WRB · W. R. Berkley

380 filings

WRB SEC Filings

W. R. Berkley - 380 total filings

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

Showing 1–50 of 380 filings

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 8-K

W. R. Berkley 8-K Report, Financial Results (Oct 19, 2026)

W. R. Berkley Corporation filed this Form 8-K under Item 2.02 (Results of Operations and Financial Condition) to furnish its press release, dated October 19, 2026, announcing results for the third quarter of 2026. The Company reported net income to common stockholders of $446.0 million, or $1.14 per diluted share, for the quarter, compared with $511.0 million, or $1.28 per diluted share, a year earlier. Operating income, a non-GAAP measure that excludes after-tax net investment gains (losses) and after-tax net foreign currency gains (losses), was $456.5 million, or $1.17 per diluted share, versus $440.2 million, or $1.10 per diluted share. Return on equity was 18.4% and operating return on equity was 18.8% for the quarter. Underwriting performance was strong. The Insurance segment's pre-tax income rose to $523.4 million for the quarter, and the company cited pre-tax underwriting income for the Insurance segment growth of 10.6%, to $237.7 million. The consolidated GAAP combined ratio was 90.8%, compared with 90.9% a year earlier. The Reinsurance & Monoline Excess segment's GAAP combined ratio rose to 83.4% from 81.1%, and its pre-tax income declined to $133.3 million from $144.0 million. Average rate increases excluding workers' compensation were approximately 4.0%. Net investment income grew to $383.5 million, from $351.2 million, driven by a 12.0% increase in the core portfolio. On the balance sheet, book value per share was $25.87 at September 30, 2026, up from $25.72 at December 31, 2025. Year to date, the Company returned $728.6 million to shareholders, including $435.1 million of share repurchases, and reported unrealized investment losses of $928 million after tax within stockholders' equity. The release also notes that results are subject to the forward-looking risks described in the Company's SEC filings.

Oct 19, 2026 10-Q

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 8-K

W. R. Berkley 8-K Report, Financial Results (Jul 20, 2026)

W. R. Berkley Corporation reported second quarter 2026 results in a press release (Exhibit 99.1) dated July 20, 2026. Gross premiums written grew to a record $4.14 billion, up from $3.98 billion a year earlier, and net premiums written were $3.43 billion versus $3.35 billion. Net income to common stockholders was $452.3 million, or $1.15 per diluted share, compared with $401.3 million, or $1.00 per diluted share, in the second quarter of 2025. Operating income was $497.1 million, or $1.27 per diluted share, versus $420.5 million, or $1.05, a year earlier. The company reported a return on equity of 18.6% and an operating return on equity of 20.5%. Underwriting performance was strong. The GAAP combined ratio was 90.0% for the quarter, compared with 91.6% a year earlier, and the Insurance segment's combined ratio was 91.4%, while Reinsurance & Monoline Excess improved to 79.3% from 87.4%. Net investment income reached a record $418.7 million, and the fixed-maturity portfolio carried an average rating of AA- and a duration of 3.2 years. Management highlighted disciplined cycle management and continued opportunities in select liability lines. The company returned $334.1 million to shareholders in the quarter, including $185.5 million of special dividends, $111.5 million of share repurchases and $37.1 million of regular dividends. Book value per share rose to $26.50 at June 30, 2026 from $25.72 at December 31, 2025. The filing is an earnings announcement and includes no new guidance beyond the forward-looking statements cautionary language.

Jul 20, 2026 8-K

W. R. Berkley 8-K Report, Executive Changes (Jun 26, 2026)

W. R. Berkley Corporation filed this Current Report on Form 8-K dated June 26, 2026, under Item 5.02, which covers departures of certain officers and compensatory arrangements. The filing discloses that Lucille Sgaglione has informed the company she will resign as Executive Vice President, effective June 30, 2026. Following her resignation as an executive officer, Ms. Sgaglione will continue to serve the company on a part-time basis as Senior Advisor. Her compensation will be adjusted to reflect the new role. The filing states that her outstanding long-term incentive awards will be treated in accordance with the terms of the applicable award agreements. The filing is limited to this executive transition. It does not report financial results, guidance, or any figures beyond the effective date, so it carries no direct financial information for investors. The filing was signed by Richard M. Baio, Executive Vice President and Chief Financial Officer.

Jun 26, 2026 8-K

W. R. Berkley 8-K Report, Material Agreement (Jun 11, 2026)

W. R. Berkley Corporation entered into a First Amendment, dated June 9, 2026, to its Credit Agreement originally dated April 1, 2022. The Amendment, among other things, extends the maturity date of the revolving credit facility from April 1, 2027 to June 9, 2031, subject to the terms and conditions of the Credit Agreement. Bank of America, N.A. serves as Administrative Agent, Several L/C Agent and Fronting L/C Issuer, and M&T Bank, JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc. serve as Syndication Agents. The filing is limited to this credit facility amendment and is reported under Item 1.01 (Entry into a Material Definitive Agreement) and Item 2.03 (Creation of a Direct Financial Obligation). The Company is filing the full text of the Amendment as Exhibit 10.1, with certain schedules omitted under Item 601(a)(5) of Regulation S-K, which the Company undertakes to furnish to the SEC upon request. For investors, the key takeaway is the extension of the revolving credit facility's maturity by more than four years, which pushes the facility's expiration well beyond its prior April 2027 date. The filing does not state the facility size, pricing, or other amended terms beyond the maturity extension.

Jun 11, 2026 8-K

W. R. Berkley 8-K Report, Corporate Update (Jun 10, 2026)

W. R. Berkley Corporation filed this Form 8-K to report that its founder and Executive Chairman, William R. Berkley, passed away on June 9, 2026, at the age of 80. The company issued a press release on that date announcing his passing, attached as Exhibit 99.1. The press release describes him as having founded the Company in 1967 and built it over nearly six decades into a Fortune 500 company and one of the world's leading commercial insurance organizations. In connection with his passing, the Board of Directors appointed W. Robert Berkley, Jr., the Company's President and Chief Executive Officer, as Chairman. The press release states that the appointment is effective immediately. The filing does not disclose any change to Mr. Berkley, Jr.'s role as CEO or any other financial or operational changes. For investors, the filing is primarily a governance and leadership update: the company's founder is no longer serving as Executive Chairman, and the CEO now also holds the Chairman title. The filing contains no financial results, guidance, or quantitative figures.

