BERKLEY W R CORP

WRB 10-Q · Q3 2025

WRB Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 3,768,236 3,400,379 +10.8%
Show Business Segments breakouts
Insurance · Non Us 357 350 +2.0%
Insurance · Operating Segments 3,043,593 2,826,913 +7.7%
Reinsurance & Monoline Excess · Non Us 136 125 +8.8%
Reinsurance & Monoline Excess · Operating Segments 454,995 419,370 +8.5%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations 190,688 162,182 +17.6%
Income Before Taxes 648,110 474,449 +36.6%
Show Business Segments breakouts
Insurance · Operating Segments 474,538 469,421 +1.1%
Reinsurance & Monoline Excess · Operating Segments 144,008 105,225 +36.9%
Show Equity Components breakouts
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income 3,755 8,713 -56.9%
Show Consolidation Items breakouts
Corporate Non Segment 78,960 -8,086 +1076.5%
Corporate Reconciling Items And Eliminations -49,396 -92,111 +46.4%
Income Tax Expense (Benefit) -136,141 -109,135 -24.7%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -788 -1,830 +56.9%
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income -788 -1,830 +56.9%
Net Income 511,969 365,314 +40.1%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income 2,967 6,883 -56.9%
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income 2,967 6,883 -56.9%
Noncontrolling Interest 937 -320 +392.8%
Retained Earnings 511,032 365,634 +39.8%
Comprehensive Income 577,260 796,130 -27.5%
EPS (Basic) 1.29 0.92 +40.2%
EPS (Diluted) 1.28 0.91 +40.7%
Wtd Avg Shares (Basic) 397,220 398,338 -0.3%
Wtd Avg Shares (Diluted) 400,204 401,817 -0.4%
Premiums Earned Net 3,156,382 2,926,823 +7.8%
Show Product Lines breakouts
Auto · Insurance 408,213 376,762 +8.3%
Casualty · Reinsurance & Monoline Excess 189,767 188,284 +0.8%
Monoline excess · Reinsurance & Monoline Excess 74,339 65,663 +13.2%
Other liability · Insurance 1,122,591 1,031,087 +8.9%
Professional liability · Insurance 287,170 279,751 +2.7%
Property · Reinsurance & Monoline Excess 119,267 108,386 +10.0%
Short-tail lines · Insurance 636,751 563,736 +13.0%
Workers' compensation · Insurance 318,284 313,154 +1.6%
Show Business Segments breakouts
Insurance · Operating Segments 2,773,009 2,564,490 +8.1%
Reinsurance & Monoline Excess · Operating Segments 383,373 362,333 +5.8%
Policyholder Benefits And Claims Incurred Net 1,968,857 1,825,960 +7.8%
Show Business Segments breakouts
Insurance · Operating Segments 1,772,377 1,619,281 +9.5%
Reinsurance & Monoline Excess · Operating Segments 196,480 206,679 -4.9%
Gain Loss On Investments 78,960 -8,086 +1076.5%
Show Consolidation Items breakouts
Corporate Non Segment 78,960
Interest Expense 31,760 31,720 +0.1%
Revenue From Contract With Customer Including Assessed Tax 138,091 129,916 +6.3%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 2,404,019 1,573,238 +52.8%
Non-Current Assets
Property, Plant & Equipment 492,800 478,361 +3.0%
Goodwill 184,332 184,089 +0.1%
Total Assets 43,715,217 40,359,298 +8.3%
Show Business Segments breakouts
Insurance · Operating Segments 35,721,098 32,687,852 +9.3%
Reinsurance & Monoline Excess · Operating Segments 6,015,394 5,842,643 +3.0%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations 1,978,725 1,828,803 +8.2%
Operating Lease Right-of-Use Assets 208,334 184,166 +13.1%
Other Assets
Equity Method Investments 1,430,991 1,607,381 -11.0%
Show Investment Type breakouts
Energy 42,429 131,113 -67.6%
Infrastructure 164,911 146,936 +12.2%
Other funds 399,561 377,813 +5.8%
Real Estate 272,874 300,937 -9.3%
Real Estate Funds 177,082 190,318 -7.0%
Transportation 374,134 460,264 -18.7%
Real Estate Investments 1,305,299 1,297,314 +0.6%
Equity Securities Fv Ni 1,382,432 1,048,126 +31.9%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Common Stock 718,999 698,364 +3.0%
Fair Value Inputs Level1 · Fair Value Measurements Recurring 718,999 698,364 +3.0%
Fair Value Inputs Level2 · Common Stock 842 1,130 -25.5%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 652,650 343,953 +89.7%
Fair Value Inputs Level2 · Preferred Stock 651,808 342,823 +90.1%
Fair Value Inputs Level3 · Common Stock 2,109 2,173 -2.9%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 10,783 5,809 +85.6%
Fair Value Inputs Level3 · Preferred Stock 8,674 3,636 +138.6%
Show Financial Instrument breakouts
Common Stock · Carrying Reported Amount Fair Value Disclosure 721,950 701,667 +2.9%
Common Stock · Estimate Of Fair Value Fair Value Disclosure 721,950 701,667 +2.9%
Preferred Stock · Carrying Reported Amount Fair Value Disclosure 660,482 346,459 +90.6%
Preferred Stock · Estimate Of Fair Value Fair Value Disclosure 660,482 346,459 +90.6%
Show Fair Value By Asset Class breakouts
Common Stock · Fair Value Measurements Recurring 721,950 701,667 +2.9%
Preferred Stock · Fair Value Measurements Recurring 660,482 346,459 +90.6%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 1,382,432 1,048,126 +31.9%
Estimate Of Fair Value Fair Value Disclosure 1,382,432 1,048,126 +31.9%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 1,382,432 1,048,126 +31.9%
Other Investments 1,070,304 820,928 +30.4%
Investments 30,463,830 27,827,496 +9.5%
Premiums And Other Receivables Net 3,535,372 3,414,385 +3.5%
Reinsurance Recoverables On Paid And Unpaid Losses 3,472,067 3,478,354 -0.2%
Deferred Policy Acquisition Costs 1,030,935 957,997 +7.6%
Prepaid Reinsurance Premiums 884,637 830,797 +6.5%
Receivables From Brokers Dealers And Clearing Organizations 113,330 410,756 -72.4%
Accrued Investment Income Receivable 248,860 234,084 +6.3%
Other Assets 885,035 838,532 +5.5%
Non-Current Liabilities
Deferred Tax Liabilities 23,485
Total Liabilities 33,910,214 31,919,896 +6.2%
Other Liabilities
Debt Securities Available For Sale And Held To Maturity 24,947,949 22,663,878 +10.1%
Liability For Claims And Claims Adjustment Expense 21,757,035 20,155,310 +7.9%
Unearned Premiums 6,910,056 6,489,597 +6.5%
Reinsurance Payable 626,193 727,074 -13.9%
Trading Liabilities 34,509 36,093 -4.4%
Junior Subordinated Notes 1,719,078 1,009,629 +70.3%
Other Liabilities 1,010,347 1,674,405 -39.7%
Senior Notes And Other Debt 1,829,511 1,827,788 +0.1%
Stockholders' Equity
Common Stock 158,705 158,705 0.0%
Additional Paid In Capital Common Stock 981,817 973,032 +0.9%
Retained Earnings 13,306,597 11,909,408 +11.7%
Accumulated Other Comprehensive Income -506,156 -603,144 +16.1%
Treasury Stock Value -4,142,071 -4,011,737 -3.2%
Total Stockholders' Equity 9,798,892 8,426,264 +16.3%
Minority Interest 6,111 13,138 -53.5%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 9,805,003
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss -176,720 -288,820 +38.8%
Accumulated Other Comprehensive Income -506,156 -603,144 +16.1%
Accumulated Translation Adjustment -329,436 -314,324 -4.8%
Additional Paid In Capital 981,817 973,032 +0.9%
Noncontrolling Interest 6,111 13,138 -53.5%
Retained Earnings 13,306,597 11,909,408 +11.7%
Treasury Stock Common -4,142,071 -4,011,737 -3.2%
Total Liabilities & Equity 43,715,217 40,359,298 +8.3%
Mortgage Loans On Real Estate Commercial And Consumer Net 326,855
Show Financing Receivable Portfolio breakouts
Commercial Portfolio Segment 76
Commercial Real Estate Portfolio Segment 326,779

