W. R. Berkley Corporation (NYSE:WRB) Q2 2024 Earnings Conference Call July 22, 2024 5:00 PM ET Company Participants Rob Berkley - President & Chief Executive Officer Rich Baio - Executive Vice President & Chief Financial Officer Bill Berkley - Executive Chairman Conference Call Participants Elyse Greenspan - Wells Fargo Rob Cox - Goldman Sachs Josh Shanker - Bank of America Michael Zaremski - BMO Capital markets Mark Hughes - Truist Securities Ryan Tunis - Autonomous Research Andrew Kligerman - TD Cowen Dav ...

Core Insights - W.R. Berkley reported a revenue of $3.37 billion for the quarter ended June 2024, marking a year-over-year increase of 14.8% and an EPS of $1.04, up from $0.76 a year ago, with both figures exceeding analyst expectations [3] Financial Performance - Revenue: $3.37 billion, a year-over-year increase of 14.8%, and a surprise of +2.26% over the Zacks Consensus Estimate of $3.3 billion [3] - EPS: $1.04, compared to the consensus estimate of $0.92, resulting in an EPS surprise of +13.04% [3] - Combined Ratio: 91.1%, slightly above the average estimate of 91% [4] - Expense Ratio: 28.5%, better than the average estimate of 29.1% [4] - Loss Ratio (Insurance Segment): 64%, compared to the average estimate of 62% [4] - Revenues from non-insurance businesses: $125.71 million, exceeding the average estimate of $122.91 million, with a year-over-year change of +10.4% [4] - Net premiums earned: $2.85 billion, above the average estimate of $2.83 billion, reflecting a year-over-year change of +11.5% [4] - Net investment income: $372.13 million, surpassing the average estimate of $331.12 million, with a year-over-year increase of +51.8% [4] - Net realized gains on investment sales: -$60.31 million, significantly below the average estimate of $19.65 million, representing a year-over-year change of -187.9% [4] - Insurance service fees: $27.60 million, exceeding the average estimate of $26.24 million, with a year-over-year change of +8.4% [4] - Net premiums earned (Reinsurance & Monoline Excess): $361.85 million, above the average estimate of $328.65 million, reflecting a year-over-year change of +18.1% [4] - Other income: $0.70 million, compared to the average estimate of $0.18 million [4] - Net premiums earned (Insurance): $2.48 billion, slightly above the average estimate of $2.47 billion, with a year-over-year change of +10.6% [4] Stock Performance - W.R. Berkley shares have returned -4% over the past month, while the Zacks S&P 500 composite has changed by +0.4% [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [2]

W. R. Berkley Corporation 475 Steamboat Road Greenwich, Connecticut 06830 (203) 629-3000 NEWS RELEASE FOR IMMEDIATE RELEASE CONTACT: Karen A. Horvath Vice President - External Financial Communications (203) 629-3000 W. R. Berkley Corporation Reports Second Quarter Results Return on Equity of 20.0% and Operating Return on Equity of 22.4%; Record Quarterly Net Investment Income of $372 Million Greenwich, CT, July 22 , 2024 - W. R. Berkley Corporation (NYSE: WRB) today reported its second quarter 2024 results. ...

W.R. Berkley (WRB) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hol ...

Shares of W.R. Berkley Corporation (WRB) have gained 33% in a year compared with the industry's growth of 21.1%. The Finance sector and the Zacks S&P 500 index have risen 19.5% and 26.1%, respectively, in the said time frame. With a market capitalization of $20 billion, the average volume of shares traded in the last three months was 1.75 million. The rally was largely driven by higher premiums, lower claims frequency in certain lines of business, growth in exposure, effective capital deployment and suffici ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the Transition Period from to . Commission File Number 1-15202 W. R. BERKLEY CORPORATION (Exact name of registrant as specified in its charter) Delaware 22-1867895 | Title | Trading Sy ...