Jun 10, 2026 8-K

W. R. Berkley 8-K Report, Shareholder Vote Results (Jun 5, 2026)

W. R. Berkley Corporation held its Annual Meeting of Stockholders on June 3, 2026, and reported the final results of three matters submitted to a vote. Stockholders elected five directors: María Luisa Ferré, Daniel L. Mosley and Robert A. Rusbuldt for terms expiring at the 2029 annual meeting, W. Robert Berkley, Jr. for a term expiring at the 2028 annual meeting, and Andrew J. Carrier for a term expiring at the 2027 annual meeting. Each nominee received more votes For than Against or Abstain. Stockholders also approved, on a non-binding advisory basis, the compensation of the company's named executive officers (the say-on-pay vote), with 339,651,297 votes For, 5,149,752 Against, 2,682,715 Abstain and 21,517,695 broker non-votes. The appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026 was ratified, with 355,949,139 votes For, 12,941,192 Against and 111,128 Abstain. The filing reports governance outcomes only. It contains no financial results, guidance or other operating information.

Jun 5, 2026 10-Q

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 8-K

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

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 million (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 $1.31, 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 billion 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 million 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.

Apr 21, 2026 10-K

W. R. Berkley Annual Report, Year Ended Dec 31, 2025

W. R. Berkley Corporation is an insurance holding company and one of the largest commercial lines writers in the United States, operating in two segments: Insurance and Reinsurance & Monoline Excess. For 2025, net income to common stockholders was $1,779 million ($4.45 per diluted share), up from $1,756 million in 2024. Total revenues rose to $14.71 billion from $13.64 billion, and gross premiums written grew 6% to $15.11 billion. The consolidated GAAP combined ratio was 90.7% in 2025 compared with 90.3% in 2024, with the Insurance segment at 91.7% and Reinsurance & Monoline Excess at 83.7%. Net investment income rose 7% to $1.43 billion, supported by a larger portfolio and a 4.5% earned yield. Balance sheet strength improved over the year. Total equity reached $9.71 billion and total assets $44.07 billion, with reserves for losses and loss expenses of $22.21 billion gross and $18.95 billion net. Shareholders received $700 million in dividends in 2025, including special dividends of $0.50 and $1.00 per share, and the company repurchased $270 million of stock. The filing notes that the lead insurer's statutory capital and surplus was $9.86 billion. Prior-year reserve development was nearly neutral, with $3 million net favorable in 2025, though the Insurance segment recorded $44 million of adverse development driven by other liability and auto liability lines, which the company attributes partly to social inflation. Key risks cited include cyclical pricing, with average renewal rate increases of 6.7% in 2025 and rates moderating or decreasing in some lines, competitive pressure from well-capitalized new entrants, reserve adequacy, catastrophe exposure (current accident year catastrophe losses of $336 million net in 2025), and climate change. Mitsui Sumitomo Insurance owns about 14.7% of common stock as of February 23, 2026, and the Berkley family controls the voting of those shares.

Feb 27, 2026 8-K

W. R. Berkley 8-K Report, Financial Results (Jan 26, 2026)

W. R. Berkley Corporation reported its fourth quarter and full year 2025 results in a press release dated January 26, 2026, furnished as Exhibit 99.1 to this Form 8-K under Item 2.02. For the fourth quarter, net income to common stockholders was $449.5 million ($1.13 per diluted share), compared with $576.1 million ($1.44 per diluted share) a year earlier, while operating income rose to $449.6 million ($1.13 per diluted share) from $410.4 million. Fourth-quarter return on equity was 21.4%, record pre-tax underwriting income grew 14.9% to $338 million, and the reported combined ratio was 89.4%. Gross premiums written were $3.61 billion and net premiums written were $3.00 billion in the quarter. For the full year 2025, net income to common stockholders was $1.78 billion ($4.45 per diluted share) and operating income was $1.73 billion ($4.33 per diluted share), both described as records. Gross premiums written reached $15.1 billion and net premiums written $12.7 billion, both records. Net investment income grew 7.2% to a record $1.43 billion, the full-year combined ratio was 90.7%, and return on equity was 21.2%. Book value per share was $25.72 at December 31, 2025, up from $22.09, and the company returned $970.5 million to shareholders in 2025 through special dividends, share repurchases and regular dividends. Management stated it expects margins to remain excellent in 2026, with select areas of opportunity persisting, and reaffirmed its confidence in exceeding a 15% after-tax return on beginning equity. The company also noted that it will continue to return excess capital in a disciplined manner. The filing includes forward-looking statement cautions covering industry cyclicality, catastrophe losses, reserve estimation, investment risks and other factors.

Jan 26, 2026 8-K

W. R. Berkley 8-K Report, Corporate Update (Dec 5, 2025)

On December 5, 2025, W. R. Berkley Corporation (NYSE: WRB) reported in an Item 8.01 Other Events filing that it has been informed by representatives of Mitsui Sumitomo Insurance Co., Ltd. ("MSI") that MSI has acquired beneficial ownership of at least 12.5% of the Company's outstanding common stock. The shares were acquired pursuant to MSI's previously announced agreements with a company owned by members of the Berkley family and trusts for their benefit. According to the press release (Exhibit 99.1), none of MSI's shares were purchased from the Berkley Family or the Company. Under the agreements, MSI's shares will be voted according to the recommendations of the Berkley Family, except in limited circumstances where they will be voted in the same proportion as all non-MSI shares. The Company has been informed that MSI expects to complete its investment under the agreements with the Berkley Family in the first quarter of 2026. The full terms of the agreements were attached to the Company's Form 8-K filed March 28, 2025, which the Company refers readers to for complete descriptions. For investors, the key takeaway is a significant ownership stake of at least 12.5% held by a large Japanese property and casualty insurer, with voting influence that tracks the Berkley family's recommendations in most cases. The filing does not state any change in the Company's operations, management, or financial results.

