W. R. Berkley Corporation Reports Second Quarter 2026 Results
GREENWICH, Conn.--( BUSINESS WIRE)--W. R. Berkley Corporation (NYSE: WRB) today reported its second quarter 2026 results.
Summary Financial Data
(Amounts in thousands, except per share data)
Second Quarter
Six Months
2026
2025
2026
2025
Gross premiums written
$ 4,144,000
$ 3,977,769
$ 7,929,766
$ 7,661,708
Net premiums written
3,430,234
3,351,439
6,604,580
6,484,742
Net income to common stockholders
452,261
401,288
967,478
818,860
Net income per diluted share
1.15
1.00
2.46
2.05
Operating income (1)
497,145
420,486
1,011,402
840,442
Operating income per diluted share (1)
1.27
1.05
2.57
2.10
Return on equity (2)
18.6 %
19.1 %
19.9 %
19.5 %
Operating return on equity (1) (2)
20.5 %
20.0 %
20.9 %
20.0 %
Second quarter highlights included:
Commenting on the Company's performance, W. Robert Berkley, Jr., chairman, chief executive officer, and president, said:
The Company delivered an excellent second quarter in 2026, generating an annualized 20.5% operating return on beginning-of-year stockholders’ equity, driven by outstanding underwriting performance and record net investment income.
Disciplined cycle management has long been and remains a hallmark of the Company’s success. We continue to see attractive opportunities across select liability lines. By focusing on business that offers appropriate risk-adjusted returns and favorable pricing, our Insurance segment grew gross and net premiums written by 5.4% and 3.7%, respectively, to record levels. This disciplined approach resulted in a strong overall 88.1% accident year combined ratio, excluding catastrophe losses.
Net investment income from fixed-maturity securities increased 11.9%, reflecting growth in invested assets and a higher portfolio yield. Credit quality remained excellent, with an average rating of AA-. In addition, current reinvestment rates continue to exceed our annual book yield, which combined with the 3.2-year duration of our fixed-maturity portfolio, provides both opportunity and flexibility.
We returned significant capital to shareholders through $223 million of regular and special dividends and $112 million of share repurchases.
Supported by a strong balance sheet and disciplined capital management, we remain well positioned to create long-term shareholder value. Our unwavering focus on risk-adjusted returns across both underwriting and investing has enabled us to deliver strong performance. We remain confident in our ability to generate excellent returns for shareholders.
Webcast Conference Call
The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on July 20, 2026, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at https://ir.berkley.com/events-and-presentations/default.aspx. Please log on early to register. A replay of the webcast will be available on the Company's website approximately two hours after the end of the conference call. Additional financial information can be found on the Company's website at https://ir.berkley.com/investor-relations/financial-information/quarterly-results/default.aspx.
About W. R. Berkley Corporation
Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance & Monoline Excess.
Forward Looking Information
This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2026 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to: the cyclical nature of the property casualty industry; the impact of significant competition, including new entrants to the industry; the long-tail and potentially volatile nature of the insurance and reinsurance business; product demand and pricing; claims development and the process of estimating reserves; investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, foreign government bonds, municipal bonds, mortgage-backed securities, loans receivable, investment funds, including real estate, merger arbitrage, energy-related and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts, including claims for cyber security-related risks; the increasing use of artificial intelligence technologies by us or third-parties on which we rely could expose us to technological, security, legal, and other risks; natural and man-made catastrophic losses, including as a result of terrorist activities or the ongoing conflict with Iran; the risk of future pandemics, as well as the continuing effects of the COVID-19 pandemic; the impact of climate-related