W. R. Berkley Corporation (NYSE:WRB) Q1 2024 Earnings Conference Call April 23, 2024 9:00 AM ET Company Participants Rob Berkley - President and CEO Rich Baio - CFO Bill Berkley - Executive Chairman Conference Call Participants Mike Zaremski - BMO Josh Shanker - Bank of America David Motemaden - Evercore Elyse Greenspan - Wells Fargo Ryan Tunis - Autonomous Research Mark Hughes - Truist Brian Meredith - UBS Operator Good day and welcome to W. R. Berkley Corporation First Quarter 2024 Earnings Conference Cal ...

[First Quarter 2024 Earnings Overview](index=1&type=section&id=First%20Quarter%202024%20Earnings%20Overview) W. R. Berkley Corporation achieved strong financial results in the first quarter of 2024, marked by significant growth in net income, operating income, and premiums written, alongside improved returns on equity [Headline Results](index=1&type=section&id=Headline%20Results) W. R. Berkley Corporation reported significant growth in net income and operating income for the first quarter of 2024, achieving strong returns on equity Key Financial Performance (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :----------------------------- | :--------------------- | :--------------------- | :--------- | | Net income to common stockholders | $442,471 | $294,126 | 50.4% | | Operating income (1) | $423,324 | $275,966 | 53.4% | | Return on equity (2) | 23.7% | 17.4% | 6.3 pts | | Operating return on equity (1)(2)| 22.7% | 16.4% | 6.3 pts | [Summary Financial Data](index=1&type=section&id=Summary%20Financial%20Data) The company's summary financial data for Q1 2024 shows robust growth in premiums written and per-share earnings compared to the prior year Summary Financial Data (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :-------------------------- | :--------------------- | :--------------------- | | Gross premiums written | $3,362,755 | $3,049,317 | | Net premiums written | $2,851,291 | $2,574,824 | | Net income per diluted share| $1.64 | $1.06 | | Operating income per diluted share | $1.56 | $1.00 | [Management Commentary & Highlights](index=2&type=section&id=Management%20Commentary%20%26%20Highlights) Management highlighted strong Q1 2024 results driven by favorable market conditions, accelerated net premium growth, improved combined ratio, and record net investment income, positioning the company for future growth - The Company achieved a **23.7% annualized return** on beginning of year common stockholders' equity, demonstrating very strong results[6](index=6&type=chunk) - Growth in first quarter net premiums written accelerated year over year to **10.7%**, supported by favorable market conditions[7](index=7&type=chunk) - Net investment income increased **43.2%** over the prior year first quarter, reaching a record **$319.8 million**, despite challenges with investment funds[8](index=8&type=chunk)[10](index=10&type=chunk) First Quarter 2024 Key Highlights | Metric | Q1 2024 | YoY Change | | :------------------------------------ | :-------- | :--------- | | Net premiums written | $2.9 billion | +10.7% | | Reported combined ratio | 88.8% | -1.8 pts | | Pre-tax underwriting income | $309.0 million | +31.8% | | Average rate increases (excl. workers' comp) | ~7.8% | N/A | | Operating cash flow | $746.2 million | +67.6% | [Company Profile & Disclosures](index=3&type=section&id=Company%20Profile%20%26%20Disclosures) This section provides an overview of W. R. Berkley Corporation's business, webcast details, and important forward-looking information disclosures [About W. R. Berkley Corporation](index=3&type=section&id=About%20W.%20R.%20Berkley%20Corporation) W. R. Berkley Corporation is an insurance holding company operating globally in two property casualty business segments: Insurance and Reinsurance & Monoline Excess - W. R. Berkley Corporation, founded in 1967, is an insurance holding company and a major commercial lines writer in the U.S., operating in Insurance and Reinsurance & Monoline Excess segments worldwide[12](index=12&type=chunk) [Webcast Conference Call](index=3&type=section&id=Webcast%20Conference%20Call) The company scheduled a webcast conference call for April 23, 2024, to discuss its first quarter earnings, with a replay available afterward - A quarterly conference call with analysts and investors was scheduled for April 23, 2024, at 9:00 a.m. eastern