Dec 5, 2025 10-Q

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 8-K

W. R. Berkley 8-K Report, Financial Results (Oct 20, 2025)

W. R. Berkley Corporation reported third quarter 2025 results in a press release dated October 20, 2025, furnished as Exhibit 99.1 to this Form 8-K under Item 2.02. Net income to common stockholders rose 39.8% to $511.0 million, or $1.28 per diluted share, compared with $365.6 million, or $0.91 per diluted share, in the third quarter of 2024. Operating income was $440.2 million, or $1.10 per diluted share. Return on equity was 24.3% and operating return on equity was 21.0%. Gross premiums written grew to $3.84 billion and net premiums written to $3.23 billion, and the reported combined ratio was 90.9%, including current accident year catastrophe losses of $78.5 million. Management highlighted average rate increases excluding workers' compensation of approximately 7.6%, net investment income of $351.2 million driven by a 9.4% increase in the core portfolio, and book value per share growth of 5.8% before dividends and share repurchases. Book value per share reached $25.79 at September 30, 2025, and common stockholders' equity was a record $9.8 billion. Reinsurance & Monoline Excess posted a GAAP combined ratio of 81.1% for the quarter, compared with 86.7% a year earlier, while the Insurance segment's GAAP combined ratio was 92.3%, up from 91.5%. The filing includes forward-looking statements covering industry cyclicality, catastrophe and reserve risk, investment risk, and other factors. The company also disclosed a quarterly earnings conference call on October 20, 2025 at 5:00 p.m. Eastern time, webcast on its website. Shares repurchased in the third quarter totaled 350,000 for $24.6 million, and 1,200,000 shares for $73.8 million year to date.

Oct 20, 2025 10-Q

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 8-K

W. R. Berkley 8-K Report, Financial Results (Jul 21, 2025)

W. R. Berkley Corporation reported its second quarter 2025 results in a press release dated July 21, 2025, furnished as Exhibit 99.1 to this Form 8-K. The company reported a return on equity of 19.1% and an operating return on equity of 20.0% for the quarter. Net premiums written grew to a record $3.4 billion ($3,351,439 thousand), up from $3,126,779 thousand in the prior-year quarter. Net income to common stockholders was $401.3 million, or $1.00 per diluted share, compared with $371.9 million, or $0.92 per diluted share, a year earlier. Operating income was $420.5 million, or $1.05 per diluted share. Underwriting results were mixed. The reported GAAP combined ratio was 91.6%, including current accident year catastrophe losses of $99.2 million, and the current accident year combined ratio before catastrophe losses was 88.4%. Average rate increases excluding workers' compensation were approximately 7.6%. Net investment income reached a record $379.3 million. The Reinsurance & Monoline Excess segment's GAAP combined ratio rose to 87.4% from 81.8% a year earlier, while the Insurance segment's improved to 92.1% from 92.4%. Capital position remained strong. Book value per share was $24.50 at June 30, 2025, up from $22.09 at December 31, 2024, and common stockholders' equity reached a record $9.3 billion. The company returned $223.8 million to shareholders in the quarter, consisting of $189.7 million in special dividends and $34.1 million in ordinary dividends. The company did not repurchase shares in the second quarter, though it repurchased 850,000 shares for $49.2 million in the first half of 2025.

Jul 21, 2025 8-K

W. R. Berkley 8-K Report, Shareholder Vote Results (Jun 13, 2025)

W. R. Berkley Corporation held its Annual Meeting of Stockholders on June 11, 2025, and this 8-K reports the results of five matters voted on. Stockholders elected four directors: Ronald E. Blaylock, Mary C. Farrell, Marie A. Mattson, and Robert A. Rusbuldt. Their terms run to the 2027 meeting for Blaylock, the 2028 meeting for Farrell and Mattson, and the 2026 meeting for Rusbuldt. Each nominee received substantially more votes for than against, with Rusbuldt receiving the most support. The most significant corporate action was the approval of an amendment to the restated certificate of incorporation that increases the authorized common stock from 1,250,000,000 to 1,875,000,000 shares. The amendment received 359,000,574 votes for and 12,959,472 against. Stockholders also ratified KPMG LLP as the independent registered public accounting firm for fiscal year 2025, with 354,160,488 votes for and 18,064,502 against. The non-binding say-on-pay advisory vote on named executive officer compensation received 336,306,919 votes for and 10,835,813 against. A stockholder proposal regarding director election resignation governance policy was also presented. It received 34,358,174 votes for and 316,104,684 against, so stockholders voted heavily against it. The filing's exhibit list includes Exhibit 3.1, the amendment dated June 11, 2025, to the Company's Restated Certificate of Incorporation, as amended.

Jun 13, 2025 10-Q

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 8-K

W. R. Berkley 8-K Report, Financial Results (Apr 21, 2025)

W. R. Berkley Corporation reported first quarter 2025 results in a press release dated April 21, 2025, furnished as Exhibit 99.1 to this Form 8-K under Item 2.02. The company reported net income to common stockholders of $417.6 million, or $1.04 per diluted share, compared with $442.5 million, or $1.09 per diluted share, in the first quarter of 2024. Operating income, a non-GAAP measure excluding after-tax net investment gains and related expenses, was $404.7 million, or $1.01 per diluted share, versus $423.3 million, or $1.04 per diluted share, a year earlier. Return on equity was 19.9% and operating return on equity was 19.3%, compared with 23.7% and 22.7% in the prior-year quarter. Top-line growth was strong. Gross premiums written rose to $3.68 billion from $3.36 billion, and net premiums written reached a record $3.13 billion, up from $2.85 billion. The GAAP combined ratio was 90.9%, up from 88.8%, and the filing states that it included current accident year catastrophe losses of $111.1 million. Net investment income increased 12.6% to $360.3 million, reflecting higher new money rates and improved investment fund income. Book value per share was $23.50 at March 31, 2025, up from $22.09 at December 31, 2024, and the company repurchased 850,000 shares for $49.2 million during the quarter. The filing is a short notice that furnishes the earnings release. Its forward-looking statements cite risks including property casualty industry cyclicality, catastrophe losses, reserve development, investment market volatility, and reinsurance availability. The company also stated it would hold a quarterly conference call on April 21, 2025 at 5:00 p.m. Eastern time.

