 million for the second quarter of 2021 versus $71.3 million in the second quarter of 2020, and $466.8 million for the first six months of 2021 versus $66.8 million a year earlier. Diluted EPS was $1.27 for the quarter and $2.50 for the six months. The filing attributes the increase primarily to higher underwriting income driven by premium rate and exposure growth, a lower loss ratio (partly from lower catastrophe losses) and a lower expense ratio, along with higher net investment income from investment funds and larger net investment gains from real estate sales and equity securities. Gross premiums written rose 25% in the quarter to $2.66 billion, with the Insurance segment up $504 million, and average renewal rates for insurance and facultative reinsurance increased 8.5% excluding exposure changes. The consolidated GAAP combined ratio improved to 89.7% for the quarter from 98.7% a year earlier. COVID-19 current accident year losses were about $40 million for the six months, and the company recognized approximately $241 million of cumulative COVID-19-related losses net of reinsurance as of June 30, 2021. Balance sheet items show total assets of $30.30 billion, total stockholders' equity of $6.58 billion, and senior notes and other debt of $1.91 billion plus subordinated debentures of $1.01 billion. During the period the company issued $400 million of 3.55% senior notes due 2052 and $300 million of 4.125% subordinated debentures due 2061, and redeemed $400 million of subordinated debentures due 2056, incurring debt extinguishment costs of $12 million. The company repurchased 465,063 shares for $30 million in the first half and declared a regular quarterly dividend of $0.13 per share plus a special dividend of $0.50 per share in the second quarter.

    Aug 2, 2021
  18. 2021-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2021

    W. R. Berkley Corporation reported net income to common stockholders of $229.5 million, or $1.23 per diluted share, for the three months ended March 31, 2021, compared with a net loss of $4.4 million, or $(0.02) per diluted share, in the first quarter of 2020. Total revenues rose to $2.16 billion from $1.81 billion. The company attributes the increase mainly to an after-tax swing in net investment gains of $166 million, primarily from equity securities and the gain on disposition of an investment fund, and an after-tax increase in underwriting income of $102 million driven by higher premium rates. Net premiums written grew 11% to $2.05 billion, and the consolidated GAAP combined ratio improved to 90.1% from 96.9%. The filing also highlights a pandemic-related backdrop. The company recognized about $204 million of cumulative COVID-19-related losses, net of reinsurance, and about $15 million of current accident year COVID-19 losses in the quarter. Management states that the ultimate impact remains uncertain. Net investment income fell 9% to $158.6 million, reflecting lower yields on fixed maturity securities, and the average annualized yield on the total portfolio was 3.0%. On the balance sheet, total assets were $29.79 billion and stockholders' equity was $6.41 billion. Senior notes and other debt increased to $2.02 billion from $1.62 billion, and subordinated debentures rose to $1.29 billion from $1.10 billion, following new issuances in February and March 2021 and a redemption of $110 million of 5.90% subordinated debentures. The company also announced the redemption of $290 million of 5.75% subordinated debentures due 2056 on June 1, 2021. During the quarter it repurchased 465,063 shares for $30 million and paid a $0.12 quarterly dividend per share.

    May 5, 2021
  19. 2020-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2020

    W. R. Berkley Corporation's Form 10-Q for the quarter ended September 30, 2020 shows net income to common stockholders of $151.7 million for the third quarter, versus $165.2 million a year earlier, and $218.5 million for the nine months, down from $562.6 million. Diluted EPS was $0.81 for the quarter and $1.15 for the nine months. The filing attributes the nine-month decline mainly to lower net investment gains (a swing to a $60.3 million loss from a $143.7 million gain), COVID-19-related losses of approximately $143 million net of reinsurance, lower net investment income, and reduced investment fund income. Gross premiums written rose 6% to $6.63 billion for the nine months, and the consolidated GAAP combined ratio was 96.4% versus 93.9%. The balance sheet strengthened during the period. Cash and cash equivalents rose to $2.57 billion from $1.02 billion at year-end 2019, as the company repositioned its portfolio toward cash and shortened fixed maturity duration to 2.3 years from 2.8 years. Total debt increased with new senior notes and subordinated debentures, and the company repurchased 5,820,867 shares for $312 million in the nine months. Stockholders' equity was $6.0 billion, or $33.64 per outstanding share. Management states that COVID-19 has materially and adversely affected results, but that financial position and liquidity improved from the second quarter onward. The company also adopted ASU 2016-13 (Credit Losses) on January 1, 2020, which reduced equity by a net $0.2 million through cumulative adjustments. Net reserves for losses and loss expenses were $11.39 billion at September 30, 2020, and the company disclosed that it redeemed $350 million of 5.625% subordinated debentures in October 2020, with an expected pre-tax extinguishment charge of $8 million in the fourth quarter.

    Nov 5, 2020
  20. 2020-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2020

    W. R. Berkley Corporation reported net income to common stockholders of $71.3 million for the second quarter of 2020 (diluted EPS of $0.38), compared with $216.7 million ($1.12 per diluted share) in the second quarter of 2019. For the six months ended June 30, 2020, net income to common stockholders was $66.8 million ($0.35 per diluted share), versus $397.4 million ($2.06) a year earlier. The filing attributes the decline mainly to COVID-19-related losses of approximately $143 million (net of reinsurance) for the six months, lower net investment income from losses on investment funds, a net realized and unrealized investment loss of $82 million for the six months, and a $17.7 million change in the allowance for expected credit losses. Net premiums written grew to $3.59 billion for the six months from $3.45 billion, and the consolidated GAAP combined ratio was 97.8% versus 94.1% a year earlier. The balance sheet shows total assets of $27.32 billion at June 30, 2020, up from $26.63 billion at December 31, 2019. Cash and cash equivalents rose to $2.43 billion from $1.02 billion, and senior notes and other debt increased to $1.73 billion after the May 2020 issuance of $300 million of 4.00% senior notes due 2050. Stockholders' equity fell to $5.80 billion from $6.07 billion, reflected in $299 million of share repurchases in the first half of 2020. The company adopted ASU 2016-13 (credit losses) effective January 1, 2020, and the filing states that the company's financial position and liquidity improved during the second quarter. Management states that COVID-19 has materially and adversely affected results and that its ultimate impact remains uncertain. Average renewal premium rates for insurance and facultative reinsurance rose 10.0% for the six months (12.3% excluding workers' compensation), supporting premium growth despite the pandemic. The filing highlights elevated reserve uncertainty, particularly for workers' compensation and reinsurance lines, and notes that state presumptions for "essential" workers could increase workers' compensation claims.

