Form 8-K

8-K — BERKLEY W R CORP

Accession: 0000011544-26-000033

Filed: 2026-07-20

Period: 2026-07-20

CIK: 0000011544

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — wrb-20260720.htm (Primary)

EX-99.1 (wrb63020268-kex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: wrb-20260720.htm · Sequence: 1

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 20, 2026

Commission File Number

1-15202

W. R. BERKLEY CORPORATION

(Exact name of registrant as specified in its charter)

Delaware 22-1867895

(State or other jurisdiction of

incorporation or organization) (I.R.S. Employer Identification No.)

475 Steamboat Road Greenwich Connecticut 06830

(Address of principal executive offices) (Zip Code)

(203) 629-3000

(Registrant’s telephone number, including area code)

None

Former name, former address and former fiscal year, if changed since last report.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of Each Class Trading Symbol Name of Each Exchange

on Which Registered

Common Stock, par value $.20 per share WRB New York Stock Exchange

5.700% Subordinated Debentures due 2058 WRB-PE New York Stock Exchange

5.100% Subordinated Debentures due 2059 WRB-PF New York Stock Exchange

4.250% Subordinated Debentures due 2060 WRB-PG New York Stock Exchange

4.125% Subordinated Debentures due 2061 WRB-PH New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

W. R. Berkley Corporation 2

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

W. R. Berkley Corporation 3

Item 2.02 Results of Operations and Financial Condition.

Reference is made to the press release of W. R. Berkley Corporation (the “Company”) relating to the announcement of the Company’s results of operations for the second quarter of 2026. The press release was issued on July 20, 2026. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The information contained herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

W. R. Berkley Corporation 4

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1 Press Release dated July 20, 2026

Exhibit 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

W. R. Berkley Corporation 5

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

W. R. BERKLEY CORPORATION

By: /s/ Richard M. Baio

Name: Richard M. Baio

Title: Executive Vice President -

Chief Financial Officer

Date: July 20, 2026

EX-99.1

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Document

NEWS

RELEASE

W. R. Berkley Corporation

475 Steamboat Road

Greenwich, Connecticut 06830

(203) 629-3000

FOR IMMEDIATE RELEASE CONTACT: Karen A. Horvath

Vice President - External

Financial Communications

(203) 629-3000

W. R. Berkley Corporation Reports Second Quarter 2026 Results

Gross Premiums Written Increased to a Record $4.1 Billion; Record Quarterly Net Investment Income of $418.7 Million; Return on Equity of 18.6% and Operating Return on Equity of 20.5%

Greenwich, CT, July 20, 2026 - 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 %

(1)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and related expenses and after-tax net foreign currency gains (losses).

(2)Return on equity and operating return on equity represent net income and operating income, respectively, expressed on an annualized basis as a percentage of beginning of year common stockholders’ equity.

W. R. Berkley Corporation 2

Second quarter highlights included:

•Return on equity of 18.6% and operating return on equity of 20.5%.

•Gross premiums written grew to a record $4.1 billion.

•Pre-tax underwriting income grew 21.8% to $317.5 million.

•Net investment income grew 10.4% to a record $418.7 million.

•Net income and operating income grew 12.7% and 18.2% to $452.3 million and $497.1 million, respectively.

•The current accident year combined ratio before catastrophe losses of 2.0 loss ratio points was 88.1% and reported combined ratio was 90.0%.

•Total capital returned to shareholders was $334.1 million, consisting of $185.5 million of special dividends, $111.5 million of share repurchases and $37.1 million of regular dividends.

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.

W. R. Berkley Corporation 3

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.

W. R. Berkley Corporation 4

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.

# # #

W. R. Berkley Corporation 5

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

(1)Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.

W. R. Berkley Corporation 6

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 %

(1)Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.

W. R. Berkley Corporation 7

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

(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)Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable.

(4)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and after tax net foreign currency gains (losses). Net investment gains (losses) are computed net of related expenses, including performance-based compensatory costs associated with realized investment gains. Management believes this measurement provides a useful indicator of trends in the Company's underlying operations.

W. R. Berkley Corporation 8

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

(1)Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities.

(2)As of June 30, 2026, reflected in common stockholders' equity are after-tax unrealized investment losses of $317 million and unrealized currency translation losses of $323 million. As of December 31, 2025, reflected in common stockholders' equity are after-tax unrealized investment losses of $125 million and unrealized currency translation losses of $326 million.

(3)During the six months ended June 30, 2026, the Company repurchased 6,156,370 shares of its common stock for $413.9 million. During the three months ended June 30, 2026, the Company repurchased 1,684,736 shares of its common stock for $111.5 million. The number of shares of common stock outstanding excludes shares held in a grantor trust (17,378,810 shares).

(4)Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding. Adjusted book value per share and adjusted tangible book value per share, including shares held in a grantor trust is $25.31 and $24.73, respectively.

W. R. Berkley Corporation 9

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 %

(1)Total fixed maturity securities had an average rating of AA- and an average duration of 3.2 years, including cash and cash equivalents.

(2)Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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