time, accessible via webcast on the Company's website[11](index=11&type=chunk) [Forward-Looking Information](index=4&type=section&id=Forward-Looking%20Information) This section serves as a 'Safe Harbor' statement, outlining that forward-looking statements are based on current expectations and subject to various risks and uncertainties inherent in the property casualty industry and global economic conditions - The document includes a 'Safe Harbor' Statement under the Private Securities Litigation Reform Act of 1995, indicating that forward-looking statements are based on historical performance and current plans, estimates, and expectations[13](index=13&type=chunk) - Forward-looking information is subject to various risks and uncertainties, including the cyclical nature of the property casualty industry, competition, claims development, investment risks, catastrophic losses, economic conditions, and regulatory changes[13](index=13&type=chunk) [Detailed Financial Performance](index=6&type=section&id=Detailed%20Financial%20Performance) This section provides an in-depth analysis of the company's consolidated financial results and segment-specific operating performance [Consolidated Financial Summary](index=6&type=section&id=Consolidated%20Financial%20Summary) The consolidated financial summary details the company's revenues, expenses, and net income, showing significant year-over-year improvements across key financial indicators [Revenues Analysis](index=6&type=section&id=Revenues%20Analysis) Total revenues increased significantly, driven by strong growth in net premiums earned and net investment income, partially offset by a decrease in revenues from non-insurance businesses Consolidated Revenues (Q1 2024 vs. Q1 2023) | Revenue Category | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :----------------------- | :--------------------- | :--------------------- | :--------- | | Total Revenues | $3,256,773 | $2,895,004 | 12.5% | | Net premiums earned | $2,764,347 | $2,491,432 | 10.9% | | Net investment income | $319,839 | $223,398 | 43.2% | | Net investment gains | $25,780 | $23,010 | 12.0% | | Revenues from non-insurance businesses | $120,992 | $124,200 | -2.6% | [Expenses Analysis](index=6&type=section&id=Expenses%20Analysis) Total expenses increased, primarily due to higher loss and loss expenses and other operating costs, while interest expense remained stable Consolidated Expenses (Q1 2024 vs. Q1 2023) | Expense Category | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :----------------------- | :--------------------- | :--------------------- | :--------- | | Total expenses | $2,682,702 | $2,518,933 | 6.5% | | Loss and loss expenses | $1,663,778 | $1,538,755 | 8.1% | | Other operating costs and expenses | $868,589 | $825,575 | 5.2% | | Interest expense | $31,728 | $31,836 | -0.3% | [Net Income and EPS](index=6&type=section&id=Net%20Income%20and%20EPS) The company reported a substantial increase in net income to common stockholders and diluted earnings per share for the first quarter Consolidated Net Income and EPS (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Net income to common stockholders | $442,471 | $294,126 | 50.4% | | Net income per diluted share| $1.64 | $1.06 | 54.7% | [Business Segment Operating Results](index=7&type=section&id=Business%20Segment%20Operating%20Results) Both the Insurance and Reinsurance & Monoline Excess segments demonstrated improved profitability and premium growth, with the Reinsurance segment showing a particularly strong reduction in its combined ratio - The Company reclassified a program management business from the Insurance segment to the Reinsurance & Monoline Excess segment, with 2023 financial information conformed to this new presentation[18](index=18&type=chunk) [Insurance Segment Performance](index=7&type=section&id=Insurance%20Segment%20Performance) The Insurance segment experienced solid growth in premiums and pre-tax income, alongside an improvement in its GAAP combined ratio Insurance Segment Performance (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------- | :--------------------- | :--------------------- | :--------- | | Gross premiums written| $2,921,050 | $2,626,346 | 11.2% | | Net premiums written | $2,445,715 | $2,185,421 | 11.9% | | Pre-tax income | $478,149 | $352,626 | 35.6% | | GAAP Combined ratio | 90.2% | 91.2% | -1.0 pts | [Reinsurance & Monoline Excess Segment Performance](index=7&type=section&id=Reinsurance%20%26%20Monoline%20Excess%20Segment%20Performance) The Reinsurance & Monoline Excess segment showed growth in premiums and a significant improvement in pre-tax income and combined ratio, reflecting strong underwriting performance Reinsurance & Monoline Excess Segment Performance (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------- | :--------------------- | :--------------------- | :--------- | | Gross premiums written| $441,705 | $422,971 | 4.4% | | Net premiums written | $405,576 | $389,403 | 4.1% | | Pre-tax income | $127,624 | $101,285 | 26.0% | | GAAP Combined ratio | 79.6% | 86.6% | -7.0 pts | [Corporate and Eliminations Impact](index=7&type=section&id=Corporate%20and%20Eliminations%20Impact) Corporate and Eliminations recorded a reduced pre-tax loss, primarily due to lower other expenses, while net investment gains and interest expense remained relatively stable Corporate and Eliminations Financials (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :---------------- | :--------------------- | :--------------------- | :--------- | | Net investment gains | $25,780 | $23,010 | 12.0% | | Interest expense | $(31,728) | $(31,836) | -0.3% | | Other expenses | $(25,754) | $(69,014) | -62.7% | | Pre-tax loss | $(31,702) | $(77,840) | -59.3% | [Supplemental Financial Information](index=8&type=section&id=Supplemental%20Financial%20Information) Supplemental data provides a detailed breakdown of net premiums by line, catastrophe losses, investment income components, operating costs, and a reconciliation of net income to operating income [Net Premiums Written by Line](index=8&type=section&id=Net%20Premiums%20Written%20by%20Line) Net premiums written showed growth across most lines, with 'Other liability' and 'Short-tail lines' being the largest contributors to the increase Net Premiums Written by Line (Q1 2024 vs. Q1 2023) | Line of Business | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :----------------------- | :--------------------- | :--------------------- | :--------- | | Other liability | $1,015,614 | $901,293 | 12.7% | | Short-tail lines | $532,341 | $426,654 | 24.8% | | Auto | $348,582 | $293,857 | 18.6% | | Workers' compensation | $304,632 | $309,984 | -1.7% | | Professional liability | $244,546 | $253,633 | -3.6% | | Total Insurance | $2,445,715 | $2,185,421 | 11.9% | | Total Reinsurance & Monoline Excess | $405,576 | $389,403 | 4.1% | | Total | $2,851,291 | $2,574,824 | 10.7% | [Catastrophe Losses](index=8&type=section&id=Catastrophe%20Losses) Current accident year catastrophe losses decreased significantly year-over-year, primarily driven by a reduction in the Insurance segment Current Accident Year Catastrophe Losses (Q1 2024 vs. Q1 2023) | Segment | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Insurance | $27,451 | $45,242 | -39.3% | | Reinsurance & Monoline Excess | $3,055 | $2,627 | 16.3% | | Total | $30,506 | $47,869 | -36.2% | [Net Investment Income Breakdown](index=8&type=section&id=Net%20Investment%20Income%20Breakdown) Net investment income saw substantial growth, primarily from the core portfolio, despite a negative contribution from investment funds in the current quarter Net Investment Income Breakdown (Q1 2024 vs. Q1 2023) | Source | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------- | :--------------------- | :--------------------- | :--------- | | Core portfolio | $331,177 | $202,962 | 63.2% | | Investment funds | $(29,349) | $2,180 | -1449.0% | | Arbitrage trading account | $18,011 | $18,256 | -1.3% | | Total | $319,839 | $223,398 | 43.2% | [Other Operating Costs and Expenses](index=8&type=section&id=Other%20Operating%20Costs%20and%20Expenses) Other operating costs and expenses increased, mainly driven by higher policy acquisition and insurance operating expenses, while net foreign currency results shifted from losses to gains Other Operating Costs and Expenses (Q1 2024 vs. Q1 2023) | Expense Category | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :------------------------------------ | :--------------------- | :--------------------- | :--------- | | Policy acquisition and insurance operating expenses | $791,532 | $718,276 | 10.2% | | Insurance service expenses | $21,439 | $25,180 | -14.8% | | Net