W. R. Berkley Corporation
NEWS RELEASE W. R. Berkley Corporation 475 Steamboat Road Greenwich, Connecticut 06830 (203) 629-3000
Quarterly Net Investment Income Grew to $383.5 Million Driven by Core Portfolio Increase of 12.0% Greenwich, CT, October 19, 2026 - W. R. Berkley Corporation (NYSE: WRB) today reported its third quarter 2026 results.
(1) Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and related expenses and after-tax net foreign currency gains (losses).
(2) Return on equity and operating return on equity represent net income and operating income, respectively, expressed on an annualized basis as a percentage of beginning of year common stockholders’ equity.
• Pre-tax underwriting income for the Insurance segment grew 10.6% to $237.7 million.
• Net investment income grew to $383.5 million driven by core portfolio increase of 12.0%.
• Gross and net premiums written for the Insurance segment grew 4.9% and 3.2%, respectively.
• The current accident year combined ratio before catastrophe losses of 2.7 loss ratio points was 88.1% and reported combined ratio was 90.8%.
• Average rate increases excluding workers' compensation were approximately 4.0%.
Commenting on the Company's performance, W. Robert Berkley, Jr., chairman, chief executive officer, and president, said:
The Company delivered another excellent quarter, generating an annualized 18.8% operating return on beginning-of-year stockholders’ equity. These results demonstrate the continuing strength in how we manage our specialty insurance underwriting, as well as our investment portfolio.
Our underwriting results have consistently been outstanding due to our unwavering commitment to rate adequacy and attention to terms and conditions. As the cycles for various product lines have decoupled, the breadth of our offering through our 60 specialty businesses allows for greater stability. Our long-term view and disciplined approach produced a strong 88.1% accident year combined ratio, excluding catastrophe losses.
Our investment portfolio continues to be a great contributor to our economic model, with the domestic fixed-maturity portfolio serving as the primary driver. Income from fixed-maturity securities increased 10.3% over the corresponding period a year ago. The credit quality of our portfolio remains excellent, with an average strong AA- rating, and reinvestment yields continue to meaningfully exceed our portfolio’s book yield.
Our disciplined approach to capital management remains unchanged. We returned a total of $728.6 million to shareholders year-to-date, which includes $435.1 million of share repurchases, while preserving substantial flexibility to support future opportunities.
The strong prevailing interest rate tailwind has set investment income on a path to greater earnings contributions, and greater utilization of technology is enabling us to further leverage our underwriting and claims expertise. We believe we remain well-positioned to continue delivering attractive long-term risk-adjusted returns and creating long-term value for our shareholders.
The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on October 19, 2026, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at https://ir.berkley.com/events-and-presentations/default.aspx. Please log on early to register. A replay of the webcast will be available on the Company's website approximately two hours after the end of the conference call. Additional financial information can be found on the Company's website at https://ir.berkley.com/investor-relations/financial-information/quarterly- results/default.aspx.
Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance & Monoline Excess.
This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2026 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward- looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to: the cyclical nature of the property casualty industry; the impact of significant competition, including new entrants to the industry; the long-tail and potentially volatile nature of the insurance and reinsurance business; product demand and pricing; claims development and the process of estimating reserves; investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, foreign government bonds, municipal bonds, mortgage- backed securities, loans receivable, investment funds, including real estate, merger arbitrage, energy-related and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts, including claims for cybersecurity-related risks; the increasing use of artificial intelligence technologies by us or third-parties on which we rely could expose us to technological, security, legal, and other risks; natural and man-made catastrophic losses, including as a result of terrorist activities or the ongoing conflict with Iran; the risk of future pandemics, as well as the continuing effects of the COVID-19 pandemic; the impact of climate-related risks, which may alter the frequency and increase the severity of catastrophe events; general economic and market activities, including inflation, the risk of recession, changing interest rates, the impact of tariffs and volatility in the credit and capital markets; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response to such conditions, on our results and financial condition; foreign currency and political risks relating to our international operations; our ability to attract and retain key personnel and qualified employees; continued availability of capital and financing; the success of our new ventures or acquisitions and the availability of other opportunities; the availability of reinsurance; our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2019; the ability or willingness of our reinsurers to pay reinsurance recoverables owed to us; other legislative and regulatory developments, including those related to business practices in the insurance industry; credit risk related to our policyholders, independent agents and brokers; changes in the ratings assigned to us or our insurance company subsidiaries by rating agencies; the availability of dividends from our insurance company subsidiaries; cybersecurity breaches of our information technology systems and the information technology systems of our vendors and other third parties, or related processes and systems; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for the year 2026 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward- looking statement, whether as a result of new information, future developments or otherwise. # # # W. R. Berkley Corporation 5
(1) Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.
