01—Abstract
Summary
Summary of the 10-Q filed July 31, 2026. Cited figures are marked; the original filing is the authoritative source.
W.
R. Berkley Corporation's Form 10-Q for the quarter ended June 30, 2026 reports net income to common stockholders of $452.3 milliona 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 billionb. 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 millionc 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 $26.50d. 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.
02—Key points
Key Highlights
- Net income to common stockholders rose to $452.3 million in Q2 2026 from $401.3 million, and to $967.5 million for the six months from $818.9 million.
- Diluted EPS was $1.15 for the quarter and $2.46 for the six months, versus $1.00 and $2.05 in the prior-year periods.
- Consolidated GAAP combined ratio improved to 90.4% for the six months from 91.3%, with catastrophe losses of $138 million versus $210 million a year earlier.
- Net investment income grew 11% to $823 million for the six months, with the fixed maturity average annualized yield at 5.0%.
- Net investment losses of $71 million for the six months contrasted with gains of $47 million a year earlier, mainly from changes in unrealized gains on equity securities.
- The Company repurchased 6,156,370 shares for $414 million in the first half and declared a $0.50 special dividend in addition to a $0.10 ordinary dividend in Q2 2026.
- A court judgment on April 23, 2026 principally resolved a subsidiary's lawsuit against reinsurers in its favor, though reinsurers have sought permission to appeal.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 31, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $3.72B$3.67B | +1.2% |
| Interest Expense | $31.73M$31.78M | −0.2% |
| Net Income | $452.26M$401.29M | +12.7% |
| EPS (Basic) | $1.16$1.01 | +14.9% |
| EPS (Diluted) | $1.15$1.00 | +15.0% |
| Shares Outstanding (Basic) | 389.16M397.02M | −2.0% |
| Shares Outstanding (Diluted) | 391.80M400.37M | −2.1% |
05—Questions
Frequently Asked Questions
How did W. R. Berkley's profitability change in the second quarter of 2026?
Net income to common stockholders was $452.3 million, or $1.15 per diluted share, compared with $401.3 million, or $1.00 per diluted share, in the second quarter of 2025. The filing attributes the increase mainly to higher underwriting income from lower catastrophe losses, a smaller foreign currency loss, and higher net investment income, partially offset by net investment losses tied to equity securities.
What drove the change in underwriting results?
For the six months ended June 30, 2026, the consolidated GAAP combined ratio was 90.4%, compared with 91.3% a year earlier. The Reinsurance & Monoline Excess segment's combined ratio improved to 79.0% from 86.4%, while the Insurance segment's was 91.8% versus 91.9%. The filing cites lower catastrophe losses of $138 million compared with $210 million.
What is the status of the reinsurance lawsuit disclosed in the filing?
On April 23, 2026, the court issued a judgment that principally resolved the subsidiary's lawsuit, filed December 22, 2023 to recover more than $90 million, in its favor. Certain reinsurers have applied for permission to appeal aspects of the judgment, and the final recoverable amount will depend on the appellate process and additional costs owed by reinsurers. The Company believes the final amount will not be material to its financial condition.
How did the company return capital to shareholders?
During the six months ended June 30, 2026, the Company repurchased 6,156,370 shares for $414 million. In the second quarter, the board declared an ordinary quarterly dividend of $0.10 per share and a special quarterly dividend of $0.50 per share. The repurchase authorization was increased to 25,000,000 shares on June 3, 2026.
06—Continue