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W.R. Berkley (WRB) came out with quarterly earnings of $1.1 per share, beating the Zacks Consensus Estimate of $1.07 per share. This compares to earnings of $0.93 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +2.80%. A quarter ago, it was expected that this insurance company would post earnings of $1.03 per share when it actually produced earnings of $1.05, delivering a surprise of +1.94%.Over the last four quarters, the com ...

Financial Data and Key Metrics Changes - The company reported a net income of $511 million or $1.28 per share, reflecting an increase of almost 40% compared to the prior year's quarter [7] - Operating income increased by 12% to $440 million or $1.10 per share, with a return on beginning-of-year equity of 21% [7] - The pre-tax quarterly underwriting income rose by 8.2% to $287 million, with a calendar year combined ratio of 90.9% [7][8] - Stockholders' equity reached a record of $9.8 billion, up 16.7% from the beginning of the year [10] - The company generated significant capital, with liquidity remaining strong at almost $2.4 billion in cash and cash equivalents [10][11] Business Line Data and Key Metrics Changes - Quarterly net premiums earned reached over $3.2 billion, with net premiums written growing to $3.8 billion [8] - The insurance segment's accident year loss ratio ex-cats was consistent with the first half of 2025 at 60.9% [8] - The reinsurance and monoline excess segment's accident year loss ratio ex-cats was 52.6%, with a strong combined ratio before CATs of 82.4% [8] Market Data and Key Metrics Changes - The current accident year loss ratio ex-cats for the quarter was 59.9%, reflecting an increase over the prior year due to business mix [8] - The company noted that the property market, particularly property CAT, is experiencing margin erosion [12] Company Strategy and Development Direction - The company focuses on specialty and small accounts, which provide a buffer against market challenges [5][12] - Management expressed a commitment to maintaining rate adequacy and not compromising underwriting standards for growth [18][60] - The company is actively reducing exposure in certain areas while seeking growth in personal lines and accident and health business [18][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the cyclical nature of the insurance industry and the challenges posed by competition and market dynamics [5][12] - There is a cautious outlook on the reinsurance market, with expectations of increased competition and potential for margin erosion [12][14] - The company remains focused on making good risk-adjusted returns and is prepared to shrink the business if necessary [44] Other Important Information - The company has proactively refinanced its debt, resulting in a low cost of capital and a strong capital structure [10] - The fixed maturity portfolio had a book yield of 4.8%, with expectations for growth in investment income [9][10] Q&A Session Summary Question: Capital position and growth plans - Management indicated significant headroom for excess capital and flexibility in capital utilization, emphasizing the importance of returning capital to shareholders if not effectively utilized [29][30] Question: Industry-wide excess capital concerns - Management acknowledged the industry-wide phenomenon of excess capital but emphasized their focus on their own value proposition and risk-adjusted returns [42][43] Question: Catastrophe losses in the insurance segment - Management noted that catastrophe losses were in line with averages, attributing it to frequency with modest severity and increased exposure due to growth in short tail lines [64] Question: Performance of Berkley One - Berkley One has proven successful, growing to over $500 million, with targeted growth in specific states rather than California [66][67] Question: Competition in casualty lines - Management acknowledged some competition in casualty lines but emphasized their strategic pivoting of the portfolio [73][110] Question: Workers' compensation growth - Management indicated that growth in workers' compensation is driven by specialty and high hazard lines, with a focus on maintaining quality [121]