(1) Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.
(1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines.
(2) Includes reinsurance casualty and property and certain program management business.
(3) Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable.
(4) Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and after-tax net foreign currency gains (losses). Net investment gains (losses) are computed net of related expenses, including performance-based compensatory costs associated with realized investment gains. Management believes this measurement provides a useful indicator of trends in the Company's underlying operations.
(1) Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities.
(2) As of September 30, 2026, reflected in common stockholders' equity are after-tax unrealized investment losses of $928 million and unrealized currency translation losses of $320 million. As of December 31, 2025, reflected in common stockholders' equity are after-tax unrealized investment losses of $125 million and unrealized currency translation losses of $326 million.
(3) During the nine months ended September 30, 2026, the Company repurchased 6,465,878 shares of its common stock for $435.1 million. During the three months ended September 30, 2026, the Company repurchased 309,508 shares of its common stock for $21.1 million. The number of shares of common stock outstanding excludes shares held in a grantor trust (17,378,810 shares).
(4) Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding. Adjusted book value per share and adjusted tangible book value per share, including shares held in a grantor trust are $24.72 and $24.14, respectively.
(1) Total fixed maturity securities had an average rating of AA- and an average duration of 3.3 years, including cash and cash equivalents and arbitrage trading account.
(2) Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.
Full text with the tables
NEWS
RELEASE
W. R. Berkley Corporation
475 Steamboat Road
Greenwich, Connecticut 06830
(203) 629-3000
FOR IMMEDIATE RELEASE CONTACT: Karen A. Horvath
Vice President - External
Financial Communications
(203) 629-3000
W. R. Berkley Corporation Reports Third Quarter 2026 Results
Return on Equity of 18.4% and Operating Return on Equity of 18.8%;
Pre-Tax Underwriting Income for the Insurance Segment Grew 10.6%;
Quarterly Net Investment Income Grew to $383.5 Million Driven by Core Portfolio
Increase of 12.0%
Greenwich, CT, October 19, 2026 - W. R. Berkley Corporation (NYSE: WRB) today
reported its third quarter 2026 results.
Summary Financial Data
(Amounts in thousands, except per share data)
Third Nine
Quar… 2026 2025 Months 2026 2025
──────────────────────────────────────────────────────────────────────────────
Gross
prem… $ 3,951… $ 3,83… $ 11,8… $ 11,49…
writ…
Net
prem… 3,267… 3,22… 9,87… 9,711…
writ…
Net
inco…
to 446,0… 511,… 1,41… 1,329…
comm…
stoc…
Net
inco…
per 1.14 1.28 3.60 3.32
dilu…
share
Oper…
inco… 456,5… 440,… 1,46… 1,280…
(1)
Oper…
inco…
per 1.17 1.10 3.73 3.20
dilu…
share
(1)
Retu…
on 18.4 % 24.3 % 19.4 % 21.1 %
equi…
(2)
Oper…
retu…
on 18.8 % 21.0 % 20.2 % 20.3 %
equi…
(1)
(2)
(1) Operating income is a non-GAAP financial measure defined by the Company as
net income excluding after-tax net investment gains (losses) and related
expenses and after-tax net foreign currency gains (losses).
(2) Return on equity and operating return on equity represent net income and
operating income, respectively, expressed on an annualized basis as a percentage
of beginning of year common stockholders’ equity.
W. R. Berkley Corporation 2
Third quarter highlights included:
• Return on equity of 18.4% and operating return on equity of 18.8%.
• Pre-tax underwriting income for the Insurance segment grew 10.6% to $237.7
million.
• Net investment income grew to $383.5 million driven by core portfolio increase
of 12.0%.
• Gross and net premiums written for the Insurance segment grew 4.9% and 3.2%,
respectively.
• Operating income of $456.5 million grew 6.4% on a per share basis to $1.17.
• The current accident year combined ratio before catastrophe losses of 2.7 loss
ratio points was 88.1% and reported combined ratio was 90.8%.
• Average rate increases excluding workers' compensation were approximately
4.0%.
Commenting on the Company's performance, W. Robert Berkley, Jr., chairman, chief
executive officer, and president, said:
The Company delivered another excellent quarter, generating an annualized 18.8%
operating return on beginning-of-year stockholders’ equity. These results
demonstrate the continuing strength in how we manage our specialty insurance
underwriting, as well as our investment portfolio.