    Aug 3, 2020
  21. 2020-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2020

    W. R. Berkley Corporation reported a net loss to common stockholders of $4.4 million ($0.02 per diluted share) for the first quarter of 2020, compared with net income of $180.7 million ($0.94 per diluted share) in the first quarter of 2019. Total revenues were $1.81 billion versus $1.94 billion a year earlier. The decline was driven primarily by net investment losses of $177.2 million, which reflected unrealized losses on equity securities of $154.5 million and a $33.9 million change in the allowance for expected credit losses, both tied to COVID-19 market disruption and the adoption of ASU 2016-13. Underwriting results were also hurt by COVID-19: the consolidated GAAP combined ratio rose to 96.9% from 94.3%, and the company recorded a preliminary COVID-19 reserve of approximately $67 million. Top-line growth remained solid. Gross premiums written rose 9% to $2.23 billion, net premiums written rose 8% to $1.85 billion, and net premiums earned rose 6% to $1.69 billion. Average renewal premium rates for insurance and facultative reinsurance increased 9.4%, or 11.9% excluding workers' compensation. Net investment income increased 10% to $174.8 million, largely from higher income from investment funds. Management stated that investment funds were reported on a one-quarter lag, so the first-quarter figures did not reflect the COVID-19 market decline, and it expects a meaningful decline in asset values for certain energy and transportation funds in the second quarter. Balance sheet and capital activity also changed. Total stockholders' equity fell to $5.49 billion from $6.07 billion at year-end 2019, mainly due to a $589.5 million accumulated other comprehensive loss and $202.6 million of share repurchases. The company repurchased 3,650,759 shares for $203 million during the quarter and paid $20.1 million in dividends ($0.11 per share). Total investments were $18.04 billion, and the fixed maturity portfolio carried an average duration of 2.7 years.

    May 4, 2020
  22. 2019-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2019

    W. R. Berkley Corporation's Form 10-Q for the quarter ended September 30, 2019 reports net income to common stockholders of $165.2 million for the third quarter of 2019, compared with $161.9 million in the third quarter of 2018, and $562.6 million for the nine months ended September 30, 2019, compared with $508.4 million a year earlier. Diluted net income per share was $0.85 for the quarter and $2.91 for the nine months. Net premiums written rose to $1.75 billion for the quarter and $5.20 billion for the nine months, and the consolidated GAAP combined ratio was 93.6% for the quarter and 93.9% for the nine months, compared with 95.9% and 95.2% a year earlier. Net investment income declined to $161.7 million for the quarter from $186.1 million, mainly due to lower income from investment funds. Total assets were $26.22 billion at September 30, 2019, up from $24.90 billion at December 31, 2018, and total stockholders' equity was $6.06 billion. Net cash from operating activities was $795.0 million for the nine months, compared with $342.5 million a year earlier. During the third quarter the company repaid $441 million of senior notes at maturity, and senior notes and other debt fell to $1.43 billion from $1.88 billion at year-end 2018. The filing notes favorable prior year reserve development of $17.2 million for the nine months, with favorable workers' compensation development partly offset by adverse general liability, professional liability and commercial auto development. The company also reports that no material changes were made to risk factors from its 2018 Form 10-K, and that it did not repurchase shares during the nine months ended September 30, 2019.

    Nov 7, 2019
  23. 2019-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2019

    W. R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2019 reports net income to common stockholders of $216.7 million for the second quarter of 2019, versus $180.1 million a year earlier, and $397.4 million for the six months, versus $346.5 million. Diluted EPS was $1.12 for the quarter and $2.06 for the six months, compared with $0.93 and $1.80 in 2018. Per-share figures reflect the 3-for-2 stock split effected April 2, 2019. Total revenues were $2.02 billion for the quarter and $3.96 billion for the six months, and the consolidated GAAP combined ratio was 93.9% for the quarter and 94.1% for the six months, compared with 94.9% and 94.8% a year earlier. Net investment income rose 22% in the quarter to $188.3 million, driven mainly by investment funds, which contributed $46.8 million versus $12.7 million in the prior-year quarter. Gross premiums written grew 7% in the quarter to $2.09 billion, led by the Insurance segment, and the Company reported favorable prior-year reserve development of $13.6 million for the six months. Total assets were $26.49 billion at June 30, 2019, up from $24.90 billion at December 31, 2018, and total stockholders' equity rose to $5.98 billion from $5.44 billion. The filing notes that the company renamed its Reinsurance segment to Reinsurance & Monoline Excess in 2019, and that cash flow from operations improved to $403 million for the first six months from $119 million a year earlier. Management states that there were no material changes to risk factors and that no shares were repurchased during the six months, leaving 8,911,397 shares authorized for purchase.

    Aug 5, 2019
  24. 2019-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2019

    W. R. Berkley Corporation's Form 10-Q for the quarter ended March 31, 2019 reports net income to common stockholders of $180.7 million, or $0.94 per diluted share, compared with $166.4 million, or $0.87 per diluted share, in the first quarter of 2018. Net premiums written rose to $1.71 billion from $1.67 billion, and net premiums earned rose to $1.59 billion from $1.57 billion. The consolidated GAAP combined ratio was 94.3% versus 94.6% a year earlier, with the Insurance segment at 94.0% and Reinsurance & Monoline Excess at 96.8% (compared with 101.3%). Net investment income declined to $158.3 million from $174.5 million, mainly because income from investment funds fell by $29 million, while net realized and unrealized gains on investments rose to $68.7 million. Total assets were $25.59 billion at March 31, 2019, up from $24.90 billion at December 31, 2018, and total stockholders' equity was $5.76 billion, or $31.47 per outstanding share. Cash flow from operating activities was $78.3 million, compared with $20.0 million used in the prior-year period, which the company attributes to reduced loss and loss expense payments and long-term incentive plan payments. The filing also notes a 3-for-2 common stock split effected April 2, 2019, and the renaming of the Reinsurance segment to Reinsurance & Monoline Excess, with monoline excess business reclassified from the Insurance segment. Favorable prior year reserve development, net of premium offsets, was $6.7 million in the quarter, and the company repurchased no shares during the period. The filing states that there were no material changes to the risk factors previously disclosed in the 2018 Form 10-K, and it discloses no material pending litigation beyond ordinary-course matters described in Note 20.

