BERKLEY W R CORP

WRB 10-K · Q4 2025
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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Premiums Written Net 2,999,655 2,936,750 +2.1%
Increase Decrease In Unearned Premiums Net 180,335 74,150 +143.2%
Premiums Earned Net 3,179,990 3,010,900 +5.6%
Show Product Lines breakouts
Monoline Excess (3) · Reinsurance & Monoline Excess 77,592 70,027 +10.8%
Other liability · Insurance 1,129,970 1,068,327 +5.8%
Professional liability · Insurance 292,914 279,945 +4.6%
Property (2) · Reinsurance & Monoline Excess 125,436 116,272 +7.9%
Show Business Segments breakouts
Insurance · Operating Segments 2,791,728 2,638,480 +5.8%
Reinsurance & Monoline Excess · Operating Segments 388,262 372,420 +4.3%
Show — breakouts
Premiums Earned Net 185,234 186,121 -0.5%
Premiums Earned Net 414,114 389,215 +6.4%
Premiums Earned Net 1,292,687 1,109,307 +16.5%
Premiums Earned Net 55,496 145,534 -61.9%
Premiums Earned Net 9,732,234 8,993,954 +8.2%
Premiums Earned Net 954,473 876,969 +8.8%
Net Investment Income 338,234 317,438 +6.6%
Show Business Segments breakouts
Insurance · Operating Segments 267,336 256,165 +4.4%
Reinsurance & Monoline Excess · Operating Segments 51,941 66,007 -21.3%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations [Member] 18,957 -4,734 +500.4%
Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments 5,626 151,903 -96.3%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income 24,713 20,081 +23.1%
Investments Allowancefor Credit Loss Period Increase Decrease 306 6,623 -95.4%
Gain Loss On Investments 5,932 158,526 -96.3%
Revenues From Wholly Owned Investees 169,337 152,705 +10.9%
Insurance Commissions And Fees 25,901 27,352 -5.3%
Other Income 2,019 647 +212.1%
Revenue 3,721,413 3,667,568 +1.5%
Show Business Segments breakouts
Insurance · Non Us 357 359 -0.6%
Insurance · Operating Segments 3,069,886 2,903,898 +5.7%
Reinsurance & Monoline Excess · Non Us 134 132 +1.5%
Reinsurance & Monoline Excess · Operating Segments 440,203 438,427 +0.4%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations [Member] 205,392 166,717 +23.2%
Policyholder Benefits And Claims Incurred Net 1,946,584 1,861,261 +4.6%
Show Business Segments breakouts
Insurance · Operating Segments 1,745,167 1,642,088 +6.3%
Reinsurance & Monoline Excess · Operating Segments 201,417 219,173 -8.1%
Other Cost And Expense Operating 1,012,284 897,416 +12.8%
Expenses From Wholly Owned Investees 158,954 148,839 +6.8%
Interest Expense 31,627 31,751 -0.4%
Operating Costs And Expenses 3,149,449 2,939,267 +7.2%
Show Business Segments breakouts
Insurance · Operating Segments 2,539,357 2,399,438 +5.8%
Reinsurance & Monoline Excess · Operating Segments 314,352 329,131 -4.5%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations [Member] 295,740 210,698 +40.4%
Income Before Taxes 571,964 728,301 -21.5%
Show Business Segments breakouts
Insurance · Operating Segments 530,529 504,460 +5.2%
Reinsurance & Monoline Excess · Operating Segments 125,851 109,296 +15.1%
Show Equity Components breakouts
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income 24,713 20,081 +23.1%
Show Consolidation Items breakouts
Corporate Non Segment 5,932 158,526 -96.3%
Corporate Reconciling Items And Eliminations [Member] -90,348 -43,981 -105.4%
Income Tax Expense (Benefit) -117,213 -152,958 +23.4%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -5,190 -4,217 -23.1%
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income -5,190 -4,217 -23.1%
Net Income 454,751 575,343 -21.0%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income 19,523 15,864 +23.1%