Apr 21, 2025 8-K

W. R. Berkley 8-K Report, Corporate Update (Mar 28, 2025)

On March 28, 2025, W. R. Berkley Corporation (NYSE: WRB) confirmed that Mitsui Sumitomo Insurance Co., Ltd. (MSI), a Japanese property and casualty insurer, has entered into an arrangement with a company owned by members of the Berkley family and trusts for their benefit (collectively, the Berkley Family). Under the arrangement, MSI intends to purchase 15% of the Company's outstanding common stock through open market purchases or private transactions with third parties. The Berkley Family will not sell any shares to MSI, and the Company will not issue shares to MSI as part of the arrangement. The Berkley Family holds approximately 16% of outstanding common stock, per the press release headline. Under the agreements, MSI will vote its shares in line with Berkley Family recommendations once it holds 4.9% of outstanding shares, subject to limited exceptions. Once MSI holds at least 12.5%, the Berkley Family agrees to recommend an MSI director designee for the Board, subject to Nominating and Corporate Governance Committee review and Board appointment. The Berkley Family intends to keep two representatives on the Board. MSI has also agreed to customary standstill restrictions that the Company can directly enforce. The Company states these arrangements will not affect day-to-day operations or reduce the Berkley Family's commitment to the Company. The Company entered into a cooperation agreement with MSI to support its regulatory filings, approvals and accounting treatment for the investment. A special committee of three independent, disinterested directors, advised by independent counsel, reviewed and recommended the agreements, which the independent directors approved. MSI's investment is subject to customary regulatory approvals and is anticipated to be completed by the end of March 2026.

Mar 28, 2025 10-K

W. R. Berkley Annual Report, Year Ended Dec 31, 2024

W. R. Berkley Corporation, an insurance holding company among the largest commercial lines writers in the United States, reported net income to common stockholders of $1,756,115 thousand ($1.76 billion) for 2024, compared with $1,381,359 thousand in 2023, and diluted EPS of $4.36 versus $3.37. Total revenues rose to $13.64 billion from $12.14 billion, and gross premiums written grew 10% to $14,211 million. The Insurance segment drove growth, with net premiums written of $10,549,550 thousand and a GAAP combined ratio of 91.2%, while Reinsurance & Monoline Excess posted a combined ratio of 84.1%. Consolidated combined ratio was 90.3% versus 89.7% in 2023, reflecting a higher expense ratio, and catastrophe losses net of reinsurance were $298 million in 2024 (Hurricanes Helene and Milton had the largest impacts). Net investment income increased 27% to $1,333 million, driven by higher interest rates, a larger fixed maturity portfolio, and $204 million of pre-tax investment income from Argentine inflation-linked securities that the company does not expect to continue at that level. Shareholders' equity reached $8.4 billion, with book value per outstanding share of $22.09. The company repurchased 5,702,996 shares for $304 million and paid total dividends of $532 million, including special dividends of $0.33, $0.25 and $0.50 per share. The company also effected a 3-for-2 stock split in July 2024. The filing shows net reserves for losses and loss expenses of $17.2 billion, with net prior year development favorable by $4 million in 2024 after adverse development of $19 million in 2023. The Insurance segment's adverse development was driven by commercial auto liability and other liability occurrence lines, attributed by management to social inflation. Maximum dividends payable without regulatory approval in 2025 are approximately $1.6 billion.

Feb 24, 2025 8-K

W. R. Berkley 8-K Report, Financial Results (Jan 27, 2025)

W. R. Berkley Corporation reported fourth quarter and full year 2024 results in a press release dated January 27, 2025, furnished as Exhibit 99.1 to this Form 8-K under Item 2.02. For the fourth quarter, net income to common stockholders was $576.1 million, up 45.0% from $397.3 million, and operating income was a record $452.6 million, up 15.5%. Return on equity was 30.9% and operating return on equity was 24.3%. The calendar-year combined ratio was 90.2% for the quarter, and gross premiums written reached $3.50 billion for the quarter. For full year 2024, the company reported record net income of $1.76 billion, record pre-tax underwriting income of $1.1 billion, and record gross and net premiums written of $14.2 billion and $12.0 billion, respectively, with growth of 9.6% and 9.3%. Return on equity was 23.6% and operating return on equity was 22.4%. Book value per share grew 23.5% before dividends and share repurchases, and net investment income rose 26.6% to a record $1.3 billion. Total capital returned to shareholders was $835.6 million, including $412.3 million of special dividends. At December 31, 2024, book value per share was $22.09, up from $19.37, and total assets were $40.57 billion. Management stated that the property and casualty environment remains favorable and expects continued success in 2025, while the filing includes customary forward-looking statement cautions.

Jan 27, 2025 10-Q

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-K

W. R. Berkley 8-K Report, Financial Results (Oct 21, 2024)

W. R. Berkley Corporation reported third quarter 2024 results in a press release dated October 21, 2024, furnished as Exhibit 99.1. The company reported record third quarter net income of $365.6 million, or $0.91 per diluted share, compared with $333.6 million, or $0.82 per diluted share, in the prior-year quarter. Return on equity was 19.6% and operating return on equity was 20.0% for the quarter. Gross premiums written rose to $3.63 billion from $3.35 billion, and net premiums written rose to $3.06 billion from $2.85 billion. The GAAP combined ratio was 90.9%, compared with 90.2% a year earlier, and the current accident year combined ratio before catastrophe losses was 87.6%, including 3.3 loss ratio points of catastrophe losses. Net investment income grew 19.5% to $323.8 million, and operating cash flow was a record $1.24 billion for the quarter. Book value per share was $22.11 at September 30, 2024, versus $19.37 at December 31, 2023, and the company returned $138.3 million to shareholders in the quarter, including $95.3 million of special dividends. Management stated that the company expects its new money rate to remain above the current yield of its U.S. fixed-maturity securities, despite expected declines in short-term rates. The 3-for-2 common stock split effective July 10, 2024 is reflected in all per-share figures. The filing is furnished under Item 2.02 and is not deemed filed under Section 18 of the Exchange Act. It also includes a forward-looking statements safe harbor covering cyclical industry conditions, catastrophe losses, reserve estimation, investment risks, and reinsurance availability.

