10-K · February 27, 2026
W. R. Berkley emphasizes a decentralized, niche-focused underwriting model (60 businesses, 53 built internally, 7 by acquisition) and a capital-light approach supported by centralized investment/reinsurance management.…
Earnings analysis · 10-Q
WRB earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
W. R. Berkley Corporation reported strong Q1 2026 results, with net income of $515.2 million (EPS of $1.31), surpassing expectations. Revenue also increased to $3.69 billion, exceeding estimates, while the loss ratio…
Read full summary
W. R. Berkley Corporation reported strong Q1 2026 results, with net income of $515.2 million (EPS of $1.31), surpassing expectations. Revenue also increased to $3.69 billion, exceeding estimates, while the loss ratio improved slightly to 62.1%. Additionally, gross premiums written grew to $3.79 billion, led by a 5% increase in the Insurance segment, although the Reinsurance & Monoline Excess segment faced a 9% decline in gross premiums.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.31
What stood out
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Significant EPS Beat
Reported EPS of $1.31 exceeded estimates of $1.14, a surprise of 14%.
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Revenue Growth Outperformance
Total revenue reached $3.69 billion, up 8.4% from the prior period, exceeding the expected $3.40 billion.
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Strong Investment Income
Net investment income increased by 12% to $404 million compared to $360 million in Q1 2025.
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Improved Loss Ratios
Consolidated loss ratio decreased to 62.1% from 63.1% YoY.
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Record Operating Income
Operating income set a record at $514.3 million driven by growth in insurance premiums.
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Increased Gross Premiums
Gross premiums written rose to $3.79 billion, reflecting a 3% increase from $3.68 billion in Q1 2025.
What to watch
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Decline in Reinsurance Segment
Gross premiums in the Reinsurance & Monoline Excess segment decreased by 9% to $424 million.
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Investment Losses
Reported net investment losses of $16 million, compared to gains of $16 million a year ago.
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Social Inflation Risks
Increased frequency of litigated claims is driving up costs, noted particularly in auto-related liability lines.
Management's outlook
Outlook deferred to future earnings press release / call.
Earlier filings 4
10-Q · August 4, 2025
W. R. Berkley reported Q2 2025 revenue of $3,670,808,000, up $356,776,000 (+10.8%) versus Q2 2024, driven by higher net premiums earned and positive investment results. Diluted EPS was $1.00 (net income to common…
10-Q · May 2, 2025
W. R. Berkley reported Q1 revenues of $3,547,399,000, up $290,626,000 (+8.9%) versus Q1 2024, driven by higher net premiums earned and investment income. Net income to common stockholders fell to $417,571,000 (diluted…
10-K · February 24, 2025
W. R. Berkley describes a decentralized, niche-focused commercial P&C underwriting strategy operated across two reporting segments (Insurance and Reinsurance & Monoline Excess) with a global footprint in 87 countries…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.