W. R. Berkley Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 19 October 2026: press release. The quarter’s numbers.

Key takeaways

Return on equity was 18.4%: Annualized return on equity was 18.4% and operating return on equity 18.8%, compared with 24.3% and 21.0% in the third quarter of 2025. Source
Operating income rose per share: Operating income was $456.5 million, or $1.17 per diluted share. Net income to common stockholders was $446.0 million, or $1.14 per diluted share, against $511.0 million a year earlier. Source
Reported combined ratio was 90.8%: The current accident year combined ratio before catastrophe losses was 88.1%, with 2.7 loss ratio points stated for that measure. The reported combined ratio was 90.8%. Source
Net investment income reached $383.5M: Net investment income was $383.5 million, with core portfolio income of $369.1 million compared with $329.5 million a year earlier. Source
Shareholder returns reached $728.6M: Year-to-date capital returned to shareholders was $728.6 million, including $435.1 million of share repurchases. Management said it preserves substantial flexibility. Source
Operating cash flow fell: Cash flow from operations was $731,333 thousand in the quarter, against $1,139,860 thousand a year earlier. Source

“These results demonstrate the continuing strength in how we manage our specialty insurance underwriting, as well as our investment portfolio.”
W. Robert Berkley, Jr., chairman, chief executive officer, and president

Results and growth drivers

Return on equity was 18.4%: Annualized return on equity was 18.4% and operating return on equity 18.8%, compared with 24.3% and 21.0% in the third quarter of 2025. Source
Operating income rose per share: Operating income was $456.5 million, or $1.17 per diluted share. Net income to common stockholders was $446.0 million, or $1.14 per diluted share, against $511.0 million a year earlier. Source
Insurance underwriting income up: Pre-tax underwriting income for the Insurance segment rose 10.6% to $237.7 million in the quarter. Source

Segments and premium growth

Insurance premiums grew: Insurance gross premiums written were $3,560,309 thousand against $3,393,023 thousand a year earlier. Net premiums written were $2,899,016 thousand against $2,809,743 thousand. Source
Reinsurance and monoline premiums declined: Reinsurance & Monoline Excess gross premiums written were $391,479 thousand against $443,233 thousand. Net premiums written were $368,586 thousand against $417,187 thousand. Source
Reinsurance pre-tax income lower: Reinsurance & Monoline Excess pre-tax income was $133,265 thousand against $144,008 thousand, on net premiums earned of $351,722 thousand against $383,373 thousand. Source
Insurance segment pre-tax income higher: Insurance segment pre-tax income was $523,358 thousand against $474,538 thousand, with a loss ratio of 63.3% against 63.9%. Source

“Our investment portfolio continues to be a great contributor to our economic model, with the domestic fixed-maturity portfolio serving as the primary driver.”
W. Robert Berkley, Jr., chairman, chief executive officer, and president

Product lines and premiums

Other liability was largest line: Other liability net premiums written were $1,133,295 thousand against $1,092,550 thousand, the largest Insurance line by premiums written in the quarter. Source
Professional liability, auto and workers' comp: Professional liability net premiums written were $322,364 thousand against $307,039 thousand. Auto was $438,702 thousand against $416,956 thousand, and workers' compensation $332,615 thousand against $330,181 thousand. Source
Reinsurance casualty and property lower: Reinsurance casualty net premiums written were $144,164 thousand against $192,694 thousand. Property was $116,983 thousand against $119,671 thousand. Source
Monoline excess premiums edged up: Monoline excess net premiums written were $107,439 thousand against $104,822 thousand in the year-earlier quarter. Source

Costs, margins and pricing

Reported combined ratio was 90.8%: The current accident year combined ratio before catastrophe losses was 88.1%, with 2.7 loss ratio points stated for that measure. The reported combined ratio was 90.8%. Source
Catastrophe losses rose: Current accident year catastrophe losses were $85,932 thousand against $78,517 thousand, of which Insurance accounted for $82,911 thousand. Source
Rate increases about 4.0%: Average rate increases, excluding workers' compensation, were approximately 4.0%. Source
Consolidated loss and expense ratios: The consolidated loss ratio was 62.2% against 62.4%, and the expense ratio 28.6% against 28.5%. Source

