W. R. Berkley Corporation is an American commercial lines property and casualty insurance holding company organized in Delaware and based in Greenwich, Connecticut. The company operates commercial insurance businesses in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia and reinsurance businesses in the United States, United Kingdom, Continental Europe, Australia, the Asia-Pacific region and South Africa.3 It was founded by William Robert Berkley.1 Its shares trade on NYSE under the symbol WRB.1Wikipedia text CC BY-SA 4.0
$75.24up 1.27 (1.72%)Price as of Oct 16, 2026 at 19:58 UTC
W. R. Berkley Corporation is an American commercial lines property and casualty insurance holding company organized in Delaware and based in Greenwich, Connecticut.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$14.7B in 2025+86% since 2019Net income1112131410$1.8B in 2025+161% since 2019
Revenue151617$3.7B in Q2 FY2026−1% since Q3 FY2025Net income151617$452.3M in Q2 FY2026−12% since Q3 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net premiums written
$12.7B
$12.0B
$11.0B
Change in net unearned premiums
-$264.4M
-$423.6M
-$553.8M
Net premiums earned
$12.4B
$11.5B
$10.4B
Net investment income
$1.4B
$1.3B
$1.1B
Unrealized investment gains (losses), before tax
$130.7M
$79.7M
$47.5M
Change in allowance for expected credit losses on investments
$1.6M
$38.0M
-$498.0K
Net investment gains (losses)
$132.2M
$117.7M
$47.0M
Revenues from non-insurance businesses
$577.4M
$528.0M
$535.5M
Insurance service fees
$118.5M
$108.9M
$106.5M
Other income
$3.7M
$2.5M
$381.0K
Total revenues
$14.7B
$13.6B
$12.1B
Losses and loss expenses
$7.8B
$7.1B
$6.4B
Other operating costs and expenses
$4.0B
$3.6B
$3.4B
Expenses from non-insurance businesses
$551.9M
$513.5M
$525.0M
Interest expense
$126.9M
$126.9M
$127.5M
Total operating costs and expenses
$12.4B
$11.4B
$10.4B
Pre-Tax Income (Loss)
$2.3B
$2.3B
$1.8B
Income tax expense
-$495.8M
-$509.9M
-$370.6M
Net income before noncontrolling interests
$1.8B
$1.8B
$1.4B
Noncontrolling interests
-$5.4M
$1.5M
-$2.5M
Net income to common stockholders
$1.8B
$1.8B
$1.4B
Basic (dollars per share)
$4.48
$4.39
$3.40
Diluted (dollars per share)
$4.45
$4.36
$3.37
No quarter-by-quarter statement was filed.
Total assets181112131410$44.1B in 2025+65% since 2019Total liabilities181112131410$34.4B in 2025+67% since 2019Shareholders’ equity181112131410$9.7B in 2025+60% since 2019Cash181112131410$2.5B in 2025+148% since 2019
Total assets151617$45.7B in Q2 FY2026+4% since Q3 FY2025Total liabilities151617$35.8B in Q2 FY2026+6% since Q3 FY2025Shareholders’ equity151617$9.8B in Q2 FY2026+0% since Q3 FY2025Cash151617$2.6B in Q2 FY2026+8% since Q3 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Fixed maturity securities (amortized cost of $25,170,368 and $23,010,899; allowance for expected credit losses of $74 and $671 at December 31, 2025 and 2024)
$25.0B
$22.4B
Investment funds
$1.4B
$1.5B
Real estate
$1.3B
$1.3B
Arbitrage trading account
$1.2B
$1.1B
Equity securities
$1.4B
$1.2B
Loans receivable (net of allowance for expected credit losses of $161 and $1,114 at December 31, 2025 and 2024)
$418.9M
$405.5M
Total investments
$30.7B
$27.9B
Cash and cash equivalents
$2.5B
$2.0B
Premiums and fees receivable (net of allowance for expected credit losses of $42,006 and $39,884 at December 31, 2025 and 2024)
$3.4B
$3.3B
Due from reinsurers (net of allowance for expected credit losses of $6,378 and $8,350 at December 31, 2025 and 2024)
$3.5B
$3.6B
Deferred policy acquisition costs
$1.0B
$951.7M
