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W. R. Berkley Corporation Reports Second Quarter 2026 Results
Gross Premiums Written Increased to a Record $4.1 Billion; Record Quarterly Net Investment Income of $418.7 Million; Return on Equity of 18.6% and Operating Return on Equity of 20.5%
Greenwich, CT, July 20, 2026 - W. R. Berkley Corporation (NYSE: WRB) today reported its second quarter 2026 results.
Summary Financial Data
| Second Quarter | Six Months |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Gross premiums written | $4,144,000 | | $3,977,769 | | $7,929,766 | | $7,661,708 | |
| Net premiums written | 3,430,234 | | 3,351,439 | | 6,604,580 | | 6,484,742 | |
| Net income to common stockholders | 452,261 | | 401,288 | | 967,478 | | 818,860 | |
| Net income per diluted share | 1.15 | | 1.00 | | 2.46 | | 2.05 | |
| Operating income (1) | 497,145 | | 420,486 | | 1,011,402 | | 840,442 | |
| Operating income per diluted share (1) | 1.27 | | 1.05 | | 2.57 | | 2.10 | |
| Return on equity (2) | 18.6% | | 19.1% | | 19.9% | | 19.5% | |
| Operating return on equity (1) (2) | 20.5% | | 20.0% | | 20.9% | | 20.0% | |
(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
Second quarter highlights included:
- Return on equity of 18.6% and operating return on equity of 20.5%.
- Gross premiums written grew to a record $4.1 billion.
- Pre-tax underwriting income grew 21.8% to $317.5 million.
- Net investment income grew 10.4% to a record $418.7 million.
- Net income and operating income grew 12.7% and 18.2% to $452.3 million and $497.1 million, respectively.
- The current accident year combined ratio before catastrophe losses of 2.0 loss ratio points was 88.1% and reported combined ratio was 90.0%.
- Total capital returned to shareholders was $334.1 million, consisting of $185.5 million of special dividends, $111.5 million of share repurchases and $37.1 million of regular dividends.
Commenting on the Company's performance, W. Robert Berkley, Jr., chairman, chief executive officer, and president, said:
The Company delivered an excellent second quarter in 2026, generating an annualized 20.5% operating return on beginning-of-year stockholders’ equity, driven by outstanding underwriting performance and record net investment income.
Disciplined cycle management has long been and remains a hallmark of the Company’s success. We continue to see attractive opportunities across select liability lines. By focusing on business that offers appropriate risk-adjusted returns and favorable pricing, our Insurance segment grew gross and net premiums written by 5.4% and 3.7%, respectively, to record levels. This disciplined approach resulted in a strong overall 88.1% accident year combined ratio, excluding catastrophe losses.
Net investment income from fixed-maturity securities increased 11.9%, reflecting growth in invested assets and a higher portfolio yield. Credit quality remained excellent, with an average rating of AA-. In addition, current reinvestment rates continue to exceed our annual book yield, which combined with the 3.2-year duration of our fixed-maturity portfolio, provides both opportunity and flexibility.
We returned significant capital to shareholders through $223 million of regular and special dividends and $112 million of share repurchases.
Supported by a strong balance sheet and disciplined capital management, we remain well positioned to create long-term shareholder value. Our unwavering focus on risk-adjusted returns across both underwriting and investing has enabled us to deliver strong performance. We remain confident in our ability to generate excellent returns for shareholders.