    May 8, 2019
  25. 2018-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2018

    W. R. Berkley Corporation's 10-Q for the quarter ended September 30, 2018 reports net income to common stockholders of $508.4 million for the nine months, up from $394.5 million in 2017, and $161.9 million for the third quarter, flat with $162.1 million a year earlier. The filing attributes the nine-month increase mainly to higher after-tax underwriting income ($82 million), higher net investment income ($69 million, driven by fixed maturity growth, higher rates and investment funds), and lower tax expense ($52 million) from the federal corporate tax rate cut to 21%, partially offset by a $108 million decline in after-tax net investment gains. Net premiums written rose 3% to $4.91 billion for the nine months, and the consolidated GAAP combined ratio improved to 95.2% from 97.3%, with the Reinsurance segment's combined ratio falling to 105.3% from 123.2%. Balance sheet growth was driven by real estate and investment funds. Total assets reached $24.86 billion and total stockholders' equity was $5.44 billion, with book value per outstanding share stated at $44.53. Accumulated other comprehensive loss widened to $474.9 million, reflecting unrealized investment losses and currency translation. The company issued $175 million and $10 million of 5.70% subordinated debentures due 2058 in March and April 2018, plus $20 million of subsidiary debt, and repurchased only 101,000 shares for $6.8 million in the nine months. The filing also notes the adoption of ASU 2016-01 on January 1, 2018, which moved equity security fair value changes through net income. As a result, net realized and unrealized gains for the nine months included $280 million of unrealized losses on equity securities, which contributed to the decline in investment gains. Management states there were no material changes to risk factors from its 2017 Form 10-K.

    Nov 8, 2018
  26. 2018-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2018

    W. R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2018 reports net income to common stockholders of $180.1 million for the three months and $346.5 million for the six months, compared with $109.0 million and $232.5 million in the prior-year periods. Diluted EPS was $1.40 for the quarter and $2.70 for the six months, versus $0.85 and $1.81 in 2017. The filing attributes the six-month increase mainly to higher net investment income (up to $328.3 million from $284.1 million), larger net realized and unrealized gains ($118.1 million versus $92.8 million), and a $39 million decrease in tax expense tied to the federal corporate tax rate cut from 35% to 21%. Underwriting results were steady. The consolidated GAAP combined ratio was 94.8% for the six months versus 95.4% in 2017, with the Insurance segment at 93.9% and the Reinsurance segment at 104.2%. Gross premiums written rose 3% to $3,927 million for the six months, and net premiums earned were essentially flat at $3,148 million. Favorable prior year reserve development was $19.3 million for the six months, though Reinsurance recorded $7.2 million of adverse development. Balance sheet and capital changes included total assets of $24.62 billion and total stockholders' equity of $5.43 billion at June 30, 2018. Accumulated other comprehensive loss grew to $395.8 million, largely from currency translation and unrealized investment losses. In March and April 2018 the company issued $185 million of 5.70% subordinated debentures due 2058, and it reported a $1.9 billion investment in real estate, up from $1.5 billion at year-end 2017. Operating cash flow fell to $119.4 million from $224.9 million, which the filing attributes to the timing of loss payments, long-term incentive payments and tax payments.

    Aug 6, 2018
  27. 2018-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2018

    W. R. Berkley Corporation reported net income to common stockholders of $166.4 million for the first quarter of 2018, compared with $123.4 million in the first quarter of 2017. Diluted net income per share was $1.30, versus $0.96 a year earlier. Total revenues rose to $1.89 billion from $1.87 billion, while net premiums earned were roughly flat at $1.57 billion. The filing attributes the increase in net income mainly to higher net investment income, which reached $174.5 million versus $148.9 million, along with improved underwriting income and a lower tax expense following the reduction of the federal corporate tax rate from 35% to 21%. Underwriting results improved. The consolidated GAAP combined ratio was 94.6%, compared with 95.7% in the prior-year quarter. The Insurance segment posted a combined ratio of 93.4%, and the Reinsurance segment posted 107.4%, down from 112.9%. Favorable prior-year reserve development was $12.2 million net of premium offsets. Gross premiums written grew 2% to $1.98 billion, with Insurance up and Reinsurance down. Balance sheet and cash flow changes were notable. Total assets reached $24.59 billion and total equity $5.49 billion. The company issued $175 million of 5.70% subordinated debentures due 2058, and subordinated debentures increased to $897.4 million. Operating cash flow was negative $20.0 million, compared with positive $75.5 million a year earlier, which the filing attributes mainly to the timing of loss payments, long-term incentive plan payments, and tax payments. Real estate investments rose to $1.83 billion from $1.47 billion at year-end 2017.

    May 7, 2018
  28. 2017-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2017

    W. R. Berkley Corporation's Form 10-Q for the quarter ended September 30, 2017 reports net income to common stockholders of $162.1 million for the third quarter of 2017, compared with $220.7 million in the prior-year quarter, and $394.5 million for the nine months compared with $449.1 million. Diluted EPS was $1.26 for the quarter versus $1.72, and $3.05 for the nine months versus $3.50. The filing attributes the decline mainly to increased catastrophe losses from Hurricanes Harvey, Irma and Maria and two earthquakes in Mexico. The consolidated GAAP combined ratio rose to 101.0% in the quarter from 93.9%, with the Reinsurance segment's combined ratio reaching 153.6%, while the Insurance segment's was 95.6%. Gross premiums written were flat at $1.87 billion for the quarter, and net investment gains helped offset some of the underwriting pressure. Balance sheet growth was notable: total assets reached $24.34 billion and total stockholders' equity was $5.43 billion, up from $5.05 billion at December 31, 2016. Book value per outstanding share was $44.60. Fixed maturity securities totaled $13.87 billion, and the filing notes the portfolio is largely highly liquid, with approximately 80% invested in cash, cash equivalents and marketable fixed maturity securities. Operating cash flow for the nine months fell to $521.9 million from $726.5 million, which the company attributes mainly to timing of loss payments and tax payments. The filing also records a $124 million pre-tax gain from the sale of an office building in Washington, D.C., which lifted net realized investment gains, and reports that the company repurchased 441,119 shares for $28.4 million in September 2017. The repurchase authorization was increased to 10,000,000 shares on August 8, 2017. The company reports no material changes to risk factors from its 2016 Form 10-K.