Oct 21, 2024 10-Q

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 8-K

W. R. Berkley 8-K Report, Financial Results (Jul 22, 2024)

W. R. Berkley Corporation filed this Form 8-K under Item 2.02 (Results of Operations and Financial Condition) to furnish its press release, dated July 22, 2024, announcing results for the second quarter of 2024. The company reported net income to common stockholders of $371.9 million, or $0.92 per diluted share, for the quarter, versus $356.3 million, or $0.87 per diluted share, a year earlier. Operating income, a non-GAAP measure defined as net income excluding after-tax net investment gains and losses, was $418.1 million, or $1.04 per diluted share. Return on equity was 20.0% and operating return on equity was 22.4% for the quarter. All per-share figures are adjusted for the 3-for-2 common stock split effected on July 10, 2024. Underwriting results were solid. Gross premiums written rose to $3.72 billion and net premiums written to $3.13 billion, with the company describing the latter as a record. The GAAP combined ratio was 91.1%, including 3.2 loss ratio points of catastrophe losses, compared with 89.6% a year earlier. Net investment income reached a record $372.1 million, up from $245.2 million. Net investment losses of $58.5 million, driven by unrealized losses on equity securities, partially offset that income in the quarter. Capital returns were significant. The company repurchased $223.8 million of common stock and paid $127.0 million in special dividends and $30.5 million in regular dividends, for total capital returned of $381.3 million. Book value per share, adjusted for the split, was $20.42 at June 30, 2024, up from $19.37 at December 31, 2023. The filing itself incorporates the press release as Exhibit 99.1 and states that the information is furnished rather than filed.

Jul 22, 2024 8-K

W. R. Berkley 8-K Report, Shareholder Vote Results (Jun 12, 2024)

W. R. Berkley Corporation held its Annual Meeting of Stockholders on June 12, 2024, and this Item 5.07 report discloses the voting results on three proposals. Stockholders elected six directors: William R. Berkley, Christopher L. Augostini and Jonathan Talisman, for terms expiring at the 2027 annual meeting; Daniel L. Mosley, for a term expiring in 2026; and Marie A. Mattson and Mark L. Shapiro, for terms expiring in 2025. Each director received more votes For than Against, though Against votes were substantial for several nominees, most notably Mark L. Shapiro, who received 32,554,142 Against votes against 204,938,929 For. Stockholders also voted on a non-binding advisory say-on-pay resolution on named executive officer compensation, which received 228,633,428 For votes and 9,218,907 Against votes, with 351,382 abstentions and 13,424,088 broker non-votes. Stockholders also ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, with 240,391,919 For votes, 11,063,892 Against votes and 171,994 abstentions. For investors, the filing confirms board composition for the coming years and the stockholder endorsement of the auditor and the executive pay program, while the level of Against votes for certain director nominees is the most notable governance signal in the report.

Jun 12, 2024 10-Q

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 8-K

W. R. Berkley 8-K Report, Regulation FD Disclosure (Apr 23, 2024)

W. R. Berkley Corporation furnished this Form 8-K under Item 7.01 (Regulation FD Disclosure) to provide information about its Argentine exposure. The company underwrites insurance business in Argentina and invests in Argentine bonds. As of March 31, 2024, the book value of its Argentine bond investments was $294.9 million, consisting of $172.8 million of inflation-linked securities and $122.1 million of other Argentine bonds, of which $112.9 million are U.S. dollar denominated. Pre-tax net investment income from the inflation-linked securities was $96.2 million for the quarter ended March 31, 2024. The company states this income increased due to an adjustment to the inflation rate made by the Argentine government in late 2023. For the second quarter of 2024, management's best estimate of pre-tax net investment income from Argentine inflation-linked securities is $45 million to $65 million, while noting that uncertainty in Argentine inflation rates makes future periods difficult to project. The company also disclosed that proceeds from Argentine inflation-linked securities that matured in the first quarter of 2024 have been reinvested.

Apr 23, 2024 8-K

W. R. Berkley 8-K Report, Financial Results (Apr 23, 2024)

W. R. Berkley Corporation reported first quarter 2024 results in a press release dated April 23, 2024, furnished as Exhibit 99.1. Net income to common stockholders rose to $442.5 million, or $1.64 per diluted share, compared with $294.1 million, or $1.06 per diluted share, in the first quarter of 2023. Operating income, a non-GAAP measure excluding after-tax net investment gains and related expenses, increased to a record $423.3 million, or $1.56 per diluted share. Return on equity was 23.7% and operating return on equity was 22.7%. Underwriting performance remained strong. Gross premiums written grew to $3.36 billion and net premiums written grew 10.7% to a record $2.9 billion, with growth accelerating year over year as market conditions remained favorable in many areas. The reported combined ratio was 88.8%, compared with 90.6% a year earlier, and included $30.5 million of current accident year catastrophe losses. Average rate increases excluding workers' compensation were approximately 7.8%. Net investment income rose 43.2% to a record $319.8 million, although results were affected by a $29.3 million loss from investment funds. Operating cash flow increased 67.6% to $746.2 million. The company did not repurchase any shares during the quarter. Book value per share increased to $30.34 at March 31, 2024, from $29.06 at December 31, 2023, and tangible book value per share increased to $29.38 from $28.08. Reserves for losses and loss expenses rose to $19.10 billion from $18.74 billion. Management stated it remains confident in delivering value to shareholders in 2024 and beyond.