Financial Data and Key Metrics Changes - The company reported a net income of $511 million or $1.28 per share, reflecting an increase of almost 40% compared to the prior year's quarter [7] - Operating income increased by 12% to $440 million or $1.10 per share, with a return on beginning-of-year equity of 21% [7] - The pre-tax quarterly underwriting income rose by 8.2% to $287 million, with a calendar year combined ratio of 90.9% [7][8] - Stockholders' equity reached a record of $9.8 billion, up 16.7% from the beginning of the year [10] Business Line Data and Key Metrics Changes - Quarterly net premiums earned reached over $3.2 billion, with net premiums written growing to $3.8 billion [8] - The insurance segment's accident year loss ratio ex-cats was consistent with the first half of 2025 at 60.9% [8] - The reinsurance and monoline excess segment's accident year loss ratio ex-cats was 52.6%, with a strong accident year combined ratio before cats of 82.4% [8] Market Data and Key Metrics Changes - The current accident year loss ratio ex-cats for the quarter was 59.9%, reflecting an increase over the prior year due to business mix [8] - The company noted that the property market, particularly property cat, is experiencing margin erosion [12] Company Strategy and Development Direction - The company focuses on specialty and small accounts to mitigate challenges in the cyclical insurance industry [5] - There is a strategic emphasis on maintaining rate adequacy and making good risk-adjusted returns rather than solely pursuing growth [18] - The company is reducing exposure in certain areas while still pursuing growth in personal lines and accident and health business [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the competitive landscape, particularly in the reinsurance market, and the potential for irrational pricing behavior among competitors [12][14] - The company remains focused on its value proposition and is prepared to shrink its business if necessary to maintain profitability [44] - Management indicated that while some parts of the market are in transition, there are still opportunities for healthy growth [60] Other Important Information - The company has a strong liquidity position with almost $2.4 billion in cash and cash equivalents [10] - The fixed maturity portfolio had a book yield of 4.8%, with expectations for growth in investment income [9][10] Q&A Session Summary Question: Capital position and growth plans - Management indicated significant headroom for excess capital and flexibility in capital utilization, with a focus on returning capital to shareholders if not effectively utilized [29][30] Question: Industry-wide excess capital concerns - Management acknowledged the industry-wide phenomenon of excess capital but emphasized their focus on their own operations and value proposition [42][43] Question: Catastrophe losses in the insurance segment - Management noted that catastrophe losses were in line with averages, attributing it to frequency with modest severity and increased exposure due to growth in short tail lines [64] Question: Performance of Berkley One - Berkley One has proven successful, growing to over $500 million, with growth focused on specific states rather than high-catastrophe areas like California [66][67] Question: Competition in casualty lines - Management acknowledged some competition in casualty lines but emphasized their pivoting strategy in response to market conditions [73][110] Question: Workers' compensation growth - Management indicated that growth in workers' compensation is driven by specialty and high-hazard segments, with a focus on maintaining a balanced portfolio [121]

Financial Data and Key Metrics Changes - The company reported a return on beginning of year equity of 24.3%, reflecting an increase of almost 40% in net income to $511 million or $1.28 per share compared to the prior year's quarter [7] - Operating income increased by 12% to $440 million or $1.1 per share, with a return on beginning of year equity of 21% [7] - The pretax quarterly underwriting income rose by 8.2% to $287 million, with a calendar year combined ratio of 90.9% [7][8] - Stockholders' equity reached a record of $9.8 billion, increasing by 16.7% from the beginning of the year [11] Business Line Data and Key Metrics Changes - Quarterly net premiums earned reached a record of over $3.2 billion, with gross net premiums written at $3.8 billion [8] - The insurance segment's quarterly accident year loss ratio ex cat was consistent with the previous year at 60.9%, while the reinsurance and monoline excess segments reported a loss ratio ex cats of 52.6% [8] - The expense ratio for the comparable third quarter was 28.5%, benefiting from growing net premiums earned and operational efficiencies from technology enhancements [9][10] Market Data and Key Metrics Changes - The company noted that the property market, particularly property cat, is experiencing margin erosion, while the liability side remains competitive [13][14] - The company highlighted that larger accounts face more competition, while smaller accounts present less competition, which is favorable for its strategy [15] - The company is seeing growth in personal lines and accident and health business, contributing to overall growth despite challenges in other areas [21][22] Company Strategy and Development Direction - The company is focused on maintaining rate adequacy and ensuring good risk-adjusted returns rather than solely pursuing growth [21][54] - The management expressed a commitment to discipline in underwriting, indicating a willingness to shrink business if necessary to maintain profitability [41][42] - The company is investing in technology and operational efficiencies to improve expense ratios and overall performance [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the cyclical nature of the insurance industry and the challenges posed by competition and market dynamics [5][13] - The company is optimistic about its investment portfolio, expecting growth in investment income due to strong operating cash flow and favorable new money rates [10][24] - Management indicated that while some parts of the market are under pressure, there are still opportunities for growth, particularly in specialty lines [15][17] Other Important Information - The company has significant excess capital, providing flexibility for future growth or shareholder returns [30][31] - The company is proactively managing its debt and capital structure, with a focus on returning capital to shareholders through dividends and share repurchases [31][34] Q&A Session Summary Question: Capital position and growth plans - Management indicated significant headroom in capital, allowing for flexibility in growth and potential returns to shareholders [30][31] Question: Industry-wide excess capital concerns - Management acknowledged the presence of excess capital in the industry but emphasized their focus on their own value proposition and risk-adjusted returns [39][41] Question: Catastrophe losses and geographic exposure - Management noted that catastrophe losses were in line with averages, attributing it to frequency with modest severity and growth in short tail lines [59][60] Question: Performance of Berkeley One and growth strategy - Management reported that Berkeley One has been successful, growing significantly without leaning into high-risk markets like California [63][64] Question: Competition in other liability lines - Management acknowledged some competition in other liability lines but emphasized their strategic pivot in response to market conditions [68][102] Question: Workers' compensation growth and specialty exposure - Management indicated that a significant portion of their workers' compensation business is specialty or high hazard, contributing to growth [111]

Financial Data and Key Metrics Changes - The company reported a return on beginning-of-year equity of 24.3%, reflecting a nearly 40% increase in net income to $511 million or $1.28 per share compared to the prior year [6] - Operating income increased by 12% to $440 million or $1.10 per share, with a return on beginning-of-year equity of 21% [6] - Pre-tax quarterly underwriting income rose by 8.2% to $287 million, with a calendar year combined ratio of 90.9% [6][10] - Stockholders' equity reached a record of $9.8 billion, up 16.7% from the beginning of the year [10] Business Line Data and Key Metrics Changes - Quarterly net premiums earned reached over $3.2 billion, with net premiums written growing to $3.8 billion [7] - The insurance segment's accident year loss ratio ex-cats was 60.9%, while the reinsurance and monoline excess segment's was 52.6% [7] - The expense ratio for the comparable third quarter was 28.5%, benefiting from operational efficiencies and scale in startup units [8][9] Market Data and Key Metrics Changes - The current accident year loss ratio ex-cats for the quarter was 59.9%, reflecting an increase due to business mix [7] - The company noted that the property market, particularly property CAT, is experiencing margin erosion, while the liability side remains competitive [12][14] Company Strategy and Development Direction - The company focuses on specialty and small accounts to mitigate challenges in the insurance industry [4] - There is a strategic emphasis on maintaining rate adequacy and making good risk-adjusted returns rather than solely pursuing growth [18][39] - The company is reducing exposure in certain areas while still pursuing growth in personal lines and accident and health business [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the competitive landscape, particularly in the reinsurance market, and the potential for irrational pricing behavior among competitors [12][30] - The company remains cautious about the overall growth environment, indicating that growth could fluctuate between 4% and 10% in the near term [64] - Management highlighted the importance of maintaining underwriting discipline and not compromising on rate integrity [39] Other Important Information - The company has a strong liquidity position with nearly $2.4 billion in cash and cash equivalents [10] - The fixed maturity portfolio's book yield was reported at 4.8%, with expectations for growth in investment income [9][21] Q&A Session Summary Question: Capital position and growth plans - Management