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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.Q3 2025 earnings summary20 Oct, 2025
Executive summary
Net income rose nearly 40% year-over-year to $511 million ($1.28 per share) for Q3 2025, with operating income up 12% to $440 million and return on equity reaching 24.3%, driven by strong underwriting and investment income.
Gross premiums written increased to $3.8 billion, and net premiums written reached $3.23 billion, with record levels across all business lines and segments.
Combined ratio remained stable at 90.9% for Q3, reflecting continued underwriting profitability and catastrophe losses of $78.5 million.
Book value per share grew 5.8% before dividends and repurchases, reaching $25.79, with stockholders' equity at a record $9.8 billion.
Management remains focused on underwriting discipline, rate adequacy, and risk-adjusted returns.
Financial highlights
Net premiums written for Q3 2025 were $3.23 billion, up 6% year-over-year; net investment income was $351 million, up 9.4% in the core portfolio.
Diluted EPS was $1.28 for Q3, up from $0.91 year-over-year.
Book value per share before dividends and repurchases grew 20.7% year-to-date.
Debt-to-total capitalization improved to 22% at September 30, 2025.
Net realized and unrealized investment gains were $79 million for Q3, reversing prior year losses.
Outlook and guidance
Management expects continued premium and investment income growth, supported by strong renewal rates, rate increases, and a well-diversified portfolio.
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%.
New money rate exceeding book yield impact
Reinsurance segment combined ratio drivers
Reasons for operating cash flow decline
Capital deployment strategy given 10-digit headroom?
Catalyst for pricing turnaround given excess capital?
Drivers of other liability portfolio pivot?
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Next W. R. Berkley earnings date
Q4 202526 Jan, 2026
Next W. R. Berkley earnings date
Q4 202526 Jan, 2026
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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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