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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