Apr 23, 2024 10-K

W. R. Berkley Annual Report, Year Ended Dec 31, 2023

W. R. Berkley Corporation is an insurance holding company and one of the largest commercial lines writers in the United States, operating in two segments: Insurance and Reinsurance & Monoline Excess. In 2023 net premiums written rose to $10.95 billion from $10.00 billion in 2022, and net premiums earned reached $10.40 billion. The Insurance segment's GAAP combined ratio was 90.7% and the Reinsurance & Monoline Excess segment's was 82.1%, yielding a consolidated GAAP combined ratio of 89.7%, compared with 89.3% in 2022. Net income to common stockholders was $1.381 billion in both 2023 and 2022, while diluted earnings per share rose to $5.05 from $4.94, reflecting fewer weighted average diluted shares. Net investment income increased 35% to $1.05 billion, driven mainly by higher yields on fixed maturity securities (4.4% average annualized yield versus 2.9% in 2022) and a larger portfolio. Total investments were $26.64 billion at December 31, 2023, with 75.8% in fixed maturity securities, and the fixed maturity portfolio's effective duration was 2.4 years. Stockholders' equity reached $7.46 billion. The company repurchased shares for $537 million and paid $501 million in dividends, including special dividends of $0.50 per share in three quarters of 2023. The filing also flags risks that bear on investors: net unfavorable prior-year reserve development of $19 million in 2023, including adverse development in general liability and commercial auto liability for accident years 2016 through 2019 that management attributes partly to social inflation. Gross loss reserves were $18.74 billion, and the company had recorded about $384 million in COVID-19-related losses. Catastrophe losses net of reinsurance were $195 million in 2023. A subsidiary also filed a lawsuit in December 2023 against certain reinsurers to recover more than $90 million in event cancellation losses.

Feb 23, 2024 8-K

W. R. Berkley 8-K Report, Financial Results (Jan 24, 2024)

W. R. Berkley Corporation furnished an 8-K under Item 2.02 reporting its fourth quarter and full year 2023 results, with the press release dated January 24, 2024 attached as Exhibit 99.1. The company reported fourth-quarter return on equity of 23.6% and operating return on equity of 23.2%, along with record quarterly and annual pre-tax underwriting income and record net investment income. Fourth-quarter net income to common stockholders was $397.3 million, or $1.47 per diluted share, compared with $382.2 million, or $1.37 per diluted share, a year earlier. For the full year, net income was $1.38 billion, or $5.05 per diluted share, versus $4.94 per diluted share in 2022. Gross premiums written for the full year reached $12.97 billion and net premiums written reached $10.95 billion, up 8.9% and 9.5% respectively. Net premiums written growth accelerated to 12.0% in the fourth quarter. Net investment income grew 35.1% for the year to a record $1.05 billion, and operating cash flow rose 14.0% to a record $2.9 billion. The combined GAAP ratio for the full year was 89.7%, compared with 89.3% in 2022, and the company returned $1.0 billion to shareholders in 2023 through share repurchases and dividends. Book value per share at year-end was $29.06, up from $25.51. Management described the property and casualty insurance and investment environments as favorable to its business model and said it expects 2024 to be rewarding for shareholders. The filing also includes standard forward-looking statement cautions covering industry cyclicality, catastrophe losses, reserve estimation, investment risk and regulatory developments.

Jan 24, 2024 10-Q

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 8-K

W. R. Berkley 8-K Report, Financial Results (Oct 23, 2023)

W. R. Berkley Corporation furnished an 8-K on October 23, 2023 reporting its third quarter 2023 results via a press release (Exhibit 99.1). Net income to common stockholders rose to $333.6 million, or $1.23 per diluted share, compared with $228.9 million, or $0.82 per diluted share, in the third quarter of 2022. Operating income was $366.6 million, or $1.35 per diluted share. Return on equity was 19.8% and operating return on equity was 21.7% on an annualized basis. Gross premiums written were $3.35 billion and net premiums written were $2.85 billion, with net premiums written growing 10.5% in the quarter. The reported combined ratio was 90.2%, including $61.5 million of current accident year catastrophe losses. Net investment income reached a record $270.9 million, driven by a 59.3% increase in the core portfolio. Average rate increases excluding workers' compensation were approximately 8.5%. Book value per share was $26.80 at September 30, 2023, up from $25.51 at December 31, 2022, and tangible book value per share was $25.91 versus $24.58. Management said the company remains well positioned and is very optimistic about the remainder of 2023. During the quarter the company returned $160.3 million to shareholders, including $129.0 million of special dividends, $28.4 million of regular dividends, and $2.9 million of share repurchases. For the nine months ended September 30, 2023, the company repurchased 7,146,975 shares for $430.5 million. The 8-K states that the furnished information is not deemed filed under Section 18 of the Exchange Act.

Oct 23, 2023 10-Q

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 8-K

W. R. Berkley 8-K Report, Financial Results (Jul 20, 2023)

W. R. Berkley Corporation reported second quarter 2023 results in a press release dated July 20, 2023 (Exhibit 99.1). The company reported annualized return on equity of 21.1% and operating return on equity of 18.4%. Net income to common stockholders was $356.3 million, or $1.30 per diluted share, compared with $179.3 million, or $0.64 per diluted share, in the second quarter of 2022. Operating income was $310.9 million, or $1.14 per diluted share, versus $313.4 million, or $1.12 per diluted share, a year earlier. Gross premiums written were a record $3.34 billion and net premiums written were $2.81 billion, up from $3.05 billion and $2.59 billion in the prior-year quarter. Net investment income was a record $245.2 million, up from $171.6 million, which the company attributed to reinvestment of its fixed-maturity portfolio at higher interest rates. The reported combined ratio was 89.6%, compared with 88.6% a year earlier, and included current accident year catastrophe losses of $53.5 million. Average rate increases excluding workers' compensation were approximately 8.2%. The company returned $320.8 million to shareholders in the quarter, including $292.5 million of share repurchases and $28.3 million of regular dividends. Book value per share rose to $26.74 at June 30, 2023 from $25.51 at December 31, 2022. Management stated it was optimistic about the remainder of 2023, citing positive momentum entering the second half of the year.

Jul 20, 2023 8-K

W. R. Berkley 8-K Report, Shareholder Vote Results (Jun 16, 2023)

W. R. Berkley Corporation held its Annual Meeting of Stockholders on June 14, 2023, and this Form 8-K reports the voting results. Stockholders elected four directors: W. Robert Berkley, Jr. and María Luisa Ferré, whose terms expire at the 2026 annual meeting, and Daniel L. Mosley and Mark L. Shapiro, whose terms expire at the 2024 annual meeting. Each nominee received more votes for than against, though Mark L. Shapiro's against count (68,663,642) was substantially higher than those of the other nominees. Stockholders approved, on a non-binding advisory basis, the compensation of the company's named executive officers, with 224,376,191 votes for and 8,893,131 against. In the advisory vote on frequency, 233,457,628 votes favored holding say-on-pay votes every year, and the company stated it will hold them annually until the next frequency vote, which must occur no later than the 2029 annual meeting. Stockholders also ratified KPMG LLP as independent registered public accounting firm for the fiscal year ending December 31, 2023, with 241,140,282 votes for and 11,219,533 against.