indicated significant headroom for excess capital and flexibility in capital utilization, emphasizing the importance of returning capital to shareholders if not effectively utilized [24][25] Question: Industry-wide excess capital concerns - Management acknowledged the presence of excess capital in the industry but emphasized their focus on their own value proposition and risk-adjusted returns [30][31] Question: Catastrophe losses in the insurance segment - Management noted that catastrophe losses were in line with averages, attributing them to frequency with modest severity and increased exposure due to growth in short tail lines [42] Question: Performance of Berkley One - Berkley One has proven successful, growing to over $500 million, with growth focused on states where the company has a strong value proposition [44][46] Question: Competition in casualty lines - Management acknowledged some competition in casualty lines but emphasized their strategic pivot in the portfolio to manage exposure effectively [49][72] Question: Workers' compensation growth - Management indicated that growth in workers' compensation is driven by specialty and high hazard segments, with a focus on maintaining a balanced portfolio [74]

[Third Quarter 2025 Earnings Overview](index=1&type=section&id=Third%20Quarter%202025%20Earnings%20Overview) W. R. Berkley Corporation reported strong third quarter 2025 results, with net income increasing significantly and robust returns on equity [Key Financial Highlights](index=1&type=section&id=1.1%20Key%20Financial%20Highlights) The company achieved significant net income growth, strong returns on equity, increased premiums, and a favorable combined ratio in Q3 2025 - Net income increased **39.8% to $511.0 million** in Q3 2025[2](index=2&type=chunk)[9](index=9&type=chunk) - Return on equity was **24.3%** and operating return on equity was **21.0%** for Q3 2025[2](index=2&type=chunk)[9](index=9&type=chunk) - Gross premiums written grew to **$3.8 billion** and net premiums written to **$3.2 billion** in Q3 2025[9](index=9&type=chunk) - The reported combined ratio was **90.9%**, including current accident year catastrophe losses of **$78.5 million**[9](index=9&type=chunk) - Book value per share grew **5.8%** before dividends and share repurchases, reaching a record common stockholders' equity of **$9.8 billion**[5](index=5&type=chunk)[9](index=9&type=chunk) [Management's Perspective](index=2&type=section&id=1.2%20Management's%20Perspective) Management attributes strong performance to decentralized structure, specialty niche focus, disciplined underwriting, and growing investment income - The company's decentralized structure and focus on specialty niche markets are key differentiators, enabling growth while maintaining rate adequacy and underwriting discipline[6](index=6&type=chunk) - Fixed-maturity investment income increased **9.8%** over the corresponding period of 2024, with the new money rate exceeding the book yield of fixed-maturity securities[7](index=7&type=chunk) - Strong operating cash flow continues to grow investable assets, positively contributing to investment income[7](index=7&type=chunk) - Disciplined underwriting, focused on long-term risk-adjusted return, drives superior performance and positions the company to create exceptional shareholder value[8](index=8&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) W. R. Berkley Corporation is a global insurance holding company specializing in property casualty business through two main segments [About W. R. Berkley Corporation](index=3&type=section&id=2.1%20About%20W.%20R.%20Berkley%20Corporation) W. R. Berkley Corporation, founded in 1967, is a global insurance holding company operating in two property casualty segments - Founded in 1967, W. R. Berkley Corporation is an insurance holding company[11](index=11&type=chunk) - It is among the largest commercial lines writers in the United States and operates worldwide[11](index=11&type=chunk) - The company operates in two property casualty business segments: Insurance and Reinsurance & Monoline Excess[11](index=11&type=chunk) [Investor Relations and Webcast](index=3&type=section&id=2.2%20Investor%20Relations%20and%20Webcast) The company provides access to quarterly conference calls via webcast and additional financial information on its investor relations website - A quarterly conference call for analysts and investors was scheduled for October 20, 2025, at 5:00 p.m. eastern time[10](index=10&type=chunk) - The conference call is webcast live on the company's website at https://ir.berkley.com/events-and-presentations/default.aspx, with a replay available approximately two hours after the call[10](index=10&type=chunk) - Additional financial information can be found on the company's investor relations website[10](index=10&type=chunk) [Consolidated Financial