BERKLEY W R CORP

Listed Company

WRB-PGCIK 0000011544NYSELarge AcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$14.71B

Net Income

$1.78B

Total Assets

$44.07B

Equity

$9.70B

Shares Out

374.49M

Op. Cash Flow

$3.58B

+ 13F Filer

Business

W. R. Berkley Corporation is an insurance holding company that underwrites commercial property-casualty and reinsurance products. It offers excess and surplus lines, admitted and specialty personal lines, professional and industry-specific coverages, workers’ compensation, surety, cyber and other product specialties, plus reinsurance facultative and treaty solutions and fee-based services such as claims, administrative and consulting support. The company operates through two reporting segments—Insurance and Reinsurance & Monoline Excess—comprising numerous decentralized niche businesses and program management units. It markets primarily in the United States and internationally across Asia, Australia, Canada, Europe, Latin America and the U.K., distributing through independent and wholesale agents, brokers, managing general agents, program administrators and direct channels.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums written	12,711	11,972	10,954	10,004	8,863
Change in net unearned premiums	−264	−424	−554	−443	−757
Net premiums earned	12,447	11,548	10,401	9,561	8,106
Net investment income	1,429	1,333	1,053	779	672
Unrealized investment gains (losses), before tax	131	80	48	217	107
Change in allowance for expected credit losses on investments	2	38	−498,000	−15	−16
Net investment gains (losses)	132	118	47	202	91
Revenues from non-insurance businesses	577	528	536	510	489
Insurance service fees	119	109	106	111	94
Other income	4	2	381,000	3	4
Total revenues	14,708	13,639	12,143	11,166	9,455
Losses and loss expenses	7,772	7,132	6,372	5,862	4,954
Other operating costs and expenses	3,977	3,602	3,364	2,962	2,599
Expenses from non-insurance businesses	552	513	525	493	472
Interest expense	127	127	127	130	147
Total operating costs and expenses	12,427	11,374	10,389	9,447	8,173
Pre-Tax Income (Loss)	2,281	2,264	1,754	1,720	1,283
Income tax expense	−496	−510	−371	−335	−252
Net income before noncontrolling interests	1,785	1,755	1,384	1,385	1,031
Noncontrolling interests	−5	2	−2	−4	−9
Net income to common stockholders	1,779	1,756	1,381	1,381	1,022
Basic (dollars per share)	4.48	4.39	3.4	3.33	3.69
Diluted (dollars per share)	4.45	4.36	3.37	3.29	3.66