Our underwriting results have consistently been outstanding due to our
unwavering commitment to rate adequacy and attention to terms and conditions. As
the cycles for various product lines have decoupled, the breadth of our offering
through our 60 specialty businesses allows for greater stability. Our long-term
view and disciplined approach produced a strong 88.1% accident year combined
ratio, excluding catastrophe losses.
Our investment portfolio continues to be a great contributor to our economic
model, with the domestic fixed-maturity portfolio serving as the primary driver.
Income from fixed-maturity securities increased 10.3% over the corresponding
period a year ago. The credit quality of our portfolio remains excellent, with
an average strong AA- rating, and reinvestment yields continue to meaningfully
exceed our portfolio’s book yield.
Our disciplined approach to capital management remains unchanged. We returned a
total of $728.6 million to shareholders year-to-date, which includes $435.1
million of share repurchases, while preserving substantial flexibility to
support future opportunities.
The strong prevailing interest rate tailwind has set investment income on a path
to greater earnings contributions, and greater utilization of technology is
enabling us to further leverage our underwriting and claims expertise. We
believe we remain well-positioned to continue delivering attractive long-term
risk-adjusted returns and creating long-term value for our shareholders.
W. R. Berkley Corporation 3
W ebcast Conference Call
The Company will hold its quarterly conference call with analysts and investors
to discuss its earnings and other information on October 19, 2026, at 5:00 p.m.
eastern time. The conference call will be webcast live on the Company's website
at https://ir.berkley.com/events-and-presentations/default.aspx. Please log on
early to register. A replay of the webcast will be available on the Company's
website approximately two hours after the end of the conference call. Additional
financial information can be found on the Company's website at
https://ir.berkley.com/investor-relations/financial-information/quarterly-
results/default.aspx.
About W. R. Berkley Corporation
Founded in 1967, W. R. Berkley Corporation is an insurance holding company that
is among the largest commercial lines writers in the United States and operates
worldwide in two segments of the property casualty business: Insurance and
Reinsurance & Monoline Excess.
W. R. Berkley Corporation 4
Forward Looking Information
This is a “Safe Harbor” Statement under the Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained herein, including
statements related to our outlook for the industry and for our performance for
the year 2026 and beyond, are based upon the Company’s historical performance
and on current plans, estimates and expectations. The inclusion of this forward-
looking information should not be regarded as a representation by us or any
other person that the future plans, estimates or expectations contemplated by us
will be achieved. They are subject to various risks and uncertainties, including
but not limited to: the cyclical nature of the property casualty industry; the
impact of significant competition, including new entrants to the industry; the
long-tail and potentially volatile nature of the insurance and reinsurance
business; product demand and pricing; claims development and the process of
estimating reserves; investment risks, including those of our portfolio of fixed
maturity securities and investments in equity securities, including investments
in financial institutions, foreign government bonds, municipal bonds, mortgage-
backed securities, loans receivable, investment funds, including real estate,
merger arbitrage, energy-related and private equity investments; the effects of
emerging claim and coverage issues; the uncertain nature of damage theories and
loss amounts, including claims for cybersecurity-related risks; the increasing
use of artificial intelligence technologies by us or third-parties on which we
rely could expose us to technological, security, legal, and other risks; natural
and man-made catastrophic losses, including as a result of terrorist activities
or the ongoing conflict with Iran; the risk of future pandemics, as well as the
continuing effects of the COVID-19 pandemic; the impact of climate-related
risks, which may alter the frequency and increase the severity of catastrophe
events; general economic and market activities, including inflation, the risk of
recession, changing interest rates, the impact of tariffs and volatility in the
credit and capital markets; the impact of the conditions in the financial
markets and the global economy, and the potential effect of legislative,
regulatory, accounting or other initiatives taken in response to such
conditions, on our results and financial condition; foreign currency and
political risks relating to our international operations; our ability to attract
and retain key personnel and qualified employees; continued availability of
capital and financing; the success of our new ventures or acquisitions and the
availability of other opportunities; the availability of reinsurance; our
retention under the Terrorism Risk Insurance Program Reauthorization Act of
2019; the ability or willingness of our reinsurers to pay reinsurance
recoverables owed to us; other legislative and regulatory developments,
including those related to business practices in the insurance industry; credit
risk related to our policyholders, independent agents and brokers; changes in
the ratings assigned to us or our insurance company subsidiaries by rating
agencies; the availability of dividends from our insurance company subsidiaries;
cybersecurity breaches of our information technology systems and the information
technology systems of our vendors and other third parties, or related processes
and systems; the effectiveness of our controls to ensure compliance with
guidelines, policies and legal and regulatory standards; and other risks
detailed from time to time in the Company’s filings with the Securities and
Exchange Commission. These risks and uncertainties could cause our actual
results for the year 2026 and beyond to differ materially from those expressed
in any forward-looking statement we make. Any projections of growth in our
revenues would not necessarily result in commensurate levels of earnings.
