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W. R. Berkley (WRB) investor relations material

W. R. Berkley Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary20 Oct, 2025

Executive summary

  • Net income rose 39.8% year-over-year to $511 million ($1.28 per share), with operating income up to $440 million ($1.10 per share) and return on equity at 24.3%.

  • Gross premiums written increased to $3.8 billion, and net premiums written reached $3.2 billion, with all business lines contributing.

  • Book value per share grew 5.8% before dividends and repurchases, with record common stockholders' equity of $9.8 billion.

  • The company remains focused on rate adequacy, risk-adjusted returns, and underwriting discipline over top-line growth.

Financial highlights

  • Net premiums written for Q3 2025 were $3,226.9 million, up from $3,057.3 million in Q3 2024.

  • Net investment income increased to $351.2 million, with the core portfolio up 9.4%.

  • Combined ratio was 90.9%, including catastrophe losses of $78.5 million; current accident year combined ratio ex-cats was 88.4%.

  • Net income per diluted share was $1.28, up from $0.91 year-over-year.

  • Book value per share before dividends and repurchases grew 20.7% year-to-date.

Outlook and guidance

  • Management expects continued growth in investment income and value creation through disciplined underwriting.

  • The company is prepared to shrink business if market conditions become irrational, maintaining focus on risk-adjusted returns.

  • Growth outlook is uncertain due to market flux; next quarter growth could range from 4% to 10%.

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Frequently asked questions

W. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writer of specialty insurance policies for residential and commercial properties, as well as personal automobile insurance primarily in the United States. Headquartered in Greenwich, Connecticut, the company offers a range of energy service contracts and other products through its Energy Services segment; casualty insurance such as professional liability coverage and various auto products sold primarily through independent agents for individuals and commercial vehicles through its Personal Lines segment; and property insurance such as single-family dwellings sold primarily to homebuilders through its Home Builders segment.

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