W. R. Berkley Corporation 3
Webcast Conference Call
The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on July 20, 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
Forward-looking statements notice
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 cyber security-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; cyber security 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
| Second Quarter | Six Months |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Revenues: | | | | |
| Net premiums written | $3,430,234 | | $3,351,439 | | $6,604,580 | | $6,484,742 | |
| Change in net unearned premiums | (242,845) | | (253,254) | | (302,019) | | (374,176) | |
| Net premiums earned | 3,187,389 | | 3,098,185 | | 6,302,561 | | 6,110,566 | |
| Net investment income | 418,714 | | 379,303 | | 823,048 | | 739,595 | |
| Net investment (losses) gains: | | | | |
| Net realized and unrealized (losses) gains on investments | (55,131) | | 30,533 | | (70,760) | | 46,244 | |
| Change in allowance for credit losses on investments | (59) | | 440 | | (205) | | 1,084 | |
| Net investment (losses) gains | (55,190) | | 30,973 | | (70,965) | | 47,328 | |
| Revenues from non-insurance businesses | 134,427 | | 128,839 | | 290,978 | | 257,748 | |
| Insurance service fees | 30,620 | | 32,757 | | 58,849 | | 61,686 | |
| Other income | 159 | | 751 | | 1,982 | | 1,284 | |
| Total Revenues | 3,716,119 | | 3,670,808 | | 7,406,453 | | 7,218,207 | |
| Expenses: | | | | |
| Loss and loss expenses | 1,960,532 | | 1,955,424 | | 3,896,556 | | 3,856,216 | |
| Other operating costs and expenses | 1,025,920 | | 1,039,307 | | 1,996,579 | | 1,989,217 | |
| Expenses from non-insurance businesses | 122,741 | | 122,437 | | 258,583 | | 248,801 | |
| Interest expense | 31,728 | | 31,777 | | 63,438 | | 63,504 | |
| Total expenses | 3,140,921 | | 3,148,945 | | 6,215,156 | | 6,157,738 | |
| Income before income tax | 575,198 | | 521,863 | | 1,191,297 | | 1,060,469 | |
| Income tax expense | (122,892) | | (121,155) | | (223,416) | | (242,411) | |
| Net Income before noncontrolling interests | 452,306 | | 400,708 | | 967,881 | | 818,058 | |
| Noncontrolling interest | (45) | | 580 | | (403) | | 802 | |
| Net income to common stockholders | $452,261 | | $401,288 | | $967,478 | | $818,860 | |
| Net income per share: | | | | |
| Basic | $1.16 | | $1.01 | | $2.48 | | $2.06 | |
| Diluted | $1.15 | | $1.00 | | $2.46 | | $2.05 | |
| Average shares outstanding (1): | | | | |
| Basic | 389,156 | | 397,016 | | 390,702 | | 396,972 | |
| Diluted | 391,804 | | 400,368 | | 393,316 | | 400,098 | |
(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)
| Second Quarter | Six Months |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Insurance: | | | | |
|---|
| Gross premiums written | $3,802,768 | | $3,606,887 | | $7,164,335 | | $6,823,840 | |
|---|
| Net premiums written | 3,123,983 | | 3,013,703 | | 5,903,700 | | 5,708,158 | |
|---|
| Net premiums earned | 2,826,030 | | 2,728,784 | | 5,591,522 | | 5,371,291 | |
|---|
| Pre-tax income | 578,572 | | 512,672 | | 1,103,235 | | 1,022,177 | |
|---|
| Loss ratio | 63.1% | | 63.8% | | 63.5% | | 63.9% | |
|---|
| Expense ratio | 28.3% | | 28.3% | | 28.3% | | 28.0% | |
|---|
| GAAP Combined ratio | 91.4% | | 92.1% | | 91.8% | | 91.9% | |
|---|
| Reinsurance & Monoline Excess: | | | | |
|---|
| Gross premiums written | $341,232 | | $370,882 | | $765,431 | | $837,868 | |
|---|
| Net premiums written | 306,251 | | 337,736 | | 700,880 | | 776,584 | |
|---|
| Net premiums earned | 361,359 | | 369,401 | | 711,039 | | 739,275 | |
|---|