Performance](index=1&type=section&id=Consolidated%20Financial%20Performance) This section details the company's overall financial results, including income statements and reconciliation of key performance metrics [Summary Financial Data](index=1&type=section&id=3.1%20Summary%20Financial%20Data) Summary financial data shows significant increases in net income and premiums written for both the third quarter and nine months ended September 30, 2025 Summary Financial Data (Q3 and Nine Months Ended Sep 30) | Metric | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :----------------------------- | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Gross premiums written | 3,836,256 | 3,633,278 | 11,497,964 | 10,713,806 | | Net premiums written | 3,226,930 | 3,057,276 | 9,711,672 | 9,035,346 | | Net income to common stockholders | 511,032 | 365,634 | 1,329,892 | 1,180,014 | | Net income per diluted share | 1.28 | 0.91 | 3.32 | 2.92 | | Operating income (1) | 440,198 | 393,003 | 1,280,364 | 1,216,061 | | Operating income per diluted share (1) | 1.10 | 0.98 | 3.20 | 3.01 | | Return on equity (2) | 24.3 % | 19.6 % | 21.1 % | 21.1 % | | Operating return on equity (1)(2) | 21.0 % | 21.1 % | 20.3 % | 21.7 % | [Detailed Consolidated Income Statement](index=5&type=section&id=3.2%20Detailed%20Consolidated%20Income%20Statement) The consolidated income statement reveals robust total revenue growth, driven by higher net premiums earned and a positive swing in net investment gains Consolidated Financial Summary (Q3 and Nine Months Ended Sep 30) | Metric | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :-------------------------------------- | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | **Revenues:** | | | | | | Net premiums earned | 3,156,382 | 2,926,823 | 9,266,948 | 8,537,585 | | Net investment income | 351,238 | 323,756 | 1,090,833 | 1,015,723 | | Net investment gains (losses) | 78,960 | (8,086) | 126,288 | (40,818) | | Total Revenues | 3,768,236 | 3,400,379 | 10,986,443 | 9,971,184 | | **Expenses:** | | | | | | Loss and loss expenses | 1,968,857 | 1,825,960 | 5,825,073 | 5,270,334 | | Total expenses | 3,120,126 | 2,925,930 | 9,277,864 | 8,434,992 | | Income before income tax | 648,110 | 474,449 | 1,708,579 | 1,536,192 | | Net income to common stockholders | 511,032 | 365,634 | 1,329,892 | 1,180,014 | | Diluted EPS | 1.28 | 0.91 | 3.32 | 2.92 | [Reconciliation of Net Income to Operating Income](index=7&type=section&id=3.3%20Reconciliation%20of%20Net%20Income%20to%20Operating%20Income) Operating income, a non-GAAP measure, is presented by excluding after-tax net investment and foreign currency gains/losses from net income Reconciliation of Net Income to Operating Income (Q3 and Nine Months Ended Sep 30) | Metric | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :------------------------------------------ | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Net income | 511,032 | 365,634 | 1,329,892 | 1,180,014 | | Pre-tax investment (gains) losses, net of related expenses | (78,305) | 8,086 | (125,985) | 40,818 | | Pre-tax net foreign currency (gains) losses | (12,009) | 24,619 | 62,765 | 1,324 | | Income tax expense (benefit) | 19,480 | (5,336) | 13,692 | (6,095) | | Operating income after-tax | 440,198 | 393,003 | 1,280,364 | 1,216,061 | - Operating income is a non-GAAP financial measure defined as net income excluding after-tax net investment gains (losses) and after-tax net foreign currency gains (losses)[19](index=19&type=chunk) - The company restated 2024 financial information from Q2 2025 onwards to conform with the new presentation of operating income, excluding after-tax net foreign currency gains (losses)[4](index=4&type=chunk)[19](index=19&type=chunk) [Business Segment Results](index=6&type=section&id=Business%20Segment%20Results) This section provides a detailed breakdown of the financial performance for the Insurance and Reinsurance & Monoline Excess segments [Insurance Segment Performance](index=6&type=section&id=4.1%20Insurance%20Segment%20Performance) The Insurance segment showed premium and pre-tax income growth, with a slight increase in its GAAP combined ratio in Q3 2025 Insurance Segment Operating Results (Q3 and Nine Months Ended Sep 30) | Metric | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :-------------------- | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Gross premiums written | 3,393,023 | 3,219,128 | 10,216,863 | 9,501,027 | | Net premiums written | 2,809,743 | 2,673,275 | 8,517,901 | 7,929,439 | | Net premiums earned | 2,773,009 | 2,564,490 | 8,144,300 | 7,447,828 | | Pre-tax income | 474,538 | 469,421 | 1,496,715 | 1,437,623 | | Loss ratio | 63.9 % | 63.1 % | 63.9 % | 63.0 % | | Expense ratio | 28.4 % | 28.4 % | 28.1 % | 28.4 % | | GAAP Combined ratio | 92.3 % | 91.5 % | 92.0 % | 91.4 % | [Reinsurance & Monoline Excess Segment