WR Berkley Corp

Latest Results (28.08.2026):

WR Berkley Corp — third quarter 2025: The company delivered a strong quarter with net income to common stockholders up 39.8% to $511.0 million, a return on equity of 24.3% (operating ROE 21.0%), continued premium growth and a solid combined ratio of 90.9%, supported by higher investment income and positive net investment gains.

Profitability

Net income rose to $511.0 million ($1.28 diluted EPS) vs. $365.6 million in Q3 2024; operating income after-tax was $440.2 million ($1.10 per diluted share). Return on beginning‑of‑year common equity was 24.3% (operating ROE 21.0%).

Underwriting & Combined Ratio

Consolidated GAAP combined ratio for Q3 2025 was 90.9% (loss ratio 62.4%, expense ratio 28.5%). The current accident year combined ratio before catastrophe losses was 88.4%; reported results included $78.5 million of current accident year catastrophe losses.

Premium Growth

Gross premiums written were $3.836 billion and net premiums written were $3.227 billion (up from $3.633B / $3.057B a year ago). Net premiums earned were $3.156 billion. Average rate increases (ex‑workers’ comp) were ~7.6%.

Investment Results

Net investment income was $351.2 million, driven by a 9.4% increase in the core portfolio; net realized and unrealized investment gains were $78.8 million in the quarter (versus losses in Q3 2024).

Capital Position & Shareholder Returns

Common stockholders’ equity reached a record ~$9.799 billion; book value per share was $25.79 (tangible book $25.18). Book value per share grew 5.8% before dividends and repurchases. The company repurchased 350,000 shares in Q3 for $24.6 million (1.2M shares, $73.8M YTD).

Segment Performance

Insurance segment: GAAP combined ratio 92.3% with pre‑tax income $474.5 million. Reinsurance & Monoline Excess: GAAP combined ratio 81.1% with pre‑tax income $144.0 million. Corporate benefited from $78.96 million of net investment gains.

Other items

Net invested assets were $32.816 billion; total assets $43.715 billion. Management emphasized decentralized specialty focus, rate adequacy and underwriting discipline and scheduled a webcasted earnings call on October 20, 2025 at 5:00 p.m. ET.