Form 8-K

8-K — BERKLEY W R CORP

Accession: 0000011544-26-000008

Filed: 2026-04-21

Period: 2026-04-21

CIK: 0000011544

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — wrb-20260421.htm (Primary)

EX-99.1 (wrb33120268-kex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: wrb-20260421.htm · Sequence: 1

wrb-20260421

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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): April 21, 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 first quarter of 2026. The press release was issued on April 21, 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 April 21, 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: April 21, 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 First Quarter 2026 Results

Return on Equity of 21.2%;

Net Income Grew 23.4% to $515.2 Million and Operating Income Grew 22.5% to a Record $514.3 Million

Greenwich, CT, April 21, 2026 - W. R. Berkley Corporation (NYSE: WRB) today reported its first quarter 2026 results.

Summary Financial Data

(Amounts in thousands, except per share data)

First Quarter

2026 2025

Gross premiums written $ 3,785,766 $ 3,683,939

Net premiums written 3,174,345 3,133,302

Net income to common stockholders 515,216 417,571

Net income per diluted share 1.31 1.04

Operating income (1) 514,257 419,956

Operating income per diluted share (1) 1.30 1.05

Return on equity (2) 21.2 % 19.9 %

Operating return on equity (1) (2) 21.2 % 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). The Company’s 2025 financial information has been restated to exclude after-tax net foreign currency gains (losses) from operating income to conform with this presentation.

(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

First quarter highlights included:

•Return on equity of 21.2%.

•Net income and operating income grew to $515.2 million and a record $514.3 million, respectively.

•Net investment income grew 12.2% to a record of $404.3 million.

•The current accident year combined ratio before catastrophe losses of 2.4 loss ratio points was 88.3%, and the reported combined ratio was 90.7%.

•Average rate increases excluding workers' compensation were approximately 7.2%.

•Total capital returned to shareholders was $336.1 million, consisting of $302.4 million of share repurchases and $33.7 million of regular dividends.

Management commented:

The Company continued to deliver outstanding results in the first quarter of 2026 with an annualized 21.2% return on beginning‑of‑year stockholders’ equity, reflecting ongoing growth in underwriting and investment income. We returned total capital of $336 million in the quarter through regular dividends and share repurchases.

Our 88.3% accident year combined ratio excluding catastrophe losses demonstrated the stability of underwriting earnings generated through our diversified operating model. We are growing our business where pricing, terms, and conditions support attractive risk adjusted returns. Our teams continue to execute across a wide range of market conditions, with gross and net premiums written in the insurance segment increasing by 4.5% and 3.2%, respectively.

Net investment income grew by 12.2%, driven by a higher level of invested assets from continued strong operating cash flow, improved portfolio yields, and strong investment fund income, enhancing overall profitability. The credit quality of the fixed-maturity portfolio remains high with an average rating of AA- and a 3.1 year duration.

Our balance sheet remains a source of strength, and we prioritized effective capital management in the first quarter by repurchasing nearly 4.5 million shares. Our disciplined focus on long-term risk-adjusted return continues to drive superior performance across market cycles and create long term value for our shareholders. We remain confident in our ability to exceed our 15% target after‑tax return on equity for the foreseeable future.

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 April 21, 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, 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)

First Quarter

2026 2025

Revenues:

Net premiums written $ 3,174,345 $ 3,133,302

Change in unearned premiums (59,173) (120,921)

Net premiums earned 3,115,172 3,012,381

Net investment income 404,333 360,292

Net investment (losses) gains:

Net realized and unrealized (losses) gains on investments (15,629) 15,711

Change in allowance for credit losses on investments (146) 644

Net investment (losses) gains (15,775) 16,355

Revenues from non-insurance businesses 156,551 128,909

Insurance service fees 28,230 28,929

Other Income 1,823 533

Total Revenues 3,690,334 3,547,399

Expenses:

Loss and loss expenses 1,936,025 1,900,792

Other operating costs and expenses 970,660 949,910

Expenses from non-insurance businesses 135,842 126,364

Interest expense 31,709 31,727

Total expenses 3,074,236 3,008,793

Income before income tax 616,098 538,606

Income tax expense (100,523) (121,257)

Net Income before noncontrolling interests 515,575 417,349

Noncontrolling interest (359) 222

Net income to common stockholders $ 515,216 $ 417,571

Net income per share:

Basic $ 1.31 $ 1.05

Diluted $ 1.31 $ 1.04

Average shares outstanding (1):

Basic 392,264 396,929

Diluted 394,779 399,825

(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)

First Quarter

2026 2025

Insurance:

Gross premiums written $ 3,361,567 $ 3,216,952

Net premiums written 2,779,717 2,694,455

Net premiums earned 2,765,492 2,642,507

Pre-tax income 524,663 509,505

Loss ratio 63.9 % 63.9 %

Expense ratio 28.3 % 27.8 %

GAAP Combined ratio 92.2 % 91.7 %

Reinsurance & Monoline Excess:

Gross premiums written $ 424,199 $ 466,987

Net premiums written 394,628 438,847

Net premiums earned 349,680 369,874

Pre-tax income 142,706 120,380

Loss ratio 48.3 % 57.7 %

Expense ratio 30.3 % 27.7 %

GAAP Combined ratio 78.6 % 85.4 %

Corporate and Eliminations:

Net investment (losses) gains $ (15,775) $ 16,355

Interest expense (31,709) (31,727)

Other expenses (3,787) (75,907)

Pre-tax loss (51,271) (91,279)

Consolidated:

Gross premiums written $ 3,785,766 $ 3,683,939

Net premiums written 3,174,345 $ 3,133,302

Net premiums earned 3,115,172 $ 3,012,381

Pre-tax income 616,098 538,606

Loss ratio 62.1 % 63.1 %

Expense ratio 28.6 % 27.8 %

GAAP Combined ratio 90.7 % 90.9 %

(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)

First Quarter

2026 2025

Net premiums written:

Other liability $ 1,119,418 $ 1,108,264

Short-tail lines (1) 630,989 600,192

Auto 417,811 389,154

Workers' compensation 329,018 340,607

Professional liability 282,481 256,238

Total Insurance 2,779,717 2,694,455

Casualty (2) 157,985 186,790

Monoline excess 127,630 119,900

Property (2) 109,013 132,157

Total Reinsurance & Monoline Excess 394,628 438,847

Total $ 3,174,345 $ 3,133,302

Current accident year losses from catastrophes:

Insurance $ 75,476 $ 70,617

Reinsurance & Monoline Excess 202 40,491

Total $ 75,678 $ 111,108

Net Investment income:

Core portfolio (3) $ 354,491 $ 316,940

Investment funds 39,529 27,023

Arbitrage trading account 10,313 16,329

Total $ 404,333 $ 360,292

Net realized and unrealized (losses) gains on investments:

Net realized losses on investments $ (11,135) $ (4,235)

Change in unrealized (losses) gains on equity securities (4,494) 19,946

Total $ (15,629) $ 15,711

Other operating costs and expenses:

Policy acquisition and insurance operating expenses $ 889,185 $ 838,246

Insurance service expenses 23,166 23,246

Net foreign currency (gains) losses (17,011) 19,378

Other costs and expenses 75,320 69,040

Total $ 970,660 $ 949,910

Cash flow from operations $ 667,857 $ 743,817

Reconciliation of net income to operating income:

Net income $ 515,216 $ 417,571

Pre-tax investment losses (gains), net of related expenses 15,775 (16,355)

Pre- tax net foreign currency (gains) losses (17,011) 19,378

Income tax expense 277 (638)

Operating income after-tax (4) $ 514,257 $ 419,956

(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. The Company’s 2025 financial information has been restated to exclude after-tax net foreign currency gains (losses) from operating income to conform with this presentation. 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)

March 31, 2026 December 31, 2025

Net invested assets (1) $ 33,418,412 $ 33,173,381

Total assets 44,315,553 43,926,843

Reserves for losses and loss expenses 22,616,260 22,207,773

Senior notes and other debt 1,830,328 1,829,198

Subordinated debentures 1,010,707 1,010,527

Common stockholders' equity (2) 9,739,550 9,700,818

Common stock outstanding (3) 372,700 377,156

Book value per share (4) 26.13 25.72

Tangible book value per share (4) 25.52 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.

(2)As of March 31, 2026, reflected in common stockholders' equity are after-tax unrealized investment losses of $270 million and unrealized currency translation losses of $331 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 three months ended March 31, 2026, the Company repurchased 4,471,634 shares of its common stock for $302 million. The number of shares of common stock outstanding excludes shares held in a grantor trust.

(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.

W. R. Berkley Corporation 9

Investment Portfolio

March 31, 2026

(Amounts in thousands, except percentages)

Carrying Value Percent of Total

Fixed maturity securities:

United States government and government agencies $ 4,383,573 13.1 %

State and municipal:

Special revenue 1,108,270 3.3 %

State general obligation 229,479 0.7 %

Local general obligation 211,435 0.6 %

Corporate backed 157,193 0.5 %

Pre-refunded 74,612 0.2 %

Total state and municipal 1,780,989 5.3 %

Mortgage-backed securities:

Agency 4,299,948 12.9 %

Commercial 221,983 0.7 %

Residential - Prime 198,589 0.6 %

Residential - Alt A 1,281 0.0 %

Total mortgage-backed securities 4,721,801 14.2 %

Asset-backed securities 3,868,945 11.6 %

Corporate:

Financial 3,534,559 10.6 %

Industrial 3,511,729 10.5 %

Utilities 1,519,659 4.5 %

Other 210,223 0.6 %

Total corporate 8,776,170 26.2 %

Foreign government 1,976,931 5.9 %

Total fixed maturity securities (1) 25,508,409 76.3 %

Equity securities available for sale:

Common stocks 849,670 2.5 %

Preferred stocks 619,981 1.9 %

Total equity securities available for sale 1,469,651 4.4 %

Cash and cash equivalents (2) 2,132,557 6.4 %

Investment funds 1,398,022 4.2 %

Real estate 1,303,741 3.9 %

Arbitrage trading account 1,164,872 3.5 %

Loans receivable 441,160 1.3 %

Net invested assets $ 33,418,412 100.0 %

(1)Total fixed maturity securities had an average rating of AA- and an average duration of 3.1 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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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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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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-Section 12

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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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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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-Publisher SEC

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