Investment income and portfolio

Net investment income reached $383.5M: Net investment income was $383.5 million, with core portfolio income of $369.1 million compared with $329.5 million a year earlier. Source
Fixed-maturity income up 10.3%: Income from fixed-maturity securities rose 10.3% from the year-earlier quarter. Source
Portfolio rated AA- with 3.3-year duration: Fixed-maturity securities carried an average rating of AA- and an average duration of 3.3 years, compared with 3.2 years at June 30, 2026. Source
Reinvestment yields above book yield: Management said credit quality remains excellent and reinvestment yields continue to exceed the portfolio's book yield. Source
Net investment losses in quarter: Net investment losses were $18,305 thousand, with equity securities unrealized losses of $45,372 thousand offsetting realized gains of $27,831 thousand. Source

Capital and shareholder returns

Shareholder returns reached $728.6M: Year-to-date capital returned to shareholders was $728.6 million, including $435.1 million of share repurchases. Management said it preserves substantial flexibility. Source
Third-quarter buybacks of $21.1M: Third-quarter repurchases were 309,508 shares for $21.1 million, as reported in the balance sheet footnote. Source
Operating cash flow fell: Cash flow from operations was $731,333 thousand in the quarter, against $1,139,860 thousand a year earlier. Source
Book value per share $25.87: Book value per share was $25.87 at September 30, 2026, against $25.72 at December 31, 2025. Tangible book value per share was $25.27. Source
Unrealized investment losses increased: After-tax unrealized investment losses were $928 million at September 30, 2026, against $125 million at December 31, 2025. Unrealized currency translation losses were $320 million. Source

Strategy and underwriting approach

Technology aids underwriting and claims: Management said greater use of technology is enabling the company to further leverage its underwriting and claims expertise, alongside higher investment income. Source
Breadth across 60 specialty businesses: The chairman said decoupled product-line cycles and the 60 specialty businesses allow greater stability. Source
Rate adequacy and terms emphasized: The chairman cited an unwavering commitment to rate adequacy and attention to terms and conditions as the basis for underwriting results. Source

Figures management reported

Figure	Reported
Combined ratio Source	90.8% (GAAP, third quarter 2026)
Net premiums written Source	$3,267,602 thousand (third quarter)
Catastrophe losses Source	$85,932 thousand (current accident year, third quarter)
Investment income Source	$383,537 thousand (third quarter)
Book value per share Source	$25.87 (September 30, 2026)

Earlier plans management reported on

Not stated: Management said its approach to capital management is unchanged from earlier periods. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Vice President - External

Financial Communications

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

	Third Quarter		Nine Months
	2026	2025	2026	2025
Gross premiums written	$3,951,788	$3,836,256	$11,881,554	$11,497,964
Net premiums written	3,267,602	3,226,930	9,872,182	9,711,672
Net income to common stockholders	446,005	511,032	1,413,483	1,329,892
Net income per diluted share	1.14	1.28	3.60	3.32
Operating income (1)	456,541	440,198	1,467,749	1,280,364
Operating income per diluted share (1)	1.17	1.10	3.73	3.20
Return on equity (2)	18.4%	24.3%	19.4%	21.1%
Operating return on equity (1) (2)	18.8%	21.0%	20.2%	20.3%

(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

Webcast 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

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 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