Jun 16, 2023 10-Q

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 8-K

W. R. Berkley 8-K Report, Financial Results (Apr 20, 2023)

W. R. Berkley Corporation reported first quarter 2023 results in a press release dated April 20, 2023, furnished as Exhibit 99.1 to this Form 8-K. The company reported a return on equity of 17.4% (operating return on equity of 16.4%), net income to common stockholders of $294.1 million ($1.06 per diluted share) versus $590.6 million ($2.12 per diluted share) a year earlier, and operating income of $276.0 million ($1.00 per diluted share) versus $306.9 million ($1.10 per diluted share). Gross premiums written rose to $3.05 billion from $2.86 billion, and net investment income grew 28.8% to $223.4 million as higher-yielding reinvestment of the fixed-maturity portfolio continued. The reported GAAP combined ratio was 90.6%, compared with 87.8% a year earlier, and included current accident year catastrophe losses of $47.9 million and prior year development principally from property catastrophe losses of approximately $24 million. Results were weighed down by a lower net realized and unrealized investment gains figure ($22.6 million versus $369.9 million), which drove the decline in net income. Book value per share rose to $26.45 from $25.51 at year-end 2022, and the company returned $293.8 million to shareholders through special dividends, regular dividends and share repurchases. Management emphasized a focus on risk-adjusted returns, average rate increases excluding workers' compensation of approximately 8.3%, and a continued short-duration, high-quality fixed-maturity portfolio given the inverted yield curve and market volatility. The filing also includes standard forward-looking statement cautions covering the property casualty cycle, catastrophe exposure, reserve estimation and investment risks.

Apr 20, 2023 8-K

W. R. Berkley 8-K Report, Bylaw Amendment (Mar 1, 2023)

W. R. Berkley Corporation filed this Current Report on Form 8-K to disclose amendments to its By-laws, which the board of directors approved and adopted on February 24, 2023. The filing describes the changes in a list of items rather than through financial results, and it contains no financial figures. The amended By-laws provide for virtual stockholder meetings and add provisions on fixing record dates and adjournments. They also update stockholder list requirements to be consistent with recent amendments to the Delaware General Corporation Law. Proxy solicitation rules now require any stockholder soliciting proxies from others to use a proxy card in a color other than white. The amendments further clarify director terms, resignation and removal, allow board and committee meetings by remote communication, and add provisions on uncertificated stock and share issuance and transfer. For stockholders planning to nominate directors or submit proposals, the most significant change is the advance notice period, which begins with the 2024 annual meeting. Nominations and other proposals must be submitted not earlier than the 120th day and not later than the 90th day before the first anniversary of the preceding year's annual meeting. The amendments also add procedures tied to the SEC's universal proxy card rules. The full amended and restated By-laws are filed as Exhibit 3.2.

Mar 1, 2023 10-K

W. R. Berkley Annual Report, Year Ended Dec 31, 2022

W. R. Berkley Corporation is an insurance holding company and one of the largest commercial lines writers in the United States, operating in two segments: Insurance and Reinsurance & Monoline Excess. In 2022, net premiums written rose to $10.00 billion from $8.86 billion in 2021, and net income to common stockholders increased to $1.38 billion ($4.94 per diluted share) from $1.02 billion ($3.66 per diluted share). The consolidated GAAP combined ratio improved to 89.3% from 89.6%, and the consolidated loss ratio was 61.3% versus 61.1% a year earlier. Net investment income rose to $779 million from $672 million, helped by rising interest rates and a larger fixed maturity portfolio, while a $251 million after-tax gain on the sale of a London office building boosted net investment gains. Gross premiums written grew 11% to $11.91 billion, with average renewal premium rates for insurance and facultative reinsurance up 6.4% in 2022 after 9.1% in 2021. Results were offset by unrealized investment losses: the change in unrealized investment losses was $1.25 billion pre-tax, which pushed accumulated other comprehensive loss to $1.26 billion and total common stockholders' equity to $6.75 billion at year-end. Book value per outstanding share was $25.51. Unfavorable prior-year reserve development of $36 million and COVID-19-related losses of approximately $341 million were also disclosed, with reserves for losses and loss expenses totaling $17.01 billion gross. Capital returns included regular quarterly dividends of $0.09 and $0.10 per share, special dividends of $0.50 per share in the second quarter of 2022, and a $0.50 special dividend declared in January 2023. The company repurchased 1,370,394 shares in 2022 for $94 million, and it had no borrowings under its $300 million revolving credit facility at year-end. Total debt carrying value was $2.84 billion.

Feb 24, 2023 8-K

W. R. Berkley 8-K Report, Financial Results (Jan 26, 2023)

W. R. Berkley Corporation furnished this Form 8-K under Item 2.02 to report its results of operations and financial condition for the fourth quarter and full year of 2022, as set out in a press release dated January 26, 2023 (Exhibit 99.1). The company reported fourth-quarter net income to common stockholders of $382.2 million ($1.37 per diluted share), up from $294.4 million ($1.06 per diluted share) in the prior-year quarter, with a return on equity of 23.0%. For the full year, net income was $1.38 billion ($4.94 per diluted share) and gross premiums written rose to $11.91 billion from $10.70 billion, with net premiums written reaching $10.00 billion. The company described these as records, including record annual pre-tax underwriting income of $1.0 billion. The quarter's profitability was supported by a sharp rise in net investment income, which grew 40.2% to a record $231.3 million, and by fourth-quarter net investment gains of $75.1 million. The GAAP combined ratio for the Insurance segment was 89.2% for the full year and the consolidated combined ratio was 89.3%. Book value per share was $25.51 at December 31, 2022, up from $25.09, and the company returned $329.3 million to shareholders during 2022 through special and regular dividends and share repurchases. Management said it remains encouraged about opportunities in 2023 and beyond. The filing also includes a safe-harbor statement citing risks such as the cyclical nature of the property casualty industry, reserving estimates, investment risks, catastrophe losses, inflation and interest rates. The 8-K states that the information is furnished and not deemed filed under Section 18 of the Exchange Act.