    Nov 8, 2017
  29. 2017-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2017

    W. R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2017 reports net income to common stockholders of $109.0 million for the three months and $232.5 million for the six months, compared with $109.0 million and $228.5 million in the prior-year periods. Diluted EPS was $0.85 for the quarter (flat versus 2016) and $1.81 for the six months (up from $1.78). Net premiums written for the six months fell 3% to $3.21 billion, driven by a 23% decline in gross reinsurance premiums, while net premiums earned rose 2% to $3.14 billion. Net investment income increased 10% to $284 million, and net realized investment gains reached $92.8 million for the six months versus $31.8 million a year earlier. Underwriting results weakened in reinsurance: the Reinsurance segment's six-month GAAP combined ratio was 108.7%, up from 99.3%, largely due to $25.8 million of adverse prior-year development tied to UK Ogden discount rate changes. The consolidated GAAP combined ratio was 95.4% for the six months versus 94.2% a year earlier. Insurance segment results were steadier, with a 94.0% combined ratio. Total assets reached $23.99 billion and total equity $5.33 billion at June 30, 2017, while operating cash flow declined to $225 million from $332 million. A subsequent event disclosed in the filing is the July 2017 sale of a Washington, D.C. office building, which the company expects to generate a pre-tax gain of approximately $120 million in the third quarter of 2017.

    Aug 7, 2017
  30. 2017-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2017

    W. R. Berkley Corporation reported net income to common stockholders of $123.4 million ($0.96 per diluted share) for the first quarter ended March 31, 2017, compared with $119.5 million ($0.93 per diluted share) in the prior-year quarter. Total revenues were $1.87 billion, up from $1.81 billion, and net premiums earned rose to $1.57 billion from $1.53 billion. The consolidated GAAP combined ratio was 95.7%, compared with 93.5% a year earlier, with the Reinsurance segment's combined ratio rising to 112.9% from 97.6%, largely due to adverse prior-year development tied to the change in the UK Ogden discount rate. Net investment income increased to $148.9 million from $130.1 million, and net realized investment gains were $52.3 million versus $25.4 million. The balance sheet grew modestly, with total assets of $23.55 billion at March 31, 2017 versus $23.35 billion at December 31, 2016, and total stockholders' equity of $5.18 billion versus $5.05 billion. Operating cash flow fell to $75.5 million from $140.8 million, which the filing attributes primarily to the timing of loss and loss expense payments and premium collections. Gross premiums written were $1.94 billion, a decrease of 1%, driven by an 18% decline in Reinsurance gross premiums. The company acquired an 89.5% interest in a textile solutions business for $72.5 million in March 2017. The filing reports no share repurchases during the quarter, and it states there were no material changes to the risk factors in the company's 2016 Form 10-K.

    May 5, 2017
  31. 2016-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2016

    W. R. Berkley Corporation reported net income to common stockholders of $220.7 million for the three months ended September 30, 2016, compared with $152.6 million a year earlier, and diluted EPS of $1.72 versus $1.18. For the nine months, net income was $449.1 million, a 14% increase, and diluted EPS was $3.50 versus $3.02. The filing attributes the quarterly gain mainly to after-tax net investment gains of $79 million, including a $134.9 million gain on the July 2016 sale of Aero Precision Industries. Gross premiums written grew 3% to $1.87 billion in the quarter and 5% to $5.76 billion for the nine months, with the Insurance segment's nine-month GAAP combined ratio at 93.5% and the consolidated nine-month GAAP combined ratio at 94.1%. The balance sheet expanded over the period, with total assets of $23.35 billion at September 30, 2016, up from $21.72 billion at December 31, 2015. Subordinated debentures rose to $727.4 million from $340.3 million after the company issued $110 million of 5.9% and $290 million of 5.75% subordinated debentures due 2056. Total stockholders' equity reached $4.93 billion, and the company repurchased 1,821,340 shares for $99.3 million during the nine months. Management notes that low fixed maturity yields continue to push the company toward alternative investments, which it says produce greater income volatility. Subsequent to quarter end, the company sold about 2.2 million shares of HealthEquity, Inc. in October 2016 for a realized gain of approximately $65 million, and it will carry the remaining stake at fair value going forward. The filing states there are no material changes to risk factors from the 2015 Form 10-K as updated by the second-quarter 2016 Form 10-Q.

    Nov 7, 2016
  32. 2016-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2016

    W. R. Berkley Corporation's quarterly report for the period ended June 30, 2016 shows continued premium growth alongside lower earnings. Net income to common stockholders was $228.5 million for the six months, versus $241.3 million a year earlier, a 5% decrease that the company attributed mainly to lower after-tax net investment gains. Diluted EPS was $1.78 for the six months (versus $1.84) and $0.85 for the quarter (versus $0.95). Gross premiums written rose 6.3% to $3.90 billion, and net premiums earned rose 4.1% to $3.09 billion. The consolidated GAAP combined ratio was 94.2% for the six months, compared with 94.0% in 2015. The balance sheet grew over the period. Total assets were $23.03 billion at June 30, 2016, up from $21.72 billion at December 31, 2015, and total stockholders' equity was $4.90 billion. Subordinated debentures increased from $340 million to $727 million after the company issued $110 million of 5.9% and $290 million of 5.75% subordinated debentures due 2056. Net investment income increased 2.8% to $259 million, and the company reported $18.1 million of other-than-temporary impairments on common stocks during the six months. The filing also reports a pending transaction and a risk disclosure. In July 2016 the company agreed to sell Aero Precision Industries and certain related aviation services businesses, with an expected pre-tax gain of approximately $130 million and closing expected in the third quarter of 2016. The company added a risk factor on the U.K. vote to leave the European Union, citing potential effects on investment results, exchange rates and interest rates.

    Aug 5, 2016
  33. 2016-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2016

    W. R. Berkley Corporation's Form 10-Q for the quarter ended March 31, 2016 reports net income to common stockholders of $119.5 million, compared with $118.3 million in the first quarter of 2015, and diluted EPS of $0.93 versus $0.89. Gross premiums written rose to $1.96 billion from $1.85 billion, with Insurance gross premiums up 4% and Reinsurance up 21%. Net premiums earned increased to $1.53 billion from $1.47 billion, and the consolidated GAAP combined ratio improved slightly to 93.5% from 93.9%. Net investment income increased to $130.1 million from $124.2 million, driven mainly by a $10 million increase in income from investment funds, partly offset by a decline in arbitrage trading account income. The company recorded $18.1 million of other-than-temporary impairments on common stocks in the quarter, which was largely offset by $25.5 million of net realized investment gains. Total assets were $22.23 billion at March 31, 2016, up from $21.72 billion at December 31, 2015, and total stockholders' equity was $4.75 billion. The company issued $110 million of 5.9% junior subordinated debentures due 2056 in March 2016, and repurchased 734,055 shares for $37 million during the quarter. The company also acquired an 85% interest in a promotional merchandise distributor for $42.3 million. Management noted that current price levels for certain lines remain below the prices needed to meet long-term return objectives, and that returns on fixed maturity investments remain at historically low levels.