Prepaid reinsurance premiums
$881.8M
$823.2M
Trading account receivable from brokers and clearing organizations
$11.7M
$60.3M
Property, furniture and equipment
$596.2M
$478.5M
Goodwill
$184.3M
$184.3M
Accrued investment income
$255.2M
$243.8M
Current federal and foreign income taxes
$2.7M
$39.4M
Deferred federal and foreign income taxes
$141.5M
$220.2M
Other assets
$809.4M
$877.1M
Total assets
$44.1B
$40.6B
Reserves for losses and loss expenses
$22.2B
$20.4B
$18.7B
Unearned premiums
$6.7B
$6.4B
Due to reinsurers
$615.8M
$668.7M
Trading account securities sold but not yet purchased
$66.3M
$73.4M
Current federal and foreign income taxes
$83.4M
$53.5M
Deferred federal and foreign income taxes
$99.9M
$65.2M
Senior notes and other debt
$1.8B
$1.8B
Subordinated debentures
$1.0B
$1.0B
Other liabilities
$1.7B
$1.7B
Total liabilities
$34.4B
$32.2B
Preferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none
$0
$0
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,825,150 and 183,411,907 shares, respectively
$158.7M
$158.7M
Additional paid-in capital
$987.7M
$984.8M
Retained earnings
$13.3B
$12.3B
Accumulated other comprehensive loss
-$451.1M
-$934.3M
Treasury stock, at cost, 416,366,010 and 413,455,739 shares, respectively
-$4.3B
-$4.1B
Total common stockholders equity
$9.7B
$8.4B
Noncontrolling interests
$11.1M
$12.3M
Total equity
$9.7B
$8.4B
Total liabilities and equity
$44.1B
$40.6B
Fixed maturity securities, amortized cost
$25.2B
$23.0B
Fixed maturity securities, allowance for credit loss
$74.0K
$671.0K
Financing receivable, allowance for credit loss
$161.0K
$1.1M
$3.0M
Premium receivable, allowance for credit loss
$42.0M
$39.9M
$35.1M
Uncollectible reinsurance
$6.4M
$8.3M
$8.4M
Preferred stock, par value (in dollars per share)
$0.10
$0.10
Preferred stock, authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, issued (in shares)
0 shares
0 shares
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.20
$0.20
Common stock, issued (in shares)
377.2M shares
380.1M shares
Common stock, outstanding (in shares)
377.2M shares
380.1M shares
384.8M shares
396.8M shares
Common stock, authorized (in shares)
1.9B shares
1.9B shares
Treasury stock, at cost (in shares)
416.4M shares
413.5M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Fixed maturity securities (amortized cost of $25,170,368 and $23,010,899; allowance for expected credit losses of $74 and $671 at December 31, 2025 and 2024)
$25.0B
$22.4B
Investment funds
$1.4B
$1.5B
Real estate
$1.3B
$1.3B
Arbitrage trading account
$1.2B
$1.1B
Equity securities
$1.4B
$1.2B
Loans receivable (net of allowance for expected credit losses of $161 and $1,114 at December 31, 2025 and 2024)
$418.9M
$405.5M
Total investments
$30.7B
$27.9B
Cash and cash equivalents
$2.5B
$2.0B
Premiums and fees receivable (net of allowance for expected credit losses of $42,006 and $39,884 at December 31, 2025 and 2024)
$3.4B
$3.3B
Due from reinsurers (net of allowance for expected credit losses of $6,378 and $8,350 at December 31, 2025 and 2024)
$3.5B
$3.6B
Deferred policy acquisition costs
$1.0B
$951.7M
Prepaid reinsurance premiums
$881.8M
$823.2M
Trading account receivable from brokers and clearing organizations
$11.7M
$60.3M
Property, furniture and equipment
$596.2M
$478.5M
Goodwill
$184.3M
$184.3M
Accrued investment income
$255.2M
$243.8M
Current federal and foreign income taxes
$2.7M
$39.4M
Deferred federal and foreign income taxes
$141.5M
$220.2M
Other assets
$809.4M
$877.1M
Total assets
$44.1B
$40.6B
Reserves for losses and loss expenses
$22.2B