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Net Income 1,329,892 1,180,014 +12.7%
Show Business Segments breakouts
Insurance · Operating Segments 1,162,148 1,102,363 +5.4%
Reinsurance & Monoline Excess · Operating Segments 308,944 282,423 +9.4%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations -240,302 -169,764 -41.6%
Realized Investment Gains Losses -126,288 40,818 -409.4%
Depreciation Amortization And Accretion Net -32,824 -156,993 +79.1%
Net Income Loss Attributable To Noncontrolling Interest 136 -780 +117.4%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions -59,713 -868 -6779.4%
Stock-Based Compensation 40,622 40,319 +0.8%
Increase Decrease In Trading Securities -39,557 36,714 -207.7%
Increase Decrease In Premiums Receivable -247,505 -311,827 +20.6%
Increase Decrease In Reinsurance Recoverable -37,028 85,226 -143.4%
Increase Decrease In Deferred Policy Acquisition Costs -78,896 -94,393 +16.4%
Increase Decrease In Deferred Income Taxes 71,971 16,825 +327.8%
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve 1,321,812 1,402,623 -5.8%
Increase Decrease In Unearned Premiums 510,644 569,416 -10.3%
Increase Decrease In Other Operating Liabilities -65,782 61,241 -207.4%
Net Cash from Operations 2,587,484 2,868,335 -9.8%
Investing Activities
Proceeds From Sale Of Available For Sale Securities Debt 875,126 1,688,623 -48.2%
Proceeds From Sale Of Equity Securities Available For Sale 303,275 288,366 +5.2%
Proceeds From Payments To Equity Method Investments 101,904 15,533 +556.0%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 4,020,129 3,483,326 +15.4%
Purchases of Investments -6,844,620 -7,177,379 +4.6%
Payments To Acquire Equity Securities Available For Sale -338,528 -186,382 -81.6%
Payments For Proceeds From Real Estate -12,315 -66,813 +81.6%
Payments For Proceeds From Loans Receivable 102,641 -173,548 +159.1%
Paymentsto Acquire Property Plantand Equipment Net -53,737 -91,670 +41.4%
Increase Decrease In Broker Dealer Related Receivables Payables Net Investing Activities 59,870 122,519 -51.1%
Net Cash from Investing -1,786,255 -2,097,425 +14.8%
Financing Activities
Repayments Of Senior Debt -1,724 -240 -618.3%
Payments Of Dividends Common Stock -288,365 -311,514 +7.4%
Share Repurchases -73,829 -236,243 +68.7%
Proceeds From Payments For Other Financing Activities -44,468 -13,944 -218.9%
Net Cash from Financing -408,386 -561,941 +27.3%
Supplemental
Interest Paid 104,361,000 116,462,000 -10.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 36,429 1,074 +3291.9%
Net Change in Cash 429,272 210,043 +104.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,404,019 1,573,238 +52.8%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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