    May 10, 2016
  34. 2015-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2015

    W. R. Berkley Corporation's Form 10-Q for the quarter ended September 30, 2015 shows net income to common stockholders of $152.6 million for the third quarter of 2015, compared with $188.5 million in the same period of 2014, and $393.9 million for the nine months compared with $538.2 million a year earlier. Management attributes the nine-month decline primarily to lower after-tax net investment gains ($87 million lower) and lower after-tax net investment income ($72 million lower). Net premiums written rose to $4.69 billion for the nine months from $4.54 billion, and net premiums earned rose to $4.50 billion from $4.24 billion, with the consolidated GAAP combined ratio at 94.0% versus 93.9% a year earlier. Diluted EPS was $3.02 for the nine months, versus $4.02 in 2014. Investment income is a notable drag. Net investment income fell to $385 million for the nine months from $487 million, driven mainly by a $84 million decrease in income from investment funds, including a $25 million loss from energy funds. The company expects an after-tax loss of approximately $9 million from energy funds in the fourth quarter of 2015. Fixed maturity securities, which make up 76.9% of total investments, carried an average annualized yield of 3.3% for the nine months, down from 3.5% a year earlier. Stockholders' equity was $4.58 billion at quarter-end, and the company repurchased 4,502,025 shares for $224 million during the nine months. Balance sheet and capital metrics were broadly stable. Total assets were $21.74 billion, senior notes and other debt declined to $1.84 billion from $2.12 billion after a $279 million repayment, and net loss reserves were $9.23 billion. Net favorable prior-year reserve development was $49 million for the nine months, primarily from Insurance-Domestic excess and surplus lines casualty business.

    Nov 9, 2015
  35. 2015-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2015

    W. R. Berkley Corporation's 10-Q for the quarter ended June 30, 2015 reports net income to common stockholders of $123.0 million for the three months, compared with $180.0 million in the prior-year period, and $241.3 million for the six months versus $349.6 million. The filing attributes the decrease mainly to lower after-tax net investment gains and lower after-tax net investment income. Diluted EPS was $0.95 for the quarter versus $1.35 a year earlier, and $1.84 for the six months versus $2.60. Net premiums written rose to $1.54 billion for the quarter (up from $1.49 billion), and net premiums earned rose to $1.49 billion. The consolidated GAAP combined ratio was 94.2% for the quarter versus 94.4% a year earlier, and 94.0% for the six months versus 94.2%. Net investment income fell to $127.6 million for the quarter from $138.7 million, reflecting lower income from the arbitrage trading account and investment funds, with the six-month figure falling 18% to $252 million. Total stockholders' equity was $4.50 billion at June 30, 2015, against $4.59 billion at December 31, 2014. Total assets were $21.69 billion. Accumulated other comprehensive income declined to $86.1 million from $183.6 million, driven by unrealized investment losses. The company repurchased 4,395,912 shares for $218 million in the first six months, and the board raised the repurchase authorization to 10 million shares in June 2015, with 9,353,091 remaining available at June 30, 2015. The filing also notes that $350 million of 4.75% senior notes due 2044 were issued in August 2014, and that $200 million of 5.60% senior notes were repaid at maturity on May 15, 2015. Senior notes and other debt declined to $1.84 billion from $2.12 billion. Management states there were no material changes to risk factors from the 2014 Form 10-K.

    Aug 7, 2015
  36. 2015-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2015

    W. R. Berkley Corporation reported first-quarter 2015 net income to common stockholders of $118.3 million ($0.89 per diluted share), down from $169.7 million ($1.25 per diluted share) in the first quarter of 2014. The filing attributes the decline primarily to lower after-tax net investment income ($29 million) and lower after-tax net investment gains ($22 million). Net premiums written rose 3% to $1.58 billion and net premiums earned rose 8% to $1.47 billion, while the consolidated GAAP combined ratio was 93.9% in both periods. Net investment income fell 26% to $124.2 million, driven by a $48 million decline in income from investment funds, largely from energy fund losses. The balance sheet remained substantial, with total assets of $21.85 billion and total stockholders' equity of $4.58 billion at March 31, 2015. Total investments were $16.06 billion, with fixed maturity securities of $12.65 billion carrying a 3.2-year average duration. Operating cash flow fell to $61 million from $143 million, which the company attributed mainly to the timing of premium collections and expense payments. The company repurchased 1,830,490 shares for $91 million during the quarter and paid $13.7 million in dividends. Management noted that current market price levels for certain lines remain below the prices required to achieve long-term return objectives, and that the company's new $350 million 4.75% senior notes due 2044 will partly fund repayment of $200 million of 5.60% notes due May 15, 2015. The filing states there were no material changes to risk factors from the 2014 Form 10-K, and no adverse legal outcome is expected to be material to financial condition, though adverse results could affect operating results in a given period.

    May 4, 2015
  37. 2014-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2014

    W. R. Berkley Corporation's Form 10-Q for the quarter ended September 30, 2014 reports net income to common stockholders of $188.5 million for the third quarter of 2014, compared with $137.0 million in the same quarter of 2013, and $538.2 million for the first nine months of 2014 versus $369.5 million a year earlier. Diluted EPS was $1.42 for the quarter and $4.02 for the nine months. Gross premiums written rose 9% to $5.36 billion for the nine months, and net premiums earned increased 10% to $4.24 billion. The consolidated GAAP combined ratio was 93.9% for the nine months (95.1% in 2013) and 93.5% for the quarter. Net investment income increased 20% to $486.7 million for the nine months, driven mainly by income from investment funds, which rose to $135.2 million from $45.2 million. Net realized investment gains were $234.2 million for the nine months, including an $86 million gain on the sale of a London office building. Total assets reached $22.10 billion and total stockholders' equity was $4.71 billion at September 30, 2014. The company repurchased 5,647,003 shares for $230 million in the first nine months, and in August 2014 issued $350 million of 4.75% senior notes due 2044, part of whose proceeds will repay $200 million of 5.60% notes due May 2015. Management notes that the fixed maturity portfolio's average duration fell to 3.1 years, that low fixed maturity returns continue to pressure investment income, and that the market remains competitive, with some lines priced below levels needed to meet long-term return objectives. Reinsurance-Global gross premiums fell 14% for the nine months, while Insurance-Domestic grew 13%. The filing reports no material changes to risk factors from the 2013 Form 10-K.