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income 19,523 15,864 +23.1%
Noncontrolling Interest 5,240 -758 +791.3%
Retained Earnings 449,511 576,101 -22.0%
Net Income Loss Attributable To Noncontrolling Interest -5,240 758 -791.3%
Net Income 449,511 576,101 -22.0%
Show Business Segments breakouts
Insurance · Operating Segments 422,292 401,512 +5.2%
Reinsurance & Monoline Excess · Operating Segments 98,715 85,146 +15.9%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations [Member] -76,102 -34,068 -123.4%
EPS (Basic) 1.13 1.44 -21.5%
EPS (Diluted) 1.13 1.44 -21.5%
Comprehensive Income 504,570 244,974 +106.0%
Wtd Avg Shares (Basic) -88 -568 +84.5%
Wtd Avg Shares (Diluted) -445 -829 +46.3%
Income Loss From Equity Method Investments -32,131 -12,359 -160.0%
Show Investment Type breakouts
Energy -521 5,028 -110.4%
Financial services (1) -30,421 -22,510 -35.1%
Infrastructure 4,979 4,341 +14.7%
Other funds -11,253 -12,315 +8.6%
Real Estate Funds 1,969 724 +172.0%
Transportation 3,116 12,373 -74.8%
Revenue From Contract With Customer Including Assessed Tax 142,149 131,135 +8.4%
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 1,946,584 1,861,261 +4.6%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 2,539,938 1,974,747 +28.6%
Show Consolidated Entities breakouts
Parent Company 55,322 112,931 -51.0%
Non-Current Assets
Equity Securities Fv Ni Current And Noncurrent 1,358,201 1,203,788 +12.8%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 1,358,201 1,203,788 +12.8%
Estimate Of Fair Value Fair Value Disclosure 1,358,201 1,203,788 +12.8%
Property, Plant & Equipment 596,235 478,511 +24.6%
Show Consolidated Entities breakouts
Parent Company 8,581 9,320 -7.9%
Goodwill 184,332 184,332 0.0%
Deferred Tax Assets 141,496 220,217 -35.7%
Show Consolidated Entities breakouts
Parent Company 151,031 228,329 -33.9%
Total Assets 44,071,071 40,567,268 +8.6%
Show Business Segments breakouts
Insurance · Operating Segments 35,830,534 33,030,140 +8.5%
Reinsurance & Monoline Excess · Operating Segments 5,891,538 5,669,729 +3.9%
Show Consolidated Entities breakouts
Parent Company 12,886,438 11,567,419 +11.4%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations [Member] 2,348,999 1,867,399 +25.8%
Operating Lease Right-of-Use Assets 221,480 180,035 +23.0%
Other Assets
Equity Method Investments 1,361,802 1,468,246 -7.2%
Show Investment Type breakouts
Energy 41,966 42,776 -1.9%
Financial services (1) 360,320 430,163 -16.2%
Infrastructure 169,847 151,560 +12.1%
Other funds 353,796 378,636 -6.6%
Real Estate Funds 163,098 178,685 -8.7%
Transportation 272,775 286,426 -4.8%
Real Estate Investments 1,279,748 1,291,455 -0.9%
Other Investments 1,221,103 1,122,599 +8.8%
Investments 30,687,429 27,889,406 +10.0%
Premiums And Other Receivables Net 3,417,112 3,266,845 +4.6%
Reinsurance Recoverables On Paid And Unpaid Losses 3,543,013 3,557,695 -0.4%
Deferred Policy Acquisition Costs 1,000,691 951,728 +5.1%
Prepaid Reinsurance Premiums 881,831 823,207 +7.1%
Receivables From Brokers Dealers And Clearing Organizations 11,669 60,327 -80.7%
Accrued Investment Income Receivable 255,199 243,772 +4.7%
Income Taxes Receivable 2,732 39,382 -93.1%
Other Assets 809,394 877,099 -7.7%
Show Consolidated Entities breakouts
Parent Company 62,179 126,799 -51.0%
Current Liabilities
Taxes Payable Current 83,373 53,482 +55.9%
Show Consolidated Entities breakouts
Parent Company 19,626 — —
Non-Current Liabilities
Deferred Tax Liabilities 99,873 65,151 +53.3%
Total Liabilities 34,359,177 32,159,829 +6.8%
Show Consolidated Entities breakouts
Parent Company 3,185,620 