W. R. Berkley (WRB) investor relations material

Competitive advantages and strategy

• Decentralized structure and specialized expertise enable rapid response to market changes and support sustainable growth and profitability.

• Focus on long-term risk-adjusted return, cycle management, and exposure control to optimize shareholder value.

• Operates primarily in commercial lines, targeting niche markets and industries with strong margins and avoiding unrewarded volatility.

• Conservative balance sheet management and meaningful employee ownership foster stability and a long-term perspective.

• Preference for starting new businesses internally rather than acquisitions, aligning culture and building value.

Financial performance and growth

• Achieved record gross and net premiums written of $15.1B and $12.7B, respectively, in 2025.

• Net income reached a record $1.8B, with operating income at $1.7B and pre-tax underwriting income at $1.2B.

• Book value per share grew 26.7% before dividends and repurchases; return on beginning equity was 21.2%.

• Net investment income increased 7.2% to $1.4B; average rate increases (excluding workers' comp) were 7.6%.

• Net premiums written grew 105% and net income 253% since 2015.

Shareholder returns and capital management

• Average return on equity was 16% over the last decade, exceeding the 15% target; 5-year average ROE reached 20%.

• Delivered a 5-year average total shareholder return of 19%, outperforming major indices.

• Returned $970.5M to shareholders in 2025; since 2006, $8.5B (55% of net income) has been returned via dividends and buybacks.

• Regular cash dividends have grown at an 11.1% CAGR, with uninterrupted payments for 50 years.