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W. R. Berkley 8-K Report, Financial Results (Apr 21, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 21, 2026
Period End
April 21, 2026
In the 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 ’16Mar ’16
  2. Material agreement8-K · Mar ’18Mar ’18
  3. Leadership change8-K · Dec ’20Dec ’20
  4. Leadership change8-K · Dec ’22Dec ’22

01—Abstract

Summary

Summary of the 8-K filed April 21, 2026. Cited figures are marked; the original filing is the authoritative source.

W.

R. Berkley Corporation reported first quarter 2026 results in a press release dated April 21, 2026, furnished as Exhibit 99.1 to this Form 8-K under Item 2.02. The company reported a return on equity of 21.2%, net income to common stockholders of $515.2 milliona (up from $417.6 million in the prior-year quarter), and a record operating income of $514.3 million.

Net income per diluted share was $1.31b, compared with $1.04 a year earlier. Underwriting results were stable. The consolidated GAAP combined ratio was 90.7%, and the current accident year combined ratio before catastrophe losses was 88.3%.

Gross premiums written rose to $3.79 billionc from $3.68 billion, and net investment income grew 12.2% to a record $404.3 million. Average rate increases excluding workers' compensation were approximately 7.2%. The Reinsurance & Monoline Excess segment's GAAP combined ratio improved to 78.6% from 85.4%, while the Insurance segment's rose to 92.2% from 91.7%.

The company returned $336.1 milliond to shareholders in the quarter, including $302.4 million of share repurchases (about 4.5 million shares) and $33.7 million of regular dividends. Management said it remains confident in exceeding its 15% target after-tax return on equity for the foreseeable future.

Book value per share rose to $26.13 from $25.72 at year-end 2025. Unrealized investment losses and currency translation losses in equity were $270 million and $331 million, respectively, at March 31, 2026.

02—Key points

Key Highlights

  1. Return on equity of 21.2% for the first quarter of 2026; operating return on equity also 21.2%.
  2. Net income to common stockholders rose to $515.2 million from $417.6 million; diluted EPS $1.31 versus $1.04.
  3. Record operating income of $514.3 million, up from $420.0 million, a non-GAAP measure excluding after-tax investment and currency gains or losses.
  4. Consolidated GAAP combined ratio of 90.7% versus 90.9%; current accident year combined ratio before catastrophes 88.3%.
  5. Reinsurance & Monoline Excess GAAP combined ratio improved to 78.6% from 85.4%; Insurance segment rose to 92.2% from 91.7%.
  6. Net investment income up 12.2% to a record $404.3 million; fixed maturity portfolio averages AA- rating and 3.1-year duration.
  7. Returned $336.1 million to shareholders via $302.4 million of buybacks and $33.7 million of dividends; book value per share $26.13 at March 31, 2026.

03—Questions

Frequently Asked Questions

  1. How did W. R. Berkley perform in the first quarter of 2026?

    Net income to common stockholders was $515.2 million, or $1.31 per diluted share, compared with $417.6 million, or $1.04 per diluted share, a year earlier. Operating income reached a record $514.3 million, and return on equity was 21.2%.

  2. How profitable was the underwriting business?

    The consolidated GAAP combined ratio was 90.7%, compared with 90.9% in the first quarter of 2025. The current accident year combined ratio before catastrophe losses was 88.3%. Catastrophe losses in the current accident year were $75.7 million, versus $111.1 million a year earlier.

  3. How much capital did the company return to shareholders?

    Total capital returned was $336.1 million, consisting of $302.4 million of share repurchases (4,471,634 shares) and $33.7 million of regular dividends.

  4. What is the company's return on equity target?

    Management said it remains confident in its ability to exceed its 15% target after-tax return on equity for the foreseeable future.

  5. What drove investment income and the balance sheet?

    Net investment income grew 12.2% to a record $404.3 million, driven by higher invested assets, improved portfolio yields, and higher investment fund income. Book value per share increased to $26.13 from $25.72 at December 31, 2025.

04—Continue

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