    Nov 7, 2014
  38. 2014-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2014

    W. R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2014 reports net income to common stockholders of $179.96 million for the second quarter, up from $115.96 million a year earlier, and $349.63 million for the six months, up from $232.57 million. Diluted EPS was $1.35 for the quarter and $2.60 for the six months. Management attributes the increase primarily to higher after-tax net investment gains, including an $86 million gain on the sale of a London office building, and higher after-tax underwriting income. Net premiums written rose 11% to $1.49 billion for the quarter and the consolidated GAAP combined ratio improved to 94.4% from 96.6%, with the Insurance-Domestic segment driving much of the gain. Net investment income fell 3% in the quarter to $138.7 million, reflecting lower yields on fixed maturity securities (average annualized yield of 3.3%, down from 3.6%), partly offset by higher income from investment funds. Gross premiums written grew 10% to $1.77 billion, though Reinsurance-Global premiums declined 18% amid increasingly competitive conditions. Total assets were $21.17 billion and total stockholders' equity was $4.62 billion at June 30, 2014. The company repurchased 4,908,701 shares for $197 million in the first half of 2014. Subsequent to quarter-end, on August 6, 2014, the company issued $350 million of 4.75% senior notes due 2044, with proceeds earmarked to repay $200 million of senior notes due May 15, 2015 and the remainder for general corporate purposes.

    Aug 7, 2014
  39. 2014-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2014

    W. R. Berkley Corporation reported net income to common stockholders of $169.7 million, or $1.25 per diluted share, for the three months ended March 31, 2014, compared with $116.6 million, or $0.83 per diluted share, in the prior-year quarter. Total revenues rose to $1.71 billion from $1.51 billion, driven by net premiums earned of $1.36 billion (up from $1.23 billion), net investment income of $168.7 million (up from $135.9 million), and net investment gains of $52.8 million (up from $20.0 million). Gross premiums written were $1.81 billion, an increase of 11% from $1.63 billion, and the company cited rate increases and increased exposures as the drivers, with average renewal premium rates up 4.6%. The consolidated GAAP combined ratio improved to 93.9% from 94.7%, with the Insurance-Domestic segment's combined ratio improving to 92.2% from 95.5%, while the Insurance-International and Reinsurance-Global segments deteriorated to 99.3% and 97.4%, respectively. Net favorable prior year reserve development was $25 million. Investment funds were a notable contributor to income, generating $53.8 million versus $10.9 million a year earlier, while the average annualized yield on fixed maturity securities declined to 3.4% from 3.7%. Balance sheet and capital activity included total assets of $20.70 billion and total stockholders' equity of $4.38 billion at March 31, 2014. During the quarter the company repurchased 4,808,187 common shares for $193 million and paid $12.8 million in dividends to common stockholders. Cash and cash equivalents declined to $643.6 million from $839.7 million at year-end 2013.

    May 12, 2014
  40. 2013-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2013

    W. R. Berkley Corporation's Form 10-Q for the quarter ended September 30, 2013 shows net income to common stockholders of $136.97 million for the third quarter, up from $100.95 million a year earlier, with diluted EPS of $0.97 versus $0.71. For the nine months, net income was $369.55 million ($2.62 diluted EPS) versus $345.10 million ($2.41). Gross premiums written rose 14% to $4.92 billion for the nine months, and net premiums earned rose 12% to $3.84 billion. The consolidated GAAP combined ratio improved to 95.1% from 96.8% for the nine months, and the loss ratio fell to 61.1% from 62.5%. Net investment income declined 7% to $405 million for the nine months, reflecting lower fixed maturity yields, which fell from 3.8% to 3.5%. Investment funds and the arbitrage trading account were the offsetting contributors. Total stockholders' equity was $4.37 billion at September 30, 2013, compared with $4.31 billion at December 31, 2012. Book value per outstanding share was $32.32, and the company repurchased shares during the third quarter. Cash flow from operations increased to $627 million for the nine months from $453 million, and the company retired $464 million of senior notes and other debt while issuing $350 million of 5.625% subordinated debentures due 2053. The filing also discloses a pending legal matter: on October 25, 2013, a policyholder of an insurance subsidiary was found liable for damages that could reach $151 million before judgment interest, against a policy limit of $1 million. The company may face extra-contractual exposure above the limit and believes it has meritorious grounds to contest the matter. Management expects its ultimate liability will not be material to financial condition, although adverse outcomes could be material to results in a particular period.

    Nov 8, 2013
  41. 2013-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2013

    W. R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2013 shows net income to common stockholders of $115.957 million for the three months ended June 30, 2013, compared with $108.838 million in the prior-year quarter, and $232.572 million for the six months versus $244.156 million a year earlier. Diluted EPS was $0.82 for the quarter (versus $0.76) and $1.65 for the six months (versus $1.70). The filing attributes the six-month decrease mainly to lower after-tax net investment income of $27 million and lower after-tax net investment gains of $12 million, partly offset by higher after-tax underwriting income of $33 million. Top-line growth was strong. Gross premiums written rose 15% to $3.250 billion for the six months, and net premiums earned increased 12% to $2.515 billion. Consolidated GAAP combined ratio improved to 95.6% for the six months from 97.4%, and to 96.6% for the quarter from 98.2%. Net investment income fell 12% to $280 million for the six months, as the average annualized yield on fixed maturity securities declined from 3.8% to 3.7% and investment fund income dropped sharply. Management expects investment income on the fixed maturity portfolio to keep declining if interest rates stay at current low levels. Balance sheet changes were modest. Total assets were $20.212 billion and total stockholders' equity was $4.239 billion at June 30, 2013. The company issued $350 million of 5.625% Subordinated Debentures due 2053 in May 2013 and prepaid $250 million of 6.750% Subordinated Debentures due 2045, and repurchased 31,362 thousand dollars of treasury stock in the six months. The filing reports favorable prior-year reserve development of $42 million for the six months and no material changes to risk factors from the 2012 Form 10-K.

    Aug 6, 2013
  42. 2013-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2013

    W. R. Berkley Corporation's first-quarter 2013 Form 10-Q reports net income to common stockholders of $116.6 million ($0.83 per diluted share), down from $135.3 million ($0.94 per diluted share) in the first quarter of 2012. The filing attributes the decrease mainly to lower after-tax net investment gains ($13.0 million versus $31.1 million) and lower net investment income ($135.9 million versus $157.6 million), partially offset by higher underwriting income. Total revenues rose to $1.51 billion from $1.38 billion, driven by net premiums earned of $1.23 billion (up from $1.10 billion) and $91.7 million of revenues from wholly-owned investees, which were acquired aviation-related businesses. Gross premiums written grew 16% to $1.63 billion, and the consolidated GAAP combined ratio improved to 94.7% from 96.5%. The balance sheet remained substantial, with total assets of $20.12 billion and total stockholders' equity of $4.38 billion at March 31, 2013. Fixed maturity securities totaled $11.67 billion, and the fixed maturity portfolio's average duration was 3.3 years. Management notes that returns on fixed maturity investments are at historically low levels, which continues to weigh on investment income. Senior notes and other debt declined to $1.69 billion from $1.87 billion after a $200 million repayment at maturity. A subsequent event disclosed that on May 2, 2013, the company issued $350 million of 5.625% Subordinated Debentures due 2053. Proceeds will fund the $250 million redemption of 6.750% Subordinated Debentures due 2045 on May 26, 2013, with the remainder for general corporate purposes. No shares were repurchased in the quarter, and 9,068,093 shares remain available under the repurchase plan.

