WR Berkley Corp

Latest Results (07.06.2026):

W. R. Berkley Corporation (WR Berkley Corp) — First Quarter 2026 results: the company reported strong quarterly performance with net income to common stockholders of $515.2 million (up 23.4% year-over-year) and record operating income of $514.3 million (up 22.5%), an annualized return on equity of 21.2%, a reported combined ratio of 90.7%, and record net investment income of $404.3 million; the company returned $336.1 million of capital to shareholders in the quarter.

Net income & operating income

Net income to common stockholders was $515.2M in Q1 2026 (+23.4% vs Q1 2025). Operating income (a non‑GAAP measure) was a record $514.3M (+22.5%). Diluted EPS was $1.31 (vs $1.04).

Return on equity

Annualized return on beginning‑of‑year common equity was 21.2% in Q1 2026 (operating ROE also 21.2%), up from 19.9% in Q1 2025.

Underwriting metrics

Consolidated GAAP combined ratio improved slightly to 90.7% (90.9% prior year). The current accident‑year combined ratio excluding catastrophe losses was 88.3% (before 2.4 loss ratio points of catastrophe), indicating stable underwriting results across the diversified portfolio.

Premium growth & pricing

Gross premiums written were $3.786B and net premiums written $3.174B in Q1 2026. The insurance segment saw gross and net premiums written rise ~4.5% and 3.2%, respectively. Average rate increases excluding workers’ compensation were ~7.2%.

Investment income & portfolio

Net investment income rose 12.2% to a record $404.3M, driven by larger invested assets, higher yields and strong investment fund income. The quarter included net realized/unrealized investment losses of $15.6M. The fixed‑maturity portfolio had an average rating of AA‑ and a duration of 3.1 years.

Capital return & share repurchases

Total capital returned was $336.1M in Q1 2026 (share repurchases $302.4M and regular dividends $33.7M). The company repurchased approximately 4.47 million shares for $302M during the quarter.

Balance sheet & book value

As of March 31, 2026, net invested assets were $33.418B, common stockholders’ equity was $9.740B, book value per share was $26.13 and tangible book value per share was $25.52.