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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 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%.
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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