| Pre-tax income | 145,506 | | 127,299 | | 288,212 | | 247,679 | |
|---|
| Loss ratio | 49.2% | | 57.7% | | 48.8% | | 57.7% | |
|---|
| Expense ratio | 30.1% | | 29.7% | | 30.2% | | 28.7% | |
|---|
| GAAP Combined ratio | 79.3% | | 87.4% | | 79.0% | | 86.4% | |
|---|
| Corporate and Eliminations: | | | | |
|---|
| Net investment (losses) gains | $(55,190) | | $30,973 | | $(70,965) | | $47,328 | |
|---|
| Interest expense | (31,728) | | (31,777) | | (63,438) | | (63,504) | |
|---|
| Other expenses | (61,962) | | (117,304) | | (65,747) | | (193,211) | |
|---|
| Pre-tax loss | (148,880) | | (118,108) | | (200,150) | | (209,387) | |
|---|
| Consolidated: | | | | |
|---|
| Gross premiums written | $4,144,000 | | $3,977,769 | | $7,929,766 | | $7,661,708 | |
|---|
| Net premiums written | 3,430,234 | | 3,351,439 | | 6,604,580 | | 6,484,742 | |
|---|
| Net premiums earned | 3,187,389 | | 3,098,185 | | 6,302,561 | | 6,110,566 | |
|---|
| Pre-tax income | 575,198 | | 521,863 | | 1,191,297 | | 1,060,469 | |
|---|
| Loss ratio | 61.5% | | 63.1% | | 61.8% | | 63.1% | |
|---|
| Expense ratio | 28.5% | | 28.5% | | 28.6% | | 28.2% | |
|---|
| GAAP Combined ratio | 90.0% | | 91.6% | | 90.4% | | 91.3% | |
|---|
(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)
| Second Quarter | Six Months |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Net premiums written: | | | | |
| Other liability | $1,247,483 | | $1,218,988 | | $2,366,901 | | $2,327,253 | |
| Short-tail lines (1) | 734,374 | | 706,298 | | 1,365,362 | | 1,306,490 | |
| Auto | 461,856 | | 448,678 | | 879,668 | | 837,832 | |
| Workers' compensation | 346,866 | | 340,891 | | 675,884 | | 681,498 | |
| Professional liability | 333,404 | | 298,848 | | 615,885 | | 555,085 | |
| Total Insurance | 3,123,983 | | 3,013,703 | | 5,903,700 | | 5,708,158 | |
| Casualty (2) | 162,948 | | 188,929 | | 320,934 | | 375,718 | |
| Property (2) | 110,884 | | 115,926 | | 219,897 | | 248,084 | |
| Monoline excess | 32,419 | | 32,881 | | 160,049 | | 152,782 | |
| Total Reinsurance & Monoline Excess | 306,251 | | 337,736 | | 700,880 | | 776,584 | |
| Total | $3,430,234 | | $3,351,439 | | $6,604,580 | | $6,484,742 | |
| Current accident year losses from catastrophes: | | | |
| Insurance | $59,784 | | $77,631 | | $135,259 | | $148,248 | |
| Reinsurance & Monoline Excess | 2,584 | | 21,603 | | 2,786 | | 62,094 | |
| Total | $62,368 | | $99,234 | | $138,045 | | $210,342 | |
| Net Investment income: | | | | |
| Core portfolio (3) | $370,906 | | $328,363 | | $725,397 | | $645,303 | |
| Investment funds | 28,782 | | 27,268 | | 68,311 | | 54,291 | |
| Arbitrage trading account | 19,026 | | 23,672 | | 29,340 | | 40,001 | |
| Total | $418,714 | | $379,303 | | $823,048 | | $739,595 | |
| Net realized and unrealized (losses) gains on investments: | | | | |
| Net realized losses on investments | $(37,121) | | $(33,097) | | $(48,256) | | $(37,333) | |
| Change in unrealized (losses) gains on equity securities | (18,010) | | 63,630 | | (22,504) | | 83,577 | |
| Total | $(55,131) | | $30,533 | | $(70,760) | | $46,244 | |
| Other operating costs and expenses: | | | | |
| Policy acquisition and insurance operating expenses | $909,344 | | $882,099 | | $1,798,528 | | $1,720,345 | |
| Insurance service expenses | 25,468 | | 24,287 | | 48,634 | | 47,534 | |
| Net foreign currency losses (gains) | 1,974 | | 55,396 | | (15,037) | | 74,774 | |
| Other costs and expenses | 89,134 | | 77,525 | | 164,454 | | 146,564 | |
| Total | $1,025,920 | | $1,039,307 | | $1,996,579 | | $1,989,217 | |
| Cash flow from operations | $800,047 | | $703,806 | | $1,467,904 | | $1,447,624 | |