risks, which may alter the frequency and increase the severity of catastrophe events; general economic and market activities, including inflation, the risk of recession, changing interest rates, the impact of tariffs and volatility in the credit and capital markets; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response to such conditions, on our results and financial condition; foreign currency and political risks relating to our international operations; our ability to attract and retain key personnel and qualified employees; continued availability of capital and financing; the success of our new ventures or acquisitions and the availability of other opportunities; the availability of reinsurance; our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2019; the ability or willingness of our reinsurers to pay reinsurance recoverables owed to us; other legislative and regulatory developments, including those related to business practices in the insurance industry; credit risk related to our policyholders, independent agents and brokers; changes in the ratings assigned to us or our insurance company subsidiaries by rating agencies; the availability of dividends from our insurance company subsidiaries; cyber security breaches of our information technology systems and the information technology systems of our vendors and other third parties, or related processes and systems; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for the year 2026 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Consolidated Financial Summary
(Amounts in thousands, except per share data)
Second Quarter
Six Months
2026
2025
2026
2025
Revenues:
Net premiums written
$
3,430,234
$
3,351,439
$
6,604,580
$
6,484,742
Change in net unearned premiums
(242,845
)
(253,254
)
(302,019
)
(374,176
)
Net premiums earned
3,187,389
3,098,185
6,302,561
6,110,566
Net investment income
418,714
379,303
823,048
739,595
Net investment (losses) gains:
Net realized and unrealized (losses) gains on investments
(55,131
)
30,533
(70,760
)
46,244
Change in allowance for credit losses on investments
(59
)
440
(205
)
1,084
Net investment (losses) gains
(55,190
)
30,973
(70,965
)
47,328
Revenues from non-insurance businesses
134,427
128,839
290,978
257,748
Insurance service fees
30,620
32,757
58,849
61,686
Other income
159
751
1,982
1,284
Total Revenues
3,716,119
3,670,808
7,406,453
7,218,207
Expenses:
Loss and loss expenses
1,960,532
1,955,424
3,896,556
3,856,216
Other operating costs and expenses
1,025,920
1,039,307
1,996,579
1,989,217
Expenses from non-insurance businesses
122,741
122,437
258,583
248,801
Interest expense
31,728
31,777
63,438
63,504
Total expenses
3,140,921
3,148,945
6,215,156
6,157,738
Income before income tax
575,198
521,863
1,191,297
1,060,469
Income tax expense
(122,892
)
(121,155
)
(223,416
)
(242,411
)
Net Income before noncontrolling interests
452,306
400,708
967,881
818,058
Noncontrolling interest
(45
)
580
(403
)
802
Net income to common stockholders
$
452,261
$
401,288
$
967,478
$
818,860
Net income per share:
Basic
$
1.16
$
1.01
$
2.48
$
2.06
Diluted
$
1.15
$
1.00
$
2.46
$
2.05
Average shares outstanding (1):
Basic
389,156
397,016
390,702
396,972
Diluted
391,804
400,368
393,316
400,098
Business Segment Operating Results
(Amounts in thousands, except ratios) (1)
Second Quarter
Six Months
2026
2025
2026
2025
Insurance:
Gross premiums written
$
3,802,768
$
3,606,887
$
7,164,335
$
6,823,840
Net premiums written
3,123,983
3,013,703
5,903,700
5,708,158
Net premiums earned
2,826,030
2,728,784
5,591,522
5,371,291
Pre-tax income
578,572
512,672
1,103,235
1,022,177
Loss ratio
63.1
%
63.8
%
63.5
%
63.9
%
Expense ratio
28.3
%
28.3
%
28.3
%
28.0
%
GAAP Combined ratio
91.4
%
92.1
%
91.8
%
91.9
%
Reinsurance & Monoline Excess:
Gross premiums written
$
341,232
$
370,882
$
765,431
$
837,868
Net premiums written
306,251
337,736
700,880
776,584
Net premiums earned
361,359
369,401
711,039
739,275
Pre-tax income
145,506
127,299
288,212
247,679
Loss ratio
49.2
%
57.7
%
48.8
%
57.7
%
Expense ratio
30.1
%
29.7
%
30.2
%
28.7
%
GAAP Combined ratio
79.3
%
87.4
%
79.0
%
86.4
%
Corporate and Eliminations:
Net investment (losses) gains
$
(55,190
)
$
30,973
$
(70,965
)
$
47,328
Interest expense
(31,728
)
(31,777
)
(63,438
)
(63,504
)
Other expenses
(61,962
)
(117,304
)
(65,747
)
(193,211
)
Pre-tax loss
(148,880
)
(118,108
)
(200,150
)
(209,387
)
Consolidated:
Gross premiums written
$
4,144,000
$
3,977,769
$
7,929,766
$
7,661,708
Net premiums written
3,430,234
3,351,439
6,604,580
6,484,742
Net premiums earned
3,187,389
3,098,185
6,302,561
6,110,566
Pre-tax income
575,198
521,863
1,191,297
1,060,469
Loss ratio
61.5
%
63.1
%
61.8
%
63.1
%
Expense ratio
28.5
%
28.5
%
28.6
%
28.2
%
GAAP Combined ratio
90.0
%
91.6
%
90.4
%
91.3
%
Supplemental Information
(Amounts in thousands)
Second Quarter
Six Months
2026
2025
2026
2025
Net premiums written:
Other liability
$
1,247,483
$
1,218,988
$
2,366,901
$
2,327,253
Short-tail lines (1)
734,374
706,298
1,365,362
1,306,490
Auto
461,856
448,678
879,668
837,832
Workers' compensation
346,866
340,891
675,884
681,498
Professional liability
333,404
298,848
615,885
555,085
Total Insurance
3,123,983
3,013,703
5,903,700
5,708,158
Casualty (2)
162,948
188,929
320,934
375,718
Property (2)
110,884
115,926
219,897
248,084
Monoline excess
32,419
32,881
160,049
152,782
Total Reinsurance & Monoline Excess
306,251
337,736
700,880
776,584
Total
$
3,430,234
$
3,351,439
$
6,604,580
$
6,484,742
Current accident year losses from catastrophes:
Insurance
$
59,784
$
77,631
$
135,259
$
148,248
Reinsurance & Monoline Excess
2,584
21,603
2,786
62,094
Total
$
62,368
$
99,234
$
138,045
$
210,342
Net Investment income:
Core portfolio (3)
$
370,906
$
328,363
$
725,397
$
645,303
Investment funds
28,782
27,268
68,311
54,291
Arbitrage trading account
19,026
23,672
29,340
40,001
Total
$
418,714
$
379,303
$
823,048
$
739,595
Net realized and unrealized (losses) gains on investments:
Net realized losses on investments
$
(37,121
)
$
(33,097
)
$
(48,256
)
$
(37,333
)
Change in unrealized (losses) gains on equity securities
(18,010
)
63,630
(22,504
)
83,577
Total
$
(55,131
)
$
30,533
$
(70,760
)
$
46,244
Other operating costs and expenses:
Policy acquisition and insurance operating expenses
$
909,344
$
882,099
$
1,798,528
$
1,720,345
Insurance service expenses
25,468
24,287
48,634
47,534
Net foreign currency losses (gains)
1,974
55,396
(15,037
)
74,774
Other costs and expenses
89,134
77,525
164,454
146,564
Total
$
1,025,920
$
1,039,307
$
1,996,579
$
1,989,217
Cash flow from operations
$
800,047
$
703,806
$
1,467,904
$
1,447,624
Reconciliation of net income to operating income:
Net income
$
452,261
$
401,288
$
967,478
$
818,860
Pre-tax investment losses (gains), net of related expenses
55,190
(30,973
)
70,965
(47,328
)
Pre-tax net foreign currency losses (gains)
1,974
55,396
(15,037
)
74,774
Income tax benefit
(12,280
)
(5,225
)
(12,004
)
(5,864
)
Operating income after-tax (4)
$
497,145
$
420,486
$
1,011,402
$
840,442
Selected Balance Sheet Information
(Amounts in thousands, except per share data)
June 30, 2026
December 31,
2025
Net invested assets (1)
$ 34,168,931
$ 33,173,381
Total assets
45,677,113
43,926,843
Reserves for losses and loss expenses
23,182,240
22,207,773
Senior notes and other debt
1,829,445
1,829,198
Subordinated debentures
1,010,887
1,010,527
Common stockholders' equity (2)
9,833,239
9,700,818
Common stock outstanding (3)
371,058
377,156
Book value per share (4)
26.50
25.72
Tangible book value per share (4)
25.89
25.11
Investment Portfolio
June 30, 2026
(Amounts in thousands, except percentages)
Carrying Value
Percent of Total
Fixed maturity securities:
United States government and government agencies
$
4,402,996
12.9 %
State and municipal:
Special revenue
1,025,357
3.0 %
State general obligation
211,953
0.6 %
Local general obligation
181,600
0.5 %
Corporate backed
133,248
0.4 %
Pre-refunded
104,561
0.3 %
Total state and municipal
1,656,719
4.8 %
Mortgage-backed securities:
Agency
4,083,630
12.0 %
Commercial
206,784
0.6 %
Residential - Prime
193,880
0.6 %
Residential - Alt A
1,178
0.0 %
Total mortgage-backed securities
4,485,472
13.2 %
Asset-backed securities
4,076,528
11.9 %
Corporate:
Industrial
3,742,941
11.0 %
Financial
3,646,986
10.7 %
Utilities
1,692,946
4.9 %
Other
195,222
0.6 %
Total corporate
9,278,095
27.2 %
Foreign government
2,000,182
5.8 %
Total fixed maturity securities (1)
25,899,992
75.8 %
Equity securities available for sale:
Common stocks
883,940
2.6 %
Preferred stocks
618,297
1.8 %
Total equity securities available for sale
1,502,237
4.4 %
Cash and cash equivalents (2)
2,426,400
7.1 %
Investment funds
1,431,427
4.2 %
Real estate
1,350,849
3.9 %
Arbitrage trading account
1,292,382
3.8 %
Loans receivable
265,644
0.8 %
Net invested assets
$
34,168,931
100.0 %