Forward-looking statements speak only as of the date on which they are made, and
the Company undertakes no obligation to update publicly or revise any forward-
looking statement, whether as a result of new information, future developments
or otherwise.
# # #
W. R. Berkley Corporation 5
Consolidated Financial Summary
(Amounts in thousands, except per share data)
Third Nine
Quarter Months
Reve… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
prem… $ 3,267… $ 3,226,… $ 9,872,… $ 9,711…
writ…
Chan…
in
net -53,9… -70,548 -356,0… -444,…
unea…
prem…
Net
prem… 3,213… 3,156,… 9,516,… 9,266…
earn…
Net
inve… 383,5… 351,238 1,206,… 1,090…
inco…
Net
inve…
(los…
gain…
Net
real…
and
unre… -17,5… 78,800 -88,301 125,0…
(los…
gains
on
inve…
Chan…
in
allo…
for -764 160 -969 1,244
cred…
loss…
on
inve…
Net
inve… -18,3… 78,960 -89,270 126,2…
(los…
gains
Reve…
from 130,8… 150,335 421,802 408,0…
non-…
busi…
Insu…
serv… 28,615 30,924 87,464 92,610
fees
Other 536 397 2,518 1,681
inco…
Total 3,738… 3,768,… 11,145… 10,98…
Reve…
Expe…
Loss
and 1,998… 1,968,… 5,895,… 5,825…
loss
expe…
Other
oper…
costs 1,009… 975,333 3,006,… 2,964…
and
expe…
Expe…
from 124,8… 144,176 383,428 392,9…
non-…
busi…
Inte… 31,614 31,760 95,052 95,265
expe…
Total 3,164… 3,120,… 9,379,… 9,277…
expe…
Inco…
befo… 574,3… 648,110 1,765,… 1,708…
inco…
tax
Inco…
tax -125,… -136,1… -349,4… -378,…
expe…
Net
Inco…
befo… 448,3… 511,969 1,416,… 1,330…
nonc…
inte…
Nonc… -2,320 -937 -2,723 -136
inte…
Net
inco…
to $ 446,0… $ 511,032 $ 1,413,… $ 1,329…
comm…
stoc…
Net
inco…
per
shar…
Basic $ 1.15 $ 1.29 $ 3.62 $ 3.35
Dilu… $ 1.14 $ 1.28 $ 3.60 $ 3.32
Aver…
shar…
outs…
(1):
Basic 388,7… 397,220 390,044 397,0…
Dilu… 391,3… 400,204 392,992 400,3…
(1) Basic shares outstanding consist of the weighted average number of common
shares outstanding during the period (including shares held in a grantor trust).
Diluted shares outstanding consist of the weighted average number of basic and
common equivalent shares outstanding during the period.