Jan 26, 2023 8-K

W. R. Berkley 8-K Report, Executive Changes (Dec 12, 2022)

W. R. Berkley Corporation filed this Form 8-K to report the election of Daniel L. Mosley to its board of directors. The Board elected Mr. Mosley as a director effective January 1, 2023, increasing the number of board members to ten and the number of independent directors to eight. Mr. Mosley has also been named to the Company's Compensation Committee and Nominating and Corporate Governance Committee, as stated in the filing. The filing describes Mr. Mosley as a Partner at BDT & Company, a merchant bank established in 2009, where he serves on the Executive Committee. Previously, he was a partner at Cravath, Swaine & Moore LLP. The release also notes his involvement with the Pinkerton Foundation, Greenwich Hospital, and several New York City not-for-profit organizations, and his education at the University of Alabama and New York University School of Law. The filing is primarily a governance update. It contains no financial results, operating metrics, or guidance. The press release attached as Exhibit 99.1 is the document that announces the election, and the Company describes itself as an insurance holding company operating in the Insurance and Reinsurance & Monoline Excess segments.

Dec 12, 2022 10-Q

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 8-K

W. R. Berkley 8-K Report, Financial Results (Oct 24, 2022)

W. R. Berkley Corporation filed this Form 8-K to furnish its press release announcing third-quarter 2022 results (Exhibit 99.1, dated October 24, 2022). The company reported an operating return on equity of 16.9% and a return on equity of 13.8% for the quarter, with pre-tax underwriting income of $192.1 million and operating income of $281.8 million, up 14.2%. Gross premiums written rose 10.6% to $3.1 billion and net premiums written rose 10.8% to $2.6 billion, and the release described these as record quarterly results for premiums written. Net income to common stockholders was $228.9 million, or $0.82 per diluted share, compared with $261.3 million, or $0.93 per diluted share, in the prior-year quarter. The decline in GAAP net income reflected net investment losses of $67.4 million in the quarter, versus gains of $19.5 million a year earlier. The reported combined ratio was 92.1%, including catastrophe losses of $94.1 million, and the current accident year combined ratio before catastrophe losses was 86.6%. Core portfolio net investment income grew 51.0% to $156.1 million, which the company attributed to reinvesting funds at higher interest rates. Balance sheet data show book value per share of $23.88 at September 30, 2022, down from $25.09 at December 31, 2021, with after-tax unrealized investment losses of $985 million and unrealized currency translation losses of $400 million included in stockholders' equity. Management stated that the short duration and high quality of its fixed-maturity portfolio limited the market value impact on book value.

Oct 24, 2022 10-Q

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 8-K

W. R. Berkley 8-K Report, Financial Results (Jul 21, 2022)

W. R. Berkley Corporation reported second quarter 2022 results in a press release dated July 21, 2022, attached as Exhibit 99.1. Net premiums written grew 16.9% to a quarterly record of $2.59 billion, and gross premiums written grew 14.7% to $3.05 billion. Underwriting income increased 32.6% to $268.2 million, and the reported combined ratio was 88.6%, including catastrophe losses of $57.9 million. Operating income rose 43.0% to $313.4 million, or $1.12 per diluted share, compared with $0.78 a year earlier. GAAP net income to common stockholders was $179.3 million, or $0.64 per diluted share, down from $237.2 million, or $0.85, in the second quarter of 2021. The company attributed the GAAP decline to net investment losses of $171.6 million, driven by $163.9 million of net realized and unrealized losses on investments. Core net investment income grew 29.7%, to $133.6 million, due primarily to higher yields. Management said it expects investment income to benefit further as interest rates continue to rise. Book value per share was $24.56 at June 30, 2022, compared with $25.09 at December 31, 2021, and tangible book value per share was $23.60. The company stated that after-tax unrealized investment losses of $670 million and unrealized currency translation losses of $360 million reduced common stockholders' equity. Management noted that the short duration of the fixed-maturity portfolio, which had an average duration of 2.4 years and an average rating of AA-, limited the effect of rising rates on book value. During the quarter, the company returned $159.2 million to shareholders, including $132.7 million of special dividends and $26.5 million of regular dividends. No shares were repurchased in the first six months of 2022. Management described the quarter as excellent, citing an 18.8% annualized operating return on beginning stockholders' equity, and said it expects continued favorable market conditions in most lines of business, with growth concentrated in the E&S and specialty markets.

Jul 21, 2022 8-K

W. R. Berkley 8-K Report, Shareholder Vote Results (Jun 16, 2022)

At its Annual Meeting of Stockholders on June 15, 2022, W. R. Berkley Corporation's stockholders elected four directors, approved an amendment to the restated certificate of incorporation to increase authorized common stock from 750,000,000 to 1,250,000,000 shares, approved on a non-binding advisory basis the compensation of named executive officers (say-on-pay), and ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2022. W. Robert Berkley, Jr. and Mark L. Shapiro were elected for terms expiring at the 2023 annual meeting, and Ronald E. Blaylock and Mary C. Farrell for terms expiring at the 2025 annual meeting. The filing reports the vote counts for each proposal. The authorized share increase received 212,198,708 votes for, 45,963,062 against, and 916,147 abstentions. Say-on-pay received 236,514,529 votes for, 8,945,457 against, 402,030 abstentions, and 13,215,901 broker non-votes. The KPMG ratification received 247,428,138 votes for, 11,588,559 against, and 61,220 abstentions. Votes against Blaylock (48,148,514) and Farrell (46,449,313) were notably higher than against Berkley, Jr. (3,168,156) and Shapiro (33,445,405). The filing's only exhibit is Exhibit 3.1, an amendment dated June 15, 2022 to the Company's Restated Certificate of Incorporation, which implements the authorized share increase approved by stockholders.

Jun 16, 2022 10-Q

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