$20.4B
$18.7B
Unearned premiums
$6.7B
$6.4B
Due to reinsurers
$615.8M
$668.7M
Trading account securities sold but not yet purchased
$66.3M
$73.4M
Current federal and foreign income taxes
$83.4M
$53.5M
Deferred federal and foreign income taxes
$99.9M
$65.2M
Senior notes and other debt
$1.8B
$1.8B
Subordinated debentures
$1.0B
$1.0B
Other liabilities
$1.7B
$1.7B
Total liabilities
$34.4B
$32.2B
Preferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none
$0
$0
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,825,150 and 183,411,907 shares, respectively
$158.7M
$158.7M
Additional paid-in capital
$987.7M
$984.8M
Retained earnings
$13.3B
$12.3B
Accumulated other comprehensive loss
-$451.1M
-$934.3M
Treasury stock, at cost, 416,366,010 and 413,455,739 shares, respectively
-$4.3B
-$4.1B
Total common stockholders equity
$9.7B
$8.4B
Noncontrolling interests
$11.1M
$12.3M
Total equity
$9.7B
$8.4B
Total liabilities and equity
$44.1B
$40.6B
Fixed maturity securities, amortized cost
$25.2B
$23.0B
Fixed maturity securities, allowance for credit loss
$74.0K
$671.0K
Financing receivable, allowance for credit loss
$161.0K
$1.1M
$3.0M
Premium receivable, allowance for credit loss
$42.0M
$39.9M
$35.1M
Uncollectible reinsurance
$6.4M
$8.3M
$8.4M
Preferred stock, par value (in dollars per share)
$0.10
$0.10
Preferred stock, authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, issued (in shares)
0 shares
0 shares
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.20
$0.20
Common stock, issued (in shares)
377.2M shares
380.1M shares
Common stock, outstanding (in shares)
377.2M shares
380.1M shares
384.8M shares
396.8M shares
Common stock, authorized (in shares)
1.9B shares
1.9B shares
Treasury stock, at cost (in shares)
416.4M shares
413.5M shares
Cash from operations1112131410$3.6B in 2025+213% since 2019Dividends paid1112131410$700.3M in 2025+127% since 2019Share buybacks1112131410$270.2M in 2025+1383% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income to common stockholders
$1.8B
$1.8B
$1.4B
Net investment gains
-$132.2M
-$117.7M
-$47.0M
Depreciation and (accretion) amortization
-$48.1M
-$170.6M
-$20.9M
Noncontrolling interests
$5.4M
-$1.5M
$2.5M
Investment funds
-$27.6M
$11.5M
-$16.7M
Stock incentive plans
$54.5M
$54.4M
$51.0M
Arbitrage trading account
-$56.9M
$122.7M
-$54.2M
Premiums and fees receivable
-$129.6M
-$184.4M
-$334.2M
Reinsurance accounts
-$114.6M
-$31.7M
-$306.0M
Deferred policy acquisition costs
-$48.9M
-$91.2M
-$99.4M
Current income taxes
$63.9M
-$28.5M
$52.5M
Deferred income taxes
$9.4M
$95.3M
-$26.7M
Reserves for losses and loss expenses
$1.8B
$1.7B
$1.7B
Unearned premiums
$321.7M
$485.5M
$617.5M
Other
$139.2M
$70.9M
$14.5M
Net cash from operating activities
$3.6B
$3.7B
$2.9B
Proceeds from sale of fixed maturity securities
$1.1B
$2.3B
$1.0B
Proceeds from sale of equity securities
$430.4M
$331.3M
$318.9M
Proceeds From (Payments To) Equity Method Investments
$139.7M
$134.9M
-$19.9M
Proceeds from maturities and prepayments of fixed maturity securities
$5.3B
$4.9B
$3.5B
Purchase of fixed maturity securities
-$8.4B
-$9.4B
-$6.7B
Purchase of equity securities
-$418.4M
-$207.5M
-$80.5M
Real estate disposed (purchased)
$14.6M
-$66.6M
-$2.1M
Change in loans receivable
$12.7M
-$210.8M
-$29.7M
Net additions to property, furniture and equipment
-$170.0M
-$105.6M
-$53.1M
Change in balances due from security brokers
-$70.8M
$107.3M
-$33.9M
Cash received in connection with business disposition
$0
$0
$96.6M
Payment for business purchased, net of cash acquired
$0
$0