	Third Quarter		Nine Months
	2026	2025	2026	2025
Revenues:
Net premiums written	$3,267,602	$3,226,930	$9,872,182	$9,711,672
Change in net unearned premiums	(53,998)	(70,548)	(356,017)	(444,724)
Net premiums earned	3,213,604	3,156,382	9,516,165	9,266,948
Net investment income	383,537	351,238	1,206,585	1,090,833
Net investment (losses) gains:
Net realized and unrealized (losses) gains on investments	(17,541)	78,800	(88,301)	125,044
Change in allowance for credit losses on investments	(764)	160	(969)	1,244
Net investment (losses) gains	(18,305)	78,960	(89,270)	126,288
Revenues from non-insurance businesses	130,824	150,335	421,802	408,083
Insurance service fees	28,615	30,924	87,464	92,610
Other income	536	397	2,518	1,681
Total Revenues	3,738,811	3,768,236	11,145,264	10,986,443
Expenses:
Loss and loss expenses	1,998,469	1,968,857	5,895,026	5,825,073
Other operating costs and expenses	1,009,559	975,333	3,006,138	2,964,550
Expenses from non-insurance businesses	124,845	144,176	383,428	392,976
Interest expense	31,614	31,760	95,052	95,265
Total expenses	3,164,487	3,120,126	9,379,644	9,277,864
Income before income tax	574,324	648,110	1,765,620	1,708,579
Income tax expense	(125,999)	(136,141)	(349,414)	(378,551)
Net Income before noncontrolling interests	448,325	511,969	1,416,206	1,330,028
Noncontrolling interest	(2,320)	(937)	(2,723)	(136)
Net income to common stockholders	$446,005	$511,032	$1,413,483	$1,329,892
Net income per share:
Basic	$1.15	$1.29	$3.62	$3.35
Diluted	$1.14	$1.28	$3.60	$3.32
Average shares outstanding (1):
Basic	388,750	397,220	390,044	397,056
Diluted	391,337	400,204	392,992	400,306

(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 Quarter		Nine Months
	2026	2025	2026	2025
Insurance:
Gross premiums written	$3,560,309	$3,393,023	$10,724,644	$10,216,863
Net premiums written	2,899,016	2,809,743	8,802,716	8,517,901
Net premiums earned	2,861,882	2,773,009	8,453,404	8,144,300
Pre-tax income	523,358	474,538	1,626,594	1,496,715
Loss ratio	63.3%	63.9%	63.4%	63.9%
Expense ratio	28.4%	28.4%	28.4%	28.1%
GAAP Combined ratio	91.7%	92.3%	91.8%	92.0%
Reinsurance & Monoline Excess:
Gross premiums written	$391,479	$443,233	$1,156,910	$1,281,101
Net premiums written	368,586	417,187	1,069,466	1,193,771
Net premiums earned	351,722	383,373	1,062,761	1,122,648
Pre-tax income	133,265	144,008	421,476	391,687
Loss ratio	53.2%	51.3%	50.2%	55.5%
Expense ratio	30.2%	29.8%	30.2%	29.1%
GAAP Combined ratio	83.4%	81.1%	80.4%	84.6%
Corporate and Eliminations:
Net investment (losses) gains	$(18,305)	$78,960	$(89,270)	$126,288
Interest expense	(31,614)	(31,760)	(95,052)	(95,265)
Other expenses	(32,380)	(17,636)	(98,128)	(210,846)
Pre-tax (loss) Income	(82,299)	29,564	(282,450)	(179,823)
Consolidated:
Gross premiums written	$3,951,788	$3,836,256	$11,881,554	$11,497,964
Net premiums written	3,267,602	3,226,930	9,872,182	9,711,672
Net premiums earned	3,213,604	3,156,382	9,516,165	9,266,948
Pre-tax income	574,324	648,110	1,765,620	1,708,579
Loss ratio	62.2%	62.4%	61.9%	62.9%
Expense ratio	28.6%	28.5%	28.6%	28.2%
GAAP Combined ratio	90.8%	90.9%	90.5%	91.1%

(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)