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
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)	25,048	22,398	20,178	17,587	16,603
Investment funds	1,362	1,468	1,622	1,609	1,481
Real estate	1,280	1,291	1,250	1,341	1,853
Arbitrage trading account	1,221	1,123	938	944	1,180
Equity securities	1,358	1,204	1,090	1,186	941
Loans receivable (net of allowance for expected credit losses of $161 and $1,114 at December 31, 2025 and 2024)	419	405	201	193	115
Total investments	30,687	27,889	25,280	22,860	22,172
Cash and cash equivalents	2,540	1,975	1,363	1,449	1,569
Premiums and fees receivable (net of allowance for expected credit losses of $42,006 and $39,884 at December 31, 2025 and 2024)	3,417	3,267	3,109	2,779	2,523
Due from reinsurers (net of allowance for expected credit losses of $6,378 and $8,350 at December 31, 2025 and 2024)	3,543	3,558	3,535	3,188	2,923
Deferred policy acquisition costs	1,001	952	862	763	676
Prepaid reinsurance premiums	882	823	759	696	677
Trading account receivable from brokers and clearing organizations	12	60	304	234	0
Property, furniture and equipment	596	479	427	423	420
Goodwill	184	184	175	186	170
Accrued investment income	255	244	213	167	123
Current federal and foreign income taxes	3	39	1	39	24
Deferred federal and foreign income taxes	141	220	310	341	57
Other assets	809	877	866	736	753
Total assets	44,071	40,567	37,202	33,861	32,086
Reserves for losses and loss expenses	22,208	20,368	18,740	17,011	15,391
Unearned premiums	6,722	6,375	5,922	5,298	4,847
Due to reinsurers	616	669	631	523	515
Trading account securities sold but not yet purchased	66	73	9	0	1
Current federal and foreign income taxes	83	53	48	34	21
Deferred federal and foreign income taxes	100	65	43	12	17
Senior notes and other debt	1,829	1,831	1,828	1,829	2,259
Subordinated debentures	1,011	1,010	1,009	1,008	1,008
Other liabilities	1,725	1,715	1,503	1,378	1,305
Total liabilities	34,359	32,160	29,733	27,093	25,419
Preferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none	0	0	0	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	159	159	159	106	106
Additional paid-in capital	988	985	965	998	981
Retained earnings	13,344	12,265	11,041	10,161	9,015
Accumulated other comprehensive loss	−451	−934	−926	−1,265	−282
Treasury stock, at cost, 416,366,010 and 413,455,739 shares, respectively	−4,339	−4,079	−3,783	−3,251	−3,167
Total common stockholders equity	9,701	8,395	7,455	6,748	6,653
Noncontrolling interests	11	12	14	20	15
Total equity	9,712	8,407	7,469	6,768	6,668
Total liabilities and equity	44,071	40,567	37,202	33,861	32,086
Common stock, authorized (in shares)	1,875	1,875	1,250	1,250	750

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and (accretion) amortization	−48	−171	−21	56	130
Investment funds	−28	11	−17	−145	−220
Stock incentive plans	55	54	51	49	47
Arbitrage trading account	−57	123	−54	−53	−269
Premiums and fees receivable	−130	−184	−334	−268	−364
Reinsurance accounts	−115	−32	−306	−266	−434
Deferred policy acquisition costs	−49	−91	−99	−89	−122
Current income taxes	64	−29	52	−4	−44
Deferred income taxes	9	95	−27	−65	8
Reserves for losses and loss expenses	1,767	1,708	1,715	1,684	1,636
Unearned premiums	322	485	618	467	787
Other	139	71	14	20	89
Net cash from operating activities	3,583	3,678	2,929	2,569	2,184
Proceeds from sale of fixed maturity securities	1,149	2,311	1,011	798	1,842
Proceeds from sale of equity securities	430	331	319	82	127
Proceeds From (Payments To) Equity Method Investments	140	135	−20	25	−101
Proceeds from maturities and prepayments of fixed maturity securities	5,312	4,891	3,507	4,891	6,067
Purchase of fixed maturity securities	−8,429	−9,369	−6,665	−8,037	−10,717
Purchase of equity securities	−418	−207	−80	−340	−465
Real estate disposed (purchased)	15	−67	−2	−46	167
Change in loans receivable	13	−211	−30	−83	−27
Net additions to property, furniture and equipment	−170	−106	−53	−53	−67
Change in balances due from security brokers	−71	107	−34	14	−18
Cash received in connection with business disposition	0	0	97	907	0
Payment for business purchased, net of cash acquired	0	0	−12	−50	0
Net cash used in investing activities	−2,029	−2,184	−1,962	−1,891	−2,989
Net proceeds from issuance of debt	0	3	980,000	0	1,034
Repayment of senior notes and other debt	−2	0	−2	−430	−505
Cash dividends to common stockholders	−700	−532	−501	−235	−356
Purchase of common treasury shares	−270	−304	−537	−94	−122
Other, net	−54	−20	−23	−13	−45
Net cash used in financing activities	−1,026	−852	−1,062	−772	6
Net impact on cash due to change in foreign exchange rates	38	−30	9	−25	−4
Net increase (decrease) in cash and cash equivalents	565	612	−86	−119	−804

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 573 positions

Reported AUM

$1.96B

Holdings

573

Top sector

$1.96B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$1.96B	100.0%

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