W. R. Berkley Corporation 6
Business Segment Operating Results
(Amounts in thousands, except ratios) (1)
Third Nine
Quar… Mon…
Ins… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Gro…
pre… $ 3,56… $ 3,39… $ 10,7… $ 10,…
wri…
Net
pre… 2,89… 2,80… 8,80… 8,5…
wri…
Net
pre… 2,86… 2,77… 8,45… 8,1…
ear…
Pre… 523,… 474,… 1,62… 1,4…
inc…
Loss 63.3 % 63.9 % 63.4 % 63.9 %
rat…
Exp… 28.4 % 28.4 % 28.4 % 28.1 %
rat…
GAAP
Com… 91.7 % 92.3 % 91.8 % 92.0 %
rat…
Rei…
&
Mon…
Exc…
Gro…
pre… $ 391,… $ 443,… $ 1,15… $ 1,2…
wri…
Net
pre… 368,… 417,… 1,06… 1,1…
wri…
Net
pre… 351,… 383,… 1,06… 1,1…
ear…
Pre… 133,… 144,… 421,… 391…
inc…
Loss 53.2 % 51.3 % 50.2 % 55.5 %
rat…
Exp… 30.2 % 29.8 % 30.2 % 29.1 %
rat…
GAAP
Com… 83.4 % 81.1 % 80.4 % 84.6 %
rat…
Cor…
and
Eli…
Net
inv… $ -18,… $ 78,9… $ -89,… $ 126…
(lo…
gai…
Int… -31,… -31,… -95,… -95…
exp…
Oth… -32,… -17,… -98,… -21…
exp…
Pre…
(lo… -82,… 29,5… -282… -17…
Inc…
Con…
Gro…
pre… $ 3,95… $ 3,83… $ 11,8… $ 11,…
wri…
Net
pre… 3,26… 3,22… 9,87… 9,7…
wri…
Net
pre… 3,21… 3,15… 9,51… 9,2…
ear…
Pre… 574,… 648,… 1,76… 1,7…
inc…
Loss 62.2 % 62.4 % 61.9 % 62.9 %
rat…
Exp… 28.6 % 28.5 % 28.6 % 28.2 %
rat…
GAAP
Com… 90.8 % 90.9 % 90.5 % 91.1 %
rat…
(1) Loss ratio is losses and loss expenses incurred expressed as a percentage of
premiums earned. Expense ratio is underwriting expenses expressed as a
percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio
and the expense ratio.
W. R. Berkley Corporation 7
Supplemental Information
(Amounts in thousands)
Net Third Nine
prem… Quarter Months
writ… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Other $ 1,133… $ 1,092,… $ 3,500,… $ 3,419…
liab…
Shor…
lines 672,0… 663,017 2,037,… 1,969…
(1)
Auto 438,7… 416,956 1,318,… 1,254…
Work… 332,6… 330,181 1,008,… 1,011…
comp…
Prof… 322,3… 307,039 938,249 862,1…
liab…
Total 2,899… 2,809,… 8,802,… 8,517…
Insu…
Casu… 144,1… 192,694 465,098 568,4…
(2)
Prop… 116,9… 119,671 336,880 367,7…
(2)
Mono… 107,4… 104,822 267,488 257,6…
exce…
Total
Rein…
& 368,5… 417,187 1,069,… 1,193…
Mono…
Exce…
Total $ 3,267… $ 3,226,… $ 9,872,… $ 9,711…
Curr…
acci…
year
loss…
from
cata…
Insu… $ 82,911 $ 69,826 $ 218,171 $ 218,0…
Rein…
& 3,021 8,691 5,807 70,785
Mono…
Exce…
Total $ 85,932 $ 78,517 $ 223,978 $ 288,8…
Net
Inve…
inco…
Core
port… $ 369,1… $ 329,508 $ 1,094,… $ 974,8…
(3)
Inve… 2,123 5,421 70,435 59,713
funds
Arbi…
trad… 12,292 16,309 41,631 56,309
acco…
Total $ 383,5… $ 351,238 $ 1,206,… $ 1,090…
Net
real…
and
unre…
(los…
gains
on
inve…
Net
real…
gains $ 27,831 $ 69,210 $ -20,425 $ 31,877
(los…
on
inve…
Chan…
in
unre…
(los… -45,3… 9,590 -67,876 93,167
gains
on
equi…
secu…
Total $ -17,5… $ 78,800 $ -88,301 $ 125,0…
Other
oper…
costs
and
expe…
Poli…
acqu…
and $ 919,1… $ 900,312 $ 2,717,… $ 2,620…
insu…
oper…
expe…
Insu…
serv… 24,570 22,711 73,204 70,245
expe…
Net
fore…
curr… -5,122 -12,009 -20,159 62,765
(gai…
loss…
Other
costs 70,986 64,319 235,440 210,8…
and
expe…
Total $ 1,009… $ 975,333 $ 3,006,… $ 2,964…
Cash
flow $ 731,3… $ 1,139,… $ 2,199,… $ 2,587…
from
oper…
Reco…
of
net
inco…
to
oper…
inco…
Net $ 446,0… $ 511,032 $ 1,413,… $ 1,329…
inco…
Pre-…
inve…
loss…
(gai… 18,551 -78,305 89,270 -125,…
net
of
rela…
expe…
Pre-…
net
fore… -5,122 -12,009 -20,159 62,765
curr…
(gai…
loss…
Inco…
tax -2,893 19,480 -14,845 13,692
(ben…
expe…
Oper…
inco… $ 456,5… $ 440,198 $ 1,467,… $ 1,280…
afte…
(4)
(1) Short-tail lines include commercial multi-peril (non-liability), inland
marine, accident and health, fidelity and surety, boiler and machinery, high net
worth homeowners and other lines.