	Third Quarter		Nine Months
	2026	2025	2026	2025
Net premiums written:
Other liability	$1,133,295	$1,092,550	$3,500,195	$3,419,802
Short-tail lines (1)	672,040	663,017	2,037,403	1,969,507
Auto	438,702	416,956	1,318,370	1,254,788
Workers' compensation	332,615	330,181	1,008,499	1,011,679
Professional liability	322,364	307,039	938,249	862,125
Total Insurance	2,899,016	2,809,743	8,802,716	8,517,901
Casualty (2)	144,164	192,694	465,098	568,412
Property (2)	116,983	119,671	336,880	367,755
Monoline excess	107,439	104,822	267,488	257,604
Total Reinsurance & Monoline Excess	368,586	417,187	1,069,466	1,193,771
Total	$3,267,602	$3,226,930	$9,872,182	$9,711,672
Current accident year losses from catastrophes:
Insurance	$82,911	$69,826	$218,171	$218,073
Reinsurance & Monoline Excess	3,021	8,691	5,807	70,785
Total	$85,932	$78,517	$223,978	$288,858
Net Investment income:
Core portfolio (3)	$369,122	$329,508	$1,094,519	$974,811
Investment funds	2,123	5,421	70,435	59,713
Arbitrage trading account	12,292	16,309	41,631	56,309
Total	$383,537	$351,238	$1,206,585	$1,090,833
Net realized and unrealized (losses) gains on investments:
Net realized gains (losses) on investments	$27,831	$69,210	$(20,425)	$31,877
Change in unrealized (losses) gains on equity securities	(45,372)	9,590	(67,876)	93,167
Total	$(17,541)	$78,800	$(88,301)	$125,044
Other operating costs and expenses:
Policy acquisition and insurance operating expenses	$919,125	$900,312	$2,717,653	$2,620,657
Insurance service expenses	24,570	22,711	73,204	70,245
Net foreign currency (gains) losses	(5,122)	(12,009)	(20,159)	62,765
Other costs and expenses	70,986	64,319	235,440	210,883
Total	$1,009,559	$975,333	$3,006,138	$2,964,550
Cash flow from operations	$731,333	$1,139,860	$2,199,237	$2,587,484
Reconciliation of net income to operating income:
Net income	$446,005	$511,032	$1,413,483	$1,329,892
Pre-tax investment losses (gains), net of related expenses	18,551	(78,305)	89,270	(125,985)
Pre-tax net foreign currency (gains) losses	(5,122)	(12,009)	(20,159)	62,765
Income tax (benefit) expense	(2,893)	19,480	(14,845)	13,692
Operating income after-tax (4)	$456,541	$440,198	$1,467,749	$1,280,364

(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

	September 30, 2026	December 31, 2025
Net invested assets (1)	$33,952,861	$33,173,381
Total assets	45,675,961	43,926,843
Reserves for losses and loss expenses	23,610,579	22,207,773
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 (4)	25.27	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 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)

	Carrying Value	Percent of Total
Fixed maturity securities:
United States government and government agencies	$4,589,338	13.5%
State and municipal:
Special revenue	935,495	2.8%
State general obligation	203,787	0.6%
Local general obligation	166,550	0.5%
Corporate backed	126,644	0.4%
Pre-refunded	63,969	0.2%
Total state and municipal	1,496,445	4.5%
Mortgage-backed securities:
Agency	3,954,880	11.6%
Residential - Prime	179,792	0.5%
Commercial	170,177	0.5%
Residential - Alt A	1,090	0.0%
Total mortgage-backed securities	4,305,939	12.6%
Asset-backed securities	4,188,774	12.3%
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 government	2,021,727	6.0%
Total fixed maturity securities (1)	26,003,152	76.6%
Equity securities available for sale:
Common stocks	884,723	2.6%
Preferred stocks	578,372	1.7%
Total equity securities available for sale	1,463,095	4.3%
Cash and cash equivalents (2)	2,038,618	6.0%
Investment funds	1,450,995	4.3%
Arbitrage trading account	1,407,586	4.1%
Real estate	1,318,367	3.9%
Loans receivable	271,048	0.8%
Net invested assets	$33,952,861	100.0%

(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.

Contacts
W. R. Berkley Corporation475 Steamboat RoadGreenwich, Connecticut 06830(203) 629-3000
FOR IMMEDIATE RELEASE CONTACT: Karen A. Horvath
(203) 629-3000