foreign currency (gains) losses | $(13,177) | $9,495 | -238.8% | | Other costs and expenses | $68,795 | $72,624 | -5.2% | | Total | $868,589 | $825,575 | 5.2% | [Operating Cash Flow & Reconciliation to Operating Income](index=8&type=section&id=Operating%20Cash%20Flow%20%26%20Reconciliation%20to%20Operating%20Income) Operating cash flow significantly increased, and the reconciliation highlights the strong growth in operating income after-tax, a non-GAAP measure Operating Cash Flow & Operating Income Reconciliation (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Cash flow from operations | $746,235 | $445,323 | 67.6% | | Net income | $442,471 | $294,126 | 50.4% | | Operating income after-tax (4)| $423,324 | $275,966 | 53.4% | - Operating income is a non-GAAP financial measure defined as net income excluding after-tax net investment gains (losses), used by management as a useful indicator of underlying operations[20](index=20&type=chunk) [Balance Sheet & Investment Portfolio](index=10&type=section&id=Balance%20Sheet%20%26%20Investment%20Portfolio) This section presents key balance sheet figures and a detailed breakdown of the company's investment portfolio composition [Selected Balance Sheet Information](index=10&type=section&id=Selected%20Balance%20Sheet%20Information) The balance sheet at March 31, 2024, shows an increase in total assets, net invested assets, and common stockholders' equity, with a corresponding rise in book value per share Selected Balance Sheet Information (March 31, 2024 vs. December 31, 2023) | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (%) | | :-------------------------- | :---------------------------- | :------------------------------- | :--------- | | Net invested assets (1) | $27,583,673 | $26,973,703 | 2.3% | | Total assets | $37,851,072 | $37,111,830 | 2.0% | | Reserves for losses and loss expenses | $19,099,628 | $18,739,652 | 1.9% | | Common stockholders' equity (2) | $7,784,832 | $7,455,431 | 4.4% | | Book value per share (4) | $30.34 | $29.06 | 4.4% | | Tangible book value per share (4) | $29.38 | $28.08 | 4.6% | - Common stockholders' equity as of March 31, 2024, reflected after-tax unrealized investment losses of **$657 million** and unrealized currency translation losses of **$367 million**[22](index=22&type=chunk) [Investment Portfolio Composition](index=11&type=section&id=Investment%20Portfolio%20Composition) The investment portfolio is predominantly composed of fixed maturity securities, with a diversified allocation across corporate, asset-backed, and government bonds, complemented by equity securities, investment funds, and real estate Investment Portfolio Composition (March 31, 2024) | Investment Category | Carrying Value (in thousands) | Percent of Total | | :------------------------------------ | :---------------------------- | :--------------- | | Total fixed maturity securities (1) | $20,964,854 | 75.9% | | Corporate | $8,162,703 | 29.5% | | Asset-backed securities | $4,239,561 | 15.4% | | United States government and government agencies | $1,829,552 | 6.6% | | Total equity securities available for sale | $1,178,048 | 4.3% | | Investment funds | $1,555,818 | 5.6% | | Real estate | $1,273,063 | 4.6% | | Cash and cash equivalents (2) | $1,237,005 | 4.5% | | Arbitrage trading account | $1,146,119 | 4.2% | | Loans receivable | $228,766 | 0.9% | | Net invested assets | $27,583,673 | 100.0% | - Total fixed maturity securities had an average rating of **AA-** and an average duration of **2.5 years**, including cash and cash equivalents[24](index=24&type=chunk)

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | 22-1867895 | | --- | | Delaware | (State or other jurisdiction of incorporation or organization) 475 Steamboat Road Greenwich, CT 06830 (Address of principal executive of ices) (Zip Code) Registrant's telep ...

W. R. Berkley Corporation (NYSE:WRB) Q4 2023 Earnings Conference Call January 24, 2024 5:00 PM ET Company Participants Rob Berkley - President and CEO Rich Baio - EVP and CFO Bill Berkley - Executive Chairman Conference Call Participants Elyse Greenspan - Wells Fargo Mark Hughes - Truist Mike Zaremski - BMO Capital Markets David Motemaden - Evercore ISI Ryan Tunis - Autonomous Research Meyer Shields - KBW Brian Meredith - UBS Josh Shanker - Bank of America Yaron Kinar - Jefferies Alex Scott - Goldman Sachs ...