W. R. Berkley Corp

W. R. Berkley is an insurance holding company and one of the largest writers of commercial insurance in the United States. It sells property and casualty insurance, which pays for damage to property and for legal claims against the policyholder. Most of its customers are businesses, of all sizes. Policies are sold mainly through independent agents, wholesale brokers and managing general agents (firms that underwrite on an insurer's behalf).

Berkley makes money in two ways. It charges premiums meant to exceed the claims and costs it pays later. It also invests that money, much of it in bonds, until claims come due. The company runs 60 businesses, each focused on a niche such as cyber, healthcare, construction or workers' compensation. Of these, 53 were started in-house and seven were acquired. Many write excess and surplus lines, which cover unusual or hard-to-place risks that standard insurers won't take.

The Insurance segment brought in 82% of the company's $14.7 billion in total revenue for 2025. Reinsurance & Monoline Excess, which insures other insurers and takes on losses above a set threshold, brought in 12%. Measured by net premiums written (premiums from policies sold, minus the cost of reinsurance Berkley purchases), the split was 88% to 12%. Most of the business is in the US, but Berkley has offices in 52 cities abroad, from Canada and Mexico to Europe, Asia and Australia.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.74B, down 0.8% from a year earlier, and net income was $446.0M (-12.7%).
• For fiscal 2025, revenue was $14.71B (+7.8% year over year; +12.7% a year from FY2020 to FY2025) with a 12.1% net margin.

• Over FY2021–FY2025: $1.33B in buybacks and $2.32B in dividends.
• Regular dividend per share increased 3 years in a row.
• Regular dividends per share grew +55.0% a year over 5 years (FY2020–FY2025).
• Dividends took 39.4% of earnings in the latest fiscal year.
• Shares outstanding changed -6.5% from Oct 28, 2021 to Oct 26, 2026.

Rank among 1514 US companies

Market value at each year end

W. R. Berkley’s market value went from $8.06B at the end of 2016 to $27.92B on Nov 2, 2026, about 3.5 times as much; since the end of 2025 it is up 5%.

Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 53 open-market purchases ($291.9M) and 0 sales ($0.00).

Large shareholders (13G filings)

ETFs with the most weight in WRB

1. Claims could outrun the money set aside. Berkley prices policies long before claims arrive and holds reserves (money set aside) for expected payouts. If claims prove larger than estimated, it must add to reserves, which comes straight out of earnings.
2. Courts and lawsuits can widen what policies cover. Berkley writes a great deal of liability insurance. Court rulings, rising jury awards ("social inflation") and mass tort claims, where many people sue over the same harm, can push payouts beyond what was priced in.
3. Falling prices in some insurance lines. Insurance prices move in cycles. In its February 2026 annual report, Berkley said rates were falling for some property lines, workers' compensation and certain professional liability, while loss costs kept rising.
4. Disasters, climate change and terrorism. Natural disasters, pandemics and terrorist attacks can cause large, sudden losses. Berkley warns that changing climate conditions may make disasters more frequent and severe, and that its risk models may underestimate the damage.
5. Investment losses can hurt results. Berkley invests much of its money in bonds, plus stocks, private equity, loans and real estate. Rising interest rates lower bond prices, and the riskier holdings can swing sharply, hurting earnings and capital.
6. A ratings downgrade could cost business. Agents and clients care about an insurer's financial strength. Many Berkley insurance units are rated A+ by A.M. Best and AA- by S&P and Fitch. A downgrade could reduce sales and earnings.

• Oct 19, 2026 Quarterly results released
• Jul 20, 2026 Quarterly results released
• Jun 26, 2026 Executive or board change
• Jun 11, 2026 Major agreement signed; New debt or financial obligation
• Jun 10, 2026 Other company announcement
• Jun 5, 2026 Shareholder vote results
• Apr 21, 2026 Quarterly results released
• Jan 26, 2026 Quarterly results released
• Dec 5, 2025 Other company announcement

W. R. Berkley pays a dividend that has risen three years in a row, from $0.59 a share in 2022 to $1.85 in 2025 (adjusted for stock splits). The record is not smooth, though: the 2022 payout was lower than the $0.89 paid in 2021. Dividends paid in 2025 came to about 39% of net income. The dividend yield was 4.3% as of October 28, 2026. Berkley also spent $1.33 billion repurchasing shares from 2021 to 2025, and its share count fell about 7% in the five years to July 2026.

Market crashes have hit the stock hard. It dropped 42% in the 2008 financial crisis and took about 30 months to recover. It fell 45% in the 2020 COVID crash and recovered in about a year. In the 2022 bear market, it rose 27% while the broader market fell. A single stock carries more risk than a diversified fund.