-$11.6M
Net cash used in investing activities
-$2.0B
-$2.2B
-$2.0B
Net proceeds from issuance of debt
$0
$3.1M
$980.0K
Repayment of senior notes and other debt
-$2.1M
$0
-$2.0M
Cash dividends to common stockholders
-$700.3M
-$532.0M
-$501.5M
Purchase of common treasury shares
-$270.2M
-$303.7M
-$537.2M
Other, net
-$53.9M
-$20.0M
-$22.9M
Net cash used in financing activities
-$1.0B
-$852.5M
-$1.1B
Net impact on cash due to change in foreign exchange rates
$38.4M
-$29.8M
$9.1M
Net increase (decrease) in cash and cash equivalents
W. R. Berkley sits at the top of its group. 308 entities, 19 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of W. R. Berkley
William Robert BerkleyFiled SCHEDULE 13D/A on W. R. Berkley, latest Jul 21, 2026 (3 filings since Dec 11, 2025)
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (64 companies). Each entity in the chart links to its source.
What it owns
What W. R. Berkley reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
W. R. Berkley Corporation and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. At December 31, 2025, the Company had aggregate office space of 4,068,719 square feet, of which 1,093,057 were owned and 2,975,662 were leased.
Rental expense for the Company's operations was approximately $54,261,000, $45,718,000 and $44,256,000 for 2025, 2024 and 2023, respectively. Future minimum lease payments, without provision for sublease income, are $54,475,000 in 2026, $47,249,000 in 2027 and $220,860,000 thereafter.
Jul 20, 2026Reported quarterly or annual results66
Apr 21, 2026Reported quarterly or annual results71
Jan 26, 2026Reported quarterly or annual results72
Oct 20, 2025Reported quarterly or annual results74
Jul 21, 2025Reported quarterly or annual results75
Apr 21, 2025Reported quarterly or annual results77
Jan 27, 2025Reported quarterly or annual results78
Oct 21, 2024Reported quarterly or annual results79
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
242 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 36 major events, 116 insider forms, 19 large holders, 51 other. The latest 20:
55 open-market trades by officers, directors and large owners since October 2021: 54 buys and 1 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks W. R. Berkley names in Item 1A of its 10-K filed Feb 27, 2026: 32 risks under these headings, as written.20
Risks Relating to Our Industry
Our results may fluctuate as a result of many factors, including cyclical changes in the insurance and reinsurance industry.
We face significant competitive pressures in our businesses, which can pressure premium rates in certain areas and could harm our ability to maintain or increase our profitability and premium volume in some parts of our business.
Our actual claims losses may exceed our reserves for claims, which may require us to establish additional reserves.
The effects of emerging claim and coverage issues on our business are uncertain.
As a property casualty insurer, we face losses from natural and man-made catastrophes.
New or emerging pandemics, whether related to COVID-19 or otherwise, may materially and adversely affect our results of operations, financial position and liquidity in the future.
Changing climate conditions may alter the frequency and increase the severity of catastrophic events and thereby adversely affect our financial condition and results of operations.
We, as a primary insurer, may have significant exposure to terrorist acts.
We are exposed to, and may face adverse developments involving, mass tort claims.