Performance](index=6&type=section&id=4.2%20Reinsurance%20%26%20Monoline%20Excess%20Segment%20Performance) The Reinsurance & Monoline Excess segment significantly improved pre-tax income and reduced its GAAP combined ratio in Q3 2025 Reinsurance & Monoline Excess Segment Operating Results (Q3 and Nine Months Ended Sep 30) | Metric | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :-------------------- | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Gross premiums written | 443,233 | 414,150 | 1,281,101 | 1,212,779 | | Net premiums written | 417,187 | 384,001 | 1,193,771 | 1,105,907 | | Net premiums earned | 383,373 | 362,333 | 1,122,648 | 1,089,757 | | Pre-tax income | 144,008 | 105,225 | 391,687 | 357,299 | | Loss ratio | 51.3 % | 57.0 % | 55.5 % | 53.2 % | | Expense ratio | 29.8 % | 29.7 % | 29.1 % | 29.5 % | | GAAP Combined ratio | 81.1 % | 86.7 % | 84.6 % | 82.7 % | [Corporate and Eliminations Impact](index=6&type=section&id=4.3%20Corporate%20and%20Eliminations%20Impact) Corporate and Eliminations significantly improved its pre-tax income (loss) position in Q3 2025 due to a positive swing in net investment gains Corporate and Eliminations Operating Results (Q3 and Nine Months Ended Sep 30) | Metric | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :-------------------------- | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Net investment gains (losses) | 78,960 | (8,086) | 126,288 | (40,818) | | Interest expense | (31,760) | (31,720) | (95,265) | (95,156) | | Other expenses | (17,636) | (60,391) | (210,846) | (122,756) | | Pre-tax income (loss) | 29,564 | (100,197) | (179,823) | (258,730) | [Consolidated Segment Ratios](index=6&type=section&id=4.4%20Consolidated%20Segment%20Ratios) The consolidated GAAP combined ratio remained stable at 90.9% in Q3 2025, reflecting consistent underwriting performance across segments Consolidated Segment Ratios (Q3 and Nine Months Ended Sep 30) | Metric | Q3 2025 | Q3 2024 | 9 Months 2025 | 9 Months 2024 | | :------------------ | :------ | :------ | :------------ | :------------ | | Loss ratio | 62.4 % | 62.4 % | 62.9 % | 61.7 % | | Expense ratio | 28.5 % | 28.5 % | 28.2 % | 28.6 % | | GAAP Combined ratio | 90.9 % | 90.9 % | 91.1 % | 90.3 % | [Supplemental Financial Data](index=7&type=section&id=Supplemental%20Financial%20Data) This section provides additional financial details, including premiums by line, catastrophe losses, investment income, and cash flow [Net Premiums Written by Line](index=7&type=section&id=5.1%20Net%20Premiums%20Written%20by%20Line) Net premiums written grew across most lines of business for both the third quarter and nine months ended September 30, 2025 Net Premiums Written by Line (Q3 and Nine Months Ended Sep 30) | Line of Business | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :----------------------- | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Other liability | 1,092,550 | 1,066,005 | 3,419,802 | 3,213,296 | | Short-tail lines (1) | 663,017 | 592,913 | 1,969,507 | 1,768,355 | | Auto | 416,956 | 413,260 | 1,254,788 | 1,170,020 | | Workers' compensation | 330,181 | 302,179 | 1,011,679 | 939,243 | | Professional liability | 307,039 | 298,918 | 862,125 | 838,525 | | Total Insurance | 2,809,743 | 2,673,275 | 8,517,901 | 7,929,439 | | Casualty (2) | 192,694 | 189,386 | 568,412 | 567,522 | | Property (2) | 119,671 | 106,106 | 367,755 | 306,925 | | Monoline excess | 104,822 | 88,509 | 257,604 | 231,460 | | Total Reinsurance & Monoline Excess | 417,187 | 384,001 | 1,193,771 | 1,105,907 | | Total | 3,226,930 | 3,057,276 | 9,711,672 | 9,035,346 | [Catastrophe Losses](index=7&type=section&id=5.2%20Catastrophe%20Losses) Total current accident year catastrophe losses decreased in Q3 2025, primarily due to lower losses in the Reinsurance & Monoline Excess segment Current Accident Year Losses from Catastrophes (Q3 and Nine Months Ended Sep 30) | Segment | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :-------------------------- | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Insurance | 69,826 | 76,848 | 218,073 | 190,931 | | Reinsurance & Monoline Excess | 8,691 | 20,970 | 70,785 | 27,073 | | Total | 78,517 | 97,818 | 288,858 | 218,004 | [Investment Income and Gains (Losses)](index=7&type=section&id=5.3%20Investment%20Income%20and%20Gains%20(Losses)) Net investment income saw a healthy increase, primarily from the core portfolio, while net realized and unrealized investment gains showed a significant positive swing in Q3 2025 compared to losses in the prior year Net Investment Income (Q3 and Nine Months Ended Sep 30) | Source | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :------------------ | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Core portfolio (3) | 329,508 | 301,146 | 974,811 | 962,293 | | Investment funds | 5,421 | 4,741 | 59,713 | 868 | | Arbitrage trading account | 16,309 | 17,869 | 56,309 | 52,562 | | Total | 351,238 | 323,756 | 1,090,833 | 1,015,723 | Net Realized and Unrealized Gains (Losses) on Investments (Q3 and Nine Months Ended Sep 30) | Type | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :---------------------------------------- | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Net realized gains (losses) on investments | 69,210 | (21,825) | 31,877 | (29,723) | | Change in unrealized gains (losses) on equity securities | 9,590 | (1,537) | 93,167 | (42,442) | | Total | 78,800 | (23,362) | 125,044 | (72,165) | [Other Operating Costs and Expenses](index=7&type=section&id=5.4%20Other%20Operating%20Costs%20and%20Expenses) Other operating costs and expenses increased, primarily driven by higher policy acquisition and insurance operating expenses, partially offset by net foreign currency gains in Q3 2025 Other Operating Costs and Expenses (Q3 and Nine Months Ended Sep 30) | Expense Type | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :------------------------------------ | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Policy acquisition and insurance operating expenses | 900,312 | 835,376 | 2,620,657 | 2,438,905 | | Insurance service expenses | 22,711 | 21,786 | 70,245 | 66,309 | | Net foreign currency (gains) losses | (12,009) | 24,619 | 62,765 | 1,324 | | Other costs and expenses | 64,319 | 61,584 | 210,883 | 198,352 | | Total | 975,333 | 943,365 | 2,964,550 | 2,704,890 | [Cash Flow from Operations](index=7&type=section&id=5.5%20Cash%20Flow%20from%20Operations) Cash flow from operations experienced a decrease in Q3 2025 and for the nine months ended September 30, 2025, compared to the prior year periods Cash Flow from Operations (Q3 and Nine Months Ended Sep 30) | Metric | Q3 2025 ($ thousands) | Q3 2024 ($ thousands) | 9 Months 2025 ($ thousands) | 9 Months 2024 ($ thousands) | | :------------------------ | :-------------------- | :-------------------- | :-------------------------- | :-------------------------- | | Cash flow from operations | 1,139,860 | 1,240,770 | 2,587,484 | 2,868,335 | [Financial Position](index=9&type=section&id=Financial%20Position) This section outlines the company's balance sheet, including assets, liabilities, equity, and details of its investment portfolio [Balance Sheet Information](index=9&type=section&id=6.1%20Balance%20Sheet%20Information) As of September 30, 2025, W. R. Berkley Corporation reported growth in total assets, net invested assets, and common stockholders' equity Selected Balance Sheet Information (As of Sep 30, 2025 and Dec 31, 2024) | Metric | Sep 30, 2025 ($ thousands) | Dec 31, 2024 ($ thousands) | | :-------------------------- | :------------------------- | :------------------------- | | Net invested assets (1) | 32,815,947 | 29,780,638 | | Total assets | 43,715,217 | 40,448,635 | | Reserves for losses and loss expenses | 21,757,035 | 20,368,030 | | Senior notes and other debt | 1,829,511 | 1,831,158 | | Subordinated debentures | 1,010,347 | 1,009,808 | | Common stockholders' equity (2) | 9,798,892 | 8,395,111 | | Common stock outstanding (3) | 379,877 | 380,066 | | Book value per share (4) | 25.79 | 22.09 | | Tangible book value per share (4) | 25.18 | 21.46 | - Common stockholders' equity as of September 30, 2025, included after-tax unrealized investment losses of **$177 million** and unrealized currency translation losses of **$329 million**[21](index=21&type=chunk) - During the nine months ended September 30, 2025, the Company repurchased **1,200,000 shares** of its common stock for **$73.8 million**[21](index=21&type=chunk) [Investment Portfolio Details](index=10&type=section&id=6.2%20Investment%20Portfolio%20Details) The investment portfolio is predominantly composed of fixed maturity securities, which have an average rating of AA- and an average duration of 2.9 years, alongside allocations to equity securities, cash, investment funds, real estate, and other assets Investment Portfolio Composition (As of Sep 30, 2025) | Asset Type | Carrying Value ($ thousands) | Percent of Total | | :------------------------------------ | :--------------------------- | :--------------- | | Fixed maturity securities: | | | | United States government and government agencies | 3,478,237 | 10.6 % | | Total state and municipal | 2,002,503 | 6.1 % | | Total mortgage-backed securities | 4,971,399 | 15.1 % | | Asset-backed securities | 3,831,174 | 11.7 % | | Total corporate | 8,740,772 | 26.6 % | | Foreign government | 1,923,864 | 5.9 % | | Total fixed maturity securities (1) | 24,947,949 | 76.0 % | | Equity securities available for sale: | | | | Common stocks | 721,950 | 2.2 % | | Preferred stocks | 660,482 | 2.0 % | | Total equity securities available for sale | 1,382,432 | 4.2 % | | Cash and cash equivalents (2) | 2,352,117 | 7.1 % | | Investment funds | 1,430,991 | 4.4 % | | Real estate | 1,305,299 | 4.0 % | | Arbitrage trading account | 1,070,304 | 3.3 % | | Loans receivable | 326,855 | 1.0 % | | Net invested assets | 32,815,947 | 100.0 % | - Total fixed maturity securities had an average rating of **AA-** and an average duration of **2.9 years**, including cash and cash equivalents[23](index=23&type=chunk) [Forward-Looking Information](index=4&type=section&id=Forward-Looking%20Information) This section addresses forward-looking statements and the inherent risks and uncertainties that could impact future results [Forward-Looking Statements and Risk Factors](index=4&type=section&id=7.1%20Forward-Looking%20Statements%20and%20Risk%20Factors) The report includes forward-looking statements based on historical performance and current expectations, which are subject to various risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are based on historical performance and current plans, estimates, and expectations, and are not guarantees of future achievement[12](index=12&type=chunk) - Key risks and uncertainties include the cyclical nature of the property casualty industry, significant competition, claims development, investment risks, catastrophic losses (natural and man-made), climate change impact, general economic and market activities, cybersecurity breaches, use of artificial intelligence, future pandemics, foreign currency and political risks, and regulatory developments[12](index=12&type=chunk) - The company undertakes no obligation to update or revise any forward-looking statement[12](index=12&type=chunk)

Core Insights - W. R. Berkley Corporation reported a net income increase of 39.8% to $511.0 million for the third quarter of 2025, with a return on equity of 24.3% and an operating return on equity of 21.0% [1][11][4] Financial Performance - Gross premiums written reached $3.8 billion, while net premiums written were $3.2 billion, reflecting growth from $3.6 billion and $3.1 billion in the same quarter of 2024 [2][11] - Net income to common stockholders was $511.0 million, up from $365.6 million in Q3 2024, with net income per diluted share increasing to $1.28 from $0.91 [2][11] - Operating income for the quarter was $440.2 million, compared to $393.0 million in the prior year, with operating income per diluted share rising to $1.10 from $0.98 [2][11] Underwriting and Investment Performance - The company achieved a combined ratio of 90.9%, including catastrophe losses of $78.5 million, with a current accident year combined ratio of 88.4% [11][16] - Fixed-maturity investment income increased by 9.8% compared to the same period in 2024, contributing to a net investment income of $351.2 million [6][11] - The average rate increase, excluding workers' compensation, was approximately 7.6% [11] Shareholder Value - Book value per share increased by 5.8% to $25.79, before dividends and share repurchases, with common stockholders' equity reaching a record $9.8 billion [4][11][20] - The company repurchased 350,000 shares for $24.6 million during the third quarter of 2025 [22] Strategic Positioning - The company's decentralized structure and focus on specialty niche markets have enabled growth while maintaining underwriting discipline, resulting in a strong quarterly combined ratio [5][7] - Management believes the company is well-positioned to create exceptional value for shareholders throughout the remainder of 2025 and beyond [7]

Group 1 - U.S. stock futures are trading higher, indicating potential investor interest in specific stocks today [1] - Cleveland-Cliffs Inc is expected to report a quarterly loss of 48 cents per share on revenue of $4.90 billion, with shares falling 0.3% to $13.28 in after-hours trading [2] - Steel Dynamics Inc is projected to post quarterly earnings of $2.64 per share on revenue of $4.80 billion, with shares declining 2.3% to $142.65 [2] - Ames National Corp reported third-quarter earnings of 51 cents per share, up from 25 cents per share year-over-year, with quarterly sales increasing to $16.583 million from $13.490 million; shares fell 2% to $19.68 [2] - W R Berkley Corp is projected to report quarterly earnings of $1.09 per share on revenue of $3.71 billion, with shares decreasing 0.9% to $73.41 in after-hours trading [2] - Crown Holdings Inc is expected to report quarterly earnings of $2.00 per share on revenue of $3.13 billion, with shares falling 0.8% to $93.12 in after-hours trading [2]

W. R. Berkley Corporation (NYSE:WRB) will release earnings results for the third quarter, after the closing bell on Monday, Oct. 20.Analysts expect the Greenwich, Connecticut-based company to report quarterly earnings at $1.10 per share, up from 93 cents per share in the year-ago period. The consensus estimate for W. R. Berkley's quarterly revenue is $3.15 billion, compared to $2.93 billion a year earlier, according to data from Benzinga Pro.On July 21, WR Berkley posted mixed results for the second quarter ...