(2) Includes reinsurance casualty and property and certain program management
business.
(3) Core portfolio includes fixed maturity securities, equity securities, cash
and cash equivalents, real estate and loans receivable.
(4) Operating income is a non-GAAP financial measure defined by the Company as
net income excluding after-tax net investment gains (losses) and after-tax net
foreign currency gains (losses). Net investment gains (losses) are computed net
of related expenses, including performance-based compensatory costs associated
with realized investment gains. Management believes this measurement provides a
useful indicator of trends in the Company's underlying operations.
W. R. Berkley Corporation 8
Selected Balance Sheet Information
(Amounts in thousands, except per share data)
December 31,
September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net invested assets (1) $ 33,952,861 $ 33,173,381
Total assets 45,675,961 43,926,843
Reserves for losses and loss 23,610,579 22,207,773
expenses
Senior notes and other debt 1,827,874 1,829,198
Subordinated debentures 1,011,066 1,010,527
Common stockholders' equity (2) 9,610,213 9,700,818
Common stock outstanding (3) 371,448 377,156
Book value per share (4) 25.87 25.72
Tangible book value per share 25.27 25.11
(4)
(1) Net invested assets include investments, cash and cash equivalents, trading
accounts receivable from brokers and clearing organizations, trading account
securities sold but not yet purchased and unsettled purchases, net of related
liabilities.
(2) As of September 30, 2026, reflected in common stockholders' equity are
after-tax unrealized investment losses of $928 million and unrealized currency
translation losses of $320 million. As of December 31, 2025, reflected in common
stockholders' equity are after-tax unrealized investment losses of $125 million
and unrealized currency translation losses of $326 million.
(3) During the nine months ended September 30, 2026, the Company repurchased
6,465,878 shares of its common stock for $435.1 million. During the three months
ended September 30, 2026, the Company repurchased 309,508 shares of its common
stock for $21.1 million. The number of shares of common stock outstanding
excludes shares held in a grantor trust (17,378,810 shares).
(4) Book value per share is total common stockholders’ equity divided by the
number of common shares outstanding. Tangible book value per share is total
common stockholders’ equity excluding the after-tax value of goodwill and other
intangible assets divided by the number of common shares outstanding. Adjusted
book value per share and adjusted tangible book value per share, including
shares held in a grantor trust are $24.72 and $24.14, respectively.
W. R. Berkley Corporation 9
Investment Portfolio
September 30, 2026
(Amounts in thousands, except percentages)
Fixed maturity
securities: Carrying Value Percent of Total
──────────────────────────────────────────────────────────────────────────────
United States
government and $ 4,589,338 13.5 %
government
agencies
State and
municipal:
Special revenue 935,495 2.8 %
State general 203,787 0.6 %
obligation
Local general 166,550 0.5 %
obligation
Corporate backed 126,644 0.4 %
Pre-refunded 63,969 0.2 %
Total state and 1,496,445 4.5 %
municipal
Mortgage-backed
securities:
Agency 3,954,880 11.6 %
Residential - 179,792 0.5 %
Prime
Commercial 170,177 0.5 %
Residential - 1,090 0.0 %
Alt A
Total
mortgage-backed 4,305,939 12.6 %
securities
Asset-backed 4,188,774 12.3 %
securities
Corporate:
Industrial 3,876,539 11.4 %
Financial 3,606,285 10.6 %
Utilities 1,731,263 5.1 %
Other 186,842 0.6 %
Total corporate 9,400,929 27.7 %
Foreign 2,021,727 6.0 %
government
Total fixed
maturity 26,003,152 76.6 %
securities (1)
Equity
securities
available for
sale:
Common stocks 884,723 2.6 %
Preferred stocks 578,372 1.7 %
Total equity
securities 1,463,095 4.3 %
available for
sale
Cash and cash 2,038,618 6.0 %
equivalents (2)
Investment funds 1,450,995 4.3 %
Arbitrage 1,407,586 4.1 %
trading account
Real estate 1,318,367 3.9 %
Loans receivable 271,048 0.8 %
Net invested $ 33,952,861 100.0 %
assets
(1) Total fixed maturity securities had an average rating of AA- and an average
duration of 3.3 years, including cash and cash equivalents and arbitrage trading
account.
(2) Cash and cash equivalents includes trading accounts receivable from brokers
and clearing organizations, trading account securities sold but not yet
purchased and unsettled purchases.