We are subject to extensive governmental regulation, which increases our costs and could restrict the conduct of our business.
If market conditions cause reinsurance to be more costly or unavailable, we may be required to bear increased risks or reduce the level of our underwriting commitments.
The other 21 risks
Adverse economic factors, including recessions, inflation, periods of high unemployment, the impact of tariffs or lower economic activity could result in the sale of fewer policies than expected or an increase in frequency or severity of claims and premium defaults or both, which, in turn, could affect our growth and profitability.
Risks Relating to Our Business
Our expanding international operations expose us to increased investment, political, legal/regulatory, and economic risks, including foreign currency and credit risk.
We may be unable to attract and retain key personnel and qualified employees.
We cannot guarantee that our reinsurers will pay in a timely fashion, if at all, and, as a result, we could experience losses.
Given the inherent uncertainty of models, the usefulness of such models as a tool to evaluate risk is subject to a high degree of uncertainty that could result in actual losses that are materially different than our estimates. A deviation from our loss estimates may adversely impact, perhaps significantly, our financial results.
We are subject to credit risk relating to our policyholders, independent agents and brokers.
Our employees could take excessive risks, which could negatively affect our financial condition and business.
We are rated by A.M. Best, Standard & Poor's, Moody's, and Fitch, and a decline in these ratings could affect our standing in the insurance industry and cause our sales and earnings to decrease.
Depending on conditions in the financial markets and the general economy, we may be unable to raise debt or equity capital if needed.
We may not find suitable new insurance ventures and acquisition candidates and even if we do, we may not successfully invest in such ventures or successfully integrate any such acquired companies.
If our information technology, telecommunications or other computer systems become unavailable or unreliable, our ability to conduct our business could be negatively or severely impacted.
Failure to maintain the security of information technology systems and confidential data may expose us to liability.
Our increasing investment in and use of artificial intelligence technologies or their use by third-parties on which we rely could expose us to technological, security, legal, and other risks.
We could be adversely affected if our controls to ensure compliance with guidelines, policies and legal and regulatory standards are not effective.
Limitations in risk management and loss limitation methods may adversely impact our business.
Scrutiny of our social responsibility and the efforts we take to implement related measures, or the failure to take such measures, may adversely impact our business.
Risks Relating to Our Investments
A significant amount of our assets is invested in fixed maturity securities and is subject to market fluctuations.
We have invested a portion of our assets in equity securities, merger arbitrage securities, investment funds, private equity, loans and real estate related assets, which are subject to significant volatility and may decline in value.
Risks Relating to Limitations on Dividends from Subsidiaries and Anti-Takeover Provisions
We are an insurance holding company and, therefore, may not be able to receive dividends in needed amounts.
Laws and regulations of the jurisdictions in which we conduct business could delay, deter or prevent an attempt to acquire control of us that stockholders might consider to be desirable, and may restrict a stockholder's ability to purchase our common stock.
Certain provisions in our organizational and other documents (such as voting and other arrangements with Mitsui Sumitomo Insurance Co., Ltd.) may have the effect of hindering, delaying or preventing third party takeovers and thus may prevent our stockholders from receiving premium prices for their shares in an unsolicited takeover or make it more difficult for third parties to replace our current management.
Legal proceedings
The Company's subsidiaries are subject to disputes, including litigation and arbitration, arising in the ordinary course of their insurance and reinsurance businesses. The Company's estimates of the costs of settling such matters are reflected in its aggregate reserves for losses and loss expenses, and the Company does not believe that the ultimate outcome of such matters will have a material adverse effect on its financial condition or results of operations.
On December 22, 2023, one of the Company’s subsidiaries filed a lawsuit against certain reinsurers to recover in excess of $90 million in respect of certain losses paid to its policyholders under certain event cancellation and related insurance policies. The Company believes its claims against the reinsurers are meritorious and expects a positive resolution to its lawsuit. While an adverse outcome is possible, the Company believes that the outcome, in any case, will not be material to the Company’s financial condition.
