BERKLEY W R CORPWRB
BERKLEY W R CORP Segments Disclosure
Industry Segments
The Company’s reportable segments include the following two business segments, plus a corporate segment:
•Insurance - predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom.
•Reinsurance & Monoline Excess - reinsurance business on a facultative and treaty basis, primarily in the United States, United Kingdom, Continental Europe, Australia, the Asia-Pacific region and South Africa, as well as operations that solely retain risk on an excess basis and certain program management business.
The Company's chief operating decision maker ("CODM") is the President and Chief Executive Officer. The CODM assesses performance, makes decisions and allocates resources for each of the three reportable segments based on their contribution towards the Company's profitability and balance sheet strength. Certain key metrics such as combined ratio and return on allocated capital for the Insurance and Reinsurance & Monoline Excess segments, as well as Corporate segment expenditures, are examples of key components of the assessment, decision-making and resource-allocation process.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Income tax expense and benefits are calculated based upon the Company’s overall effective tax rate.
Summary financial information about the Company’s reporting segments is presented in the following table. Income before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment.
| Revenues | Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Earned Premiums (1) | Investment Income | Other | Total (2) | Losses and Loss Expenses | Policy Acquisition and Insurance Operating Expenses | Other | Total | Pre-Tax Income (Loss) | Net Income (Loss) to Common Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance | $ | 10,936,028 | $ | 1,118,607 | $ | 40,966 | $ | 12,095,601 | $ | 6,947,232 | $ | 3,076,726 | $ | 44,399 | $ | 10,068,357 | $ | 2,027,244 | $ | 1,584,440 | |||||||||||||||||||||||||||||||||||||||
| Reinsurance & Monoline Excess | 1,510,910 | 270,851 | — | 1,781,761 | 824,425 | 439,798 | — | 1,264,223 | 517,538 | 407,659 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate, other and eliminations (3) | — | 39,609 | 658,665 | 698,274 | — | — | 1,094,733 | 1,094,733 | (396,459) | (316,404) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment gains | — | — | 132,220 | 132,220 | — | — | — | — | 132,220 | 103,708 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | $ | 12,446,938 | $ | 1,429,067 | $ | 831,851 | $ | 14,707,856 | $ | 7,771,657 | $ | 3,516,524 | $ | 1,139,132 | $ | 12,427,313 | $ | 2,280,543 | $ | 1,779,403 | |||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance | $ | 10,086,308 | $ | 1,057,738 | $ | 37,455 | $ | 11,181,501 | $ | 6,332,490 | $ | 2,863,697 | $ | 43,231 | $ | 9,239,418 | $ | 1,942,083 | $ | 1,503,875 | |||||||||||||||||||||||||||||||||||||||
| Reinsurance & Monoline Excess | 1,462,177 | 234,728 | — | 1,696,905 | 799,105 | 431,205 | — | 1,230,310 | 466,595 | 367,569 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate, other and eliminations (3) | — | 40,695 | 601,943 | 642,638 | — | — | 904,531 | 904,531 | (261,893) | (203,832) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment gains | — | — | 117,708 | 117,708 | — | — | — | — | 117,708 | 88,503 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | $ | 11,548,485 | $ | 1,333,161 | $ | 757,106 | $ | 13,638,752 | $ | 7,131,595 | $ | 3,294,902 | $ | 947,762 | $ | 11,374,259 | $ | 2,264,493 | $ | 1,756,115 | |||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance | $ | 9,007,376 | $ | 783,660 | $ | 36,830 | $ | 9,827,866 | $ | 5,615,526 | $ | 2,545,310 | $ | 37,112 | $ | 8,197,948 | $ | 1,629,918 | $ | 1,283,281 | |||||||||||||||||||||||||||||||||||||||
| Reinsurance & Monoline Excess | 1,393,311 | 221,966 | — | 1,615,277 | 756,616 | 409,376 | — | 1,165,992 | 449,285 | 355,155 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate, other and eliminations (3) | — | 47,209 | 605,544 | 652,753 | — | — | 1,024,595 | 1,024,595 | (371,842) | (293,869) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment gains | — | — | 47,042 | 47,042 | — | — | — | — | 47,042 | 36,792 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | $ | 10,400,687 | $ | 1,052,835 | $ | 689,416 | $ | 12,142,938 | $ | 6,372,142 | $ | 2,954,686 | $ | 1,061,707 | $ | 10,388,535 | $ | 1,754,403 | $ | 1,381,359 | |||||||||||||||||||||||||||||||||||||||
| Identifiable Assets | |||||||||||
| (In thousands) | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| Insurance | $ | 35,830,534 | $ | 33,030,140 | |||||||
| Reinsurance & Monoline Excess | 5,891,538 | 5,669,729 | |||||||||
| Corporate, other and eliminations (3) | 2,348,999 | 1,867,399 | |||||||||
| Consolidated | $ | 44,071,071 | $ | 40,567,268 | |||||||
_______________________________________
(1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions.
(2) Revenues for Insurance includes $1,408 million, $1,471 million, and $1,171 million in 2025, 2024 and 2023, respectively, from foreign countries. Revenues for Reinsurance & Monoline Excess includes $516 million, $485 million, and $463 million in 2025, 2024 and 2023, respectively, from foreign countries.
(3) Corporate, other and eliminations represent corporate revenues and expenses and certain other items that are not allocated to business segments.
Net premiums earned by major line of business were as follows:
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Insurance | ||||||||||||||||||||
| Other liability | $ | 4,429,621 | $ | 4,068,662 | $ | 3,605,298 | ||||||||||||||
| Short-tail lines (1) | 2,496,481 | 2,201,661 | 1,825,027 | |||||||||||||||||
| Auto | 1,617,908 | 1,481,569 | 1,270,907 | |||||||||||||||||
| Workers' compensation | 1,259,290 | 1,237,888 | 1,212,294 | |||||||||||||||||
| Professional liability | 1,132,728 | 1,096,528 | 1,093,850 | |||||||||||||||||
| Total Insurance | 10,936,028 | 10,086,308 | 9,007,376 | |||||||||||||||||
| Reinsurance & Monoline Excess | ||||||||||||||||||||
| Casualty (2) | 741,671 | 771,329 | 821,826 | |||||||||||||||||
| Property (2) | 478,682 | 424,296 | 330,359 | |||||||||||||||||
| Monoline Excess (3) | 290,557 | 266,552 | 241,126 | |||||||||||||||||
| Total Reinsurance & Monoline Excess | 1,510,910 | 1,462,177 | 1,393,311 | |||||||||||||||||
| Total | $ | 12,446,938 | $ | 11,548,485 | $ | 10,400,687 | ||||||||||||||
(1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines.
(2) Includes reinsurance casualty and property and certain program management business.
(3) Monoline excess includes operations that solely retain risk on an excess basis.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.