| Reconciliation of net income to operating income: | | | | |
| Net income | $452,261 | | $401,288 | | $967,478 | | $818,860 | |
| Pre-tax investment losses (gains), net of related expenses | 55,190 | | (30,973) | | 70,965 | | (47,328) | |
| Pre-tax net foreign currency losses (gains) | 1,974 | | 55,396 | | (15,037) | | 74,774 | |
| Income tax benefit | (12,280) | | (5,225) | | (12,004) | | (5,864) | |
| Operating income after-tax (4) | $497,145 | | $420,486 | | $1,011,402 | | $840,442 | |
(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
| June 30, 2026 | December 31, 2025 |
|---|
| Net invested assets (1) | $34,168,931 | $33,173,381 |
| Total assets | 45,677,113 | 43,926,843 |
| Reserves for losses and loss expenses | 23,182,240 | 22,207,773 |
| Senior notes and other debt | 1,829,445 | 1,829,198 |
| Subordinated debentures | 1,010,887 | 1,010,527 |
| Common stockholders' equity (2) | 9,833,239 | 9,700,818 |
| Common stock outstanding (3) | 371,058 | 377,156 |
| Book value per share (4) | 26.50 | 25.72 |
| Tangible book value per share (4) | 25.89 | 25.11 |
(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 June 30, 2026, reflected in common stockholders' equity are after-tax unrealized investment losses of $317 million and unrealized currency translation losses of $323 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 six months ended June 30, 2026, the Company repurchased 6,156,370 shares of its common stock for $413.9 million. During the three months ended June 30, 2026, the Company repurchased 1,684,736 shares of its common stock for $111.5 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 is $25.31 and $24.73, respectively.
W. R. Berkley Corporation 9
Investment Portfolio
June 30, 2026
(Amounts in thousands, except percentages)
| Carrying Value | Percent of Total |
|---|
| Fixed maturity securities: | | |
| United States government and government agencies | $4,402,996 | 12.9% |
| State and municipal: | | |
| Special revenue | 1,025,357 | 3.0% |
| State general obligation | 211,953 | 0.6% |
| Local general obligation | 181,600 | 0.5% |
| Corporate backed | 133,248 | 0.4% |
| Pre-refunded | 104,561 | 0.3% |
| Total state and municipal | 1,656,719 | 4.8% |
| Mortgage-backed securities: | | |
| Agency | 4,083,630 | 12.0% |
| Commercial | 206,784 | 0.6% |
| Residential - Prime | 193,880 | 0.6% |
| Residential - Alt A | 1,178 | 0.0% |
| Total mortgage-backed securities | 4,485,472 | 13.2% |
| Asset-backed securities | 4,076,528 | 11.9% |
| Corporate: | | |
| Industrial | 3,742,941 | 11.0% |
| Financial | 3,646,986 | 10.7% |
| Utilities | 1,692,946 | 4.9% |
| Other | 195,222 | 0.6% |
| Total corporate | 9,278,095 | 27.2% |
| Foreign government | 2,000,182 | 5.8% |
| Total fixed maturity securities (1) | 25,899,992 | 75.8% |
| Equity securities available for sale: | | |
| Common stocks | 883,940 | 2.6% |
| Preferred stocks | 618,297 | 1.8% |
| Total equity securities available for sale | 1,502,237 | 4.4% |
| Cash and cash equivalents (2) | 2,426,400 | 7.1% |
| Investment funds | 1,431,427 | 4.2% |
| Real estate | 1,350,849 | 3.9% |
| Arbitrage trading account | 1,292,382 | 3.8% |
| Loans receivable | 265,644 | 0.8% |
| Net invested assets | $34,168,931 | 100.0% |
(1)Total fixed maturity securities had an average rating of AA- and an average duration of 3.2 years, including cash and cash equivalents.
(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.
Contacts
W. R. Berkley Corporation475 Steamboat RoadGreenwich, Connecticut 06830(203) 629-3000
FOR IMMEDIATE RELEASE CONTACT: Karen A. Horvath
(203) 629-3000