Financial Performance - Gross Premiums Written increased from $8862 million in 2023 to $11733 million in 2024[5] - Net Premiums Written increased from $7468 million in 2023 to $9952 million in 2024[5] - Cash and Investments increased from $31094 million in 2023 to $34316 million in 2024[5] - Common Shareholders' Equity increased from $8705 million in 2023 to $9824 million in 2024[5] - The Combined Ratio was 779% in 2023 and 839% in 2024[5] - Book value per common share plus accumulated dividends increased from $192 in 2023 to $224 in 2024, with a CAGR of 31%[6] Business Segments - In 2024, Catastrophe represented 26%, General Casualty 19%, Other Property 16%, Professional Liability 10%, Other Specialty 21%, and Credit 8% of Gross Premiums Written[17] - In 2024, 51% of Gross Premiums Written came from the U S and Caribbean, 37% from Worldwide, 5% from Europe, 2% from Japan, Australia and New Zealand, 3% from Worldwide (Ex U S ), and 2% from Other regions[20] Capital Partners - Total Managed Capital is approximately $242 billion, including $128 billion of Owned Capital and ~$114 billion of Capital Partner Capital[22,23,25]

Financial Highlights - Total assets reached $12.8 billion as of March 31, 2025[8, 24] - Shareholders' equity stood at $2.4 billion as of March 31, 2025[8, 24] - Cash and invested assets amounted to $4.4 billion as of March 31, 2025[8, 38] - Gross premiums written (GPW) for the trailing twelve months (TTM) ended March 31, 2025, totaled $4.6 billion[8, 12] Performance Analysis - The combined ratio for Q1 2025 was 115.6%, impacted by $333 million in catastrophe and large losses, primarily from the California wildfires[23, 24, 26] - The annualized operating ROAE for Q1 2025 was (7.6%)[24, 26] - Net investment income increased by 21% from Q1 2024 to $50 million[24, 26] Portfolio Composition - Insurance segment accounted for $3.619 billion (78%) of the gross premiums written[13] - Reinsurance segment accounted for $993 million (22%) of the gross premiums written[11] Capital Management - The company returned $33 million of capital to common shareholders in the three months ended March 31, 2025, including $22 million in share repurchases and $11 million in dividends[26] - The company has $103 million remaining available for repurchase under the $200 million common share repurchase authorization as of May 9, 2025[47]

Core Insights - W. R. Berkley Corporation reported strong financial results for Q1 2025, achieving a net income of $418 million or $1.04 per share, with a 19.9% annualized return on beginning of year equity despite significant catastrophe losses [2][11]. - The company maintained a combined ratio of 90.9% for 2025, with a current accident year combined ratio of 87.2% excluding catastrophe losses [11][12]. - Catastrophe losses amounted to $111 million, primarily from California wildfires, contributing 3.7 loss ratio points in Q1 2025 [3][11]. Financial Performance - Net premiums written grew by 9.9% year over year to over $3.1 billion in Q1 2025, with the insurance segment increasing by 10.2% and the reinsurance segment by 8.2% [3][11]. - Net investment income rose by 12.6% to $360 million, driven by higher net invested assets and investment fund income [3][11]. - Book value per share increased by 7.1% in Q1 2025 before dividends and share repurchases [3][11]. Market Conditions - The company demonstrated resilience amid significant industry-wide catastrophe activity, maintaining underwriting discipline and focusing on rate adequacy and specialty opportunities [5][12]. - Professional liability markets, particularly D&O, cyber, and transactional liability, have become increasingly competitive [5][12]. - Specialty workers' compensation growth was driven by higher-hazard, less commoditized segments with healthier pricing [6][12]. Strategic Focus - The company is closely monitoring potential impacts of tariffs on loss costs across various lines, including property, auto physical damage, and workers' compensation [6][12]. - The expense ratio was reported at 27.8%, benefiting from growth in net premiums earned, with expectations to remain comfortably below 30% for the full year [11][12]. - The company emphasized the importance of maintaining rate adequacy while growing the business, with a renewal retention ratio around 80% [12][24].