    May 6, 2013
  43. 2012-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2012

    W. R. Berkley Corporation reported net income to common stockholders of $345.1 million for the nine months ended September 30, 2012, compared with $274.2 million in 2011, and $100.9 million for the three months ended September 30, 2012, compared with $76.4 million a year earlier. Diluted EPS was $2.41 for the nine months (vs. $1.87) and $0.71 for the quarter (vs. $0.53). Net premiums written rose 12% for the nine months to $3.67 billion, and gross premiums written grew 13% to $4.33 billion, driven by Specialty, International and Alternative Markets. The consolidated GAAP combined ratio improved to 96.8% for the nine months from 99.0%, and to 95.8% for the quarter from 99.3%, helped by lower catastrophe losses and favorable prior-year reserve development of $83 million. Total investments were $14.29 billion at September 30, 2012, with fixed maturity securities making up 83.3% of the total. Total assets reached $19.93 billion and total stockholders' equity was $4.32 billion. Senior notes and other debt increased to $1.88 billion from $1.50 billion at year-end 2011, reflecting the March 2012 issuance of $350 million of 4.625% senior notes. The company repurchased shares during the quarter, and its repurchase authorization was increased to 10,000,000 shares on August 7, 2012. The filing notes that the adoption of revised deferred policy acquisition cost guidance reduced stockholders' equity by $55 million as of January 1, 2012. Management stated that prices began rising in 2011 and accelerated in the first nine months of 2012, but that loss costs are also rising and that current prices for certain lines remain below the company's return objectives. Net investment income increased 6% for the nine months to $435 million, while the average annualized yield on fixed maturity securities declined to 3.8% from 4.0%.

    Nov 8, 2012
  44. 2012-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2012

    W. R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2012 reports net income to common stockholders of $108.8 million for the three months ended June 30, 2012, compared with $82.2 million in the prior-year period, and $244.2 million for the six months, compared with $197.8 million. Diluted EPS was $0.76 for the quarter and $1.70 for the six months. Net premiums written were $1.19 billion for the quarter and $2.39 billion for the six months, and gross premiums written rose 12.6% to $2.83 billion for the six months, driven mainly by the specialty and international segments. The consolidated GAAP combined ratio was 98.2% for the quarter and 97.4% for the six months, versus 101.2% and 98.9% a year earlier. The balance sheet grew to $19.46 billion in total assets at June 30, 2012, from $18.40 billion at December 31, 2011. Senior notes and other debt rose to $1.87 billion from $1.50 billion following the issuance of $350 million of 4.625% senior notes in March 2012. Total stockholders' equity was $4.21 billion, and book value per outstanding share was $30.68. The filing notes that adoption of new deferred acquisition cost guidance reduced stockholders' equity by $55 million as of January 1, 2012. Investment income rose to $161.3 million for the quarter, helped by investment funds income, while the average annualized yield on fixed maturity securities declined to 3.8% from 4.1% a year earlier. The company expects a pre-tax loss of about $20 million ($13 million after tax) from energy funds for the second quarter, to be reported in the third quarter of 2012. Management states that the favorable prior-year reserve development was $55 million for the six months, and that the company repurchased 1,287,203 shares in June 2012 at an average price of $37.56.

    Aug 8, 2012
  45. 2012-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2012

    W. R. Berkley Corporation's first-quarter 2012 Form 10-Q reports net income to common stockholders of $135.3 million, or $0.94 per diluted share, compared with $115.6 million, or $0.78 per diluted share, in the first quarter of 2011. Total revenues rose to $1,378.7 million from $1,234.4 million, driven by net premiums earned of $1,099.7 million (up from $982.5 million) and net investment gains of $47.5 million. Gross premiums written grew 10% to $1,401.5 million, with the company citing rate increases and volume growth, particularly in the International and Specialty segments. The consolidated GAAP combined ratio was 96.5% in both periods, and favorable prior-year reserve development was $25.2 million, down from $51.3 million a year earlier. The balance sheet grew over the quarter, with total assets reaching $19.13 billion at March 31, 2012, up from $18.40 billion at December 31, 2011. Senior notes and other debt increased to $1.85 billion from $1.50 billion following the March 2012 issuance of $350 million of 4.625% senior notes. Total stockholders' equity rose to $4.13 billion from $3.95 billion, supported by retained earnings and a $38.4 million increase in other comprehensive income. The company adopted new deferred policy acquisition cost guidance effective January 1, 2012, retrospectively restating prior periods and reducing equity by $55 million as of that date. Investment income increased 8% to $158 million, with the average annualized gross yield at 4.5%. The fixed maturity portfolio, which accounts for 83.8% of total investments, had an average duration of 3.4 years. Management noted that prices began rising in 2011 and that the rate of increase accelerated in the first quarter of 2012, though loss costs are also rising and some lines remain below required return levels.

    May 7, 2012
  46. 2011-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2011

    W. R. Berkley Corporation's quarterly report for the period ended September 30, 2011 shows net income to common stockholders of $77.3 million for the three months and $276.9 million for the nine months, compared with $93.6 million and $322.4 million in the prior-year periods. Diluted EPS was $0.53 for the quarter and $1.89 for the nine months, versus $0.61 and $2.05 a year earlier. The filing attributes the decline mainly to lower underwriting income, partially offset by higher investment income and net investment gains. Gross premiums written rose 16% in the quarter to $1.31 billion and 14% for the nine months to $3.82 billion, led by specialty and international growth. The nine-month GAAP combined ratio was 98.8% versus 94.7% a year earlier, with the regional segment's ratio at 107.5%. Total assets were $18.33 billion at September 30, 2011, up from $17.53 billion at December 31, 2010, and total stockholders' equity was $3.86 billion. Fixed maturity securities totaled $11.23 billion and were about 84% of total investments, which the filing describes as highly liquid. Net reserves for losses and loss expenses were $8.13 billion. Favorable prior-year reserve development was $142 million for the nine months, compared with $180 million a year earlier. Cash flow from operating activities was $485 million for the nine months, up from $391 million. The company repurchased 3,990,000 shares in the third quarter of 2011 (826,000 in July, 2,735,829 in August and 428,106 in September) at average prices between $28.47 and $31.20. The repurchase authorization was increased to 10,000,000 shares by the board on November 3, 2011.

    Nov 7, 2011
  47. 2011-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2011

    W. R. Berkley Corporation reported net income to common stockholders of $199.6 million ($1.35 diluted EPS) for the six months ended June 30, 2011, compared with $228.8 million ($1.44 diluted EPS) in the same period of 2010. For the three months ended June 30, 2011, net income was $83.1 million ($0.56 diluted EPS) versus $110.2 million ($0.70 diluted EPS) a year earlier. Management attributes the decline primarily to lower underwriting income, partially offset by higher investment income and net investment gains. The consolidated GAAP combined ratio rose to 98.8% for the six months from 94.2%, driven by a higher loss ratio (64.1% vs. 59.6%) that reflected lower favorable prior-year reserve development ($86 million vs. $129 million) and higher catastrophe losses ($88 million vs. $53 million), mainly from U.S. tornadoes and hail storms and the Japan earthquake. Top-line growth was strong: gross premiums written rose 12% to $2.515 billion for the first half, driven by the specialty and international segments, and net premiums written increased 10% to $2.141 billion. Net investment income rose 8% to $295 million, helped by income from investment funds, which are reported on a one-quarter lag. Total assets were $18.20 billion at June 30, 2011, and total stockholders' equity was $3.91 billion, up from $3.70 billion at December 31, 2010. Share repurchases continued, with $59.2 million of common stock bought back in the first half and a 10,000,000-share repurchase authorization in effect. The filing also notes that management believes the company's litigation accruals will not have a material adverse effect on financial condition or results of operations. Management states that prices began to rise slightly in 2011 but that loss costs are also increasing and that some lines remain priced below the levels needed to meet the company's return objectives.

    Aug 5, 2011
  48. 2011-Q1

    W. R. Berkley Quarterly Report for Q1 Ended Mar 31, 2011

    W. R. Berkley Corporation's first-quarter 2011 Form 10-Q reports net income to common stockholders of $116.5 million ($0.79 per diluted share) compared with $118.6 million ($0.74 per diluted share) in the first quarter of 2010. Management attributes the decline mainly to lower underwriting income, partially offset by higher net investment gains of $29.3 million versus $5.9 million a year earlier. Gross premiums written rose 13% to $1.27 billion, driven by the specialty and international segments, and net premiums earned increased 6% to $982.5 million. The consolidated GAAP combined ratio worsened to 96.3% from 94.1%, with the loss ratio rising to 61.8% from 59.1%, although favorable prior-year reserve development was $51.3 million. Total assets were $17.98 billion at March 31, 2011, against stockholders' equity of $3.79 billion, and fixed maturity securities totaled $11.25 billion, about 85% of total investments. Total investments were $13.24 billion. The company repurchased 6.6 million shares during the quarter for roughly $23.3 million, and its repurchase authorization was increased to 10,000,000 shares by the board on February 25, 2011. Book value per outstanding share was $26.78. The filing reports no material changes to risk factors and no material adverse effect expected from ordinary-course litigation. Operating cash flow was $55.4 million, and the company reported senior notes, junior subordinated debentures and other debt with a carrying value of $1.74 billion.

    May 6, 2011
  49. 2010-Q3

    W. R. Berkley Quarterly Report for Q3 Ended Sep 30, 2010

    W. R. Berkley Corporation reported net income to common stockholders of $93.6 million for the third quarter of 2010, compared with $97.7 million in the third quarter of 2009, and $322.4 million for the nine months ended September 30, 2010, versus $174.8 million a year earlier. The company attributed the nine-month improvement primarily to better investment results, including losses from investment funds of $13 million (versus $179 million in 2009) and other-than-temporary impairments of $4 million (versus $139 million). Diluted EPS was $0.61 for the quarter and $2.05 for the nine months. Gross premiums written rose 2% to $3.36 billion for the nine months, while net premiums earned declined 1% to $2.85 billion; the consolidated GAAP combined ratio was 94.7% for both nine-month periods. The balance sheet grew modestly, with total assets of $17.81 billion at September 30, 2010, versus $17.33 billion at December 31, 2009, and stockholders' equity rising to $3.83 billion. Cash and cash equivalents increased to $922 million, and the company repurchased 12,223,375 shares for $319 million in the first nine months. In September 2010 it issued $300 million of 5.375% senior notes and repaid $150 million of 5.125% notes at maturity. Management noted that current pricing for certain lines remains below the levels needed to meet its return objectives, and that commercial automobile and products liability in the specialty segment saw significant premium declines. The company's investment portfolio is primarily fixed maturity securities, with an average duration of 3.5 years, and about 86% of the portfolio was invested in cash, cash equivalents and marketable fixed maturity securities. Management stated there were no material changes to risk factors from its 2009 Form 10-K.

    Nov 8, 2010
  50. 2010-Q2

    W. R. Berkley Quarterly Report for Q2 Ended Jun 30, 2010

    W. R. Berkley Corporation reported net income to common stockholders of $228.8 million for the six months ended June 30, 2010, compared with $77.0 million in the same period of 2009, and $110.2 million for the second quarter of 2010 versus $97.4 million a year earlier. The filing states the increase was primarily due to improved investment results, with income from investment funds of $6.3 million versus a loss of $152.9 million, and other-than-temporary impairments of $2.6 million versus $134.1 million. Net premiums written were $1.95 billion for the six months, and net premiums earned declined 3% to $1.88 billion. The consolidated GAAP combined ratio was 94.2% for the six months compared with 94.6% a year earlier, and favorable prior-year reserve development, net of premium offsets, was $129.3 million. The balance sheet remained substantial, with total assets of $17.42 billion, total stockholders' equity of $3.68 billion, and total investments of $12.86 billion at June 30, 2010. Fixed maturity securities were $11.15 billion, and the company held $781.5 million of cash and cash equivalents. The company repurchased 8,906,471 shares for $231 million during the first half of 2010, and the board increased the repurchase authorization to 10,000,000 shares on August 3, 2010. The filing states that management believes the outcome of litigation will not have a material adverse effect on financial condition or results of operations. The filing also notes that commercial automobile and products liability in the specialty segment saw significant declines in gross written premiums, and that current price levels for certain lines are below the prices needed to achieve the company's return objectives. Gross premiums written were $2.24 billion for the six months, up 2%, while the company's market risk profile was described as similar to December 31, 2009, with a portfolio duration of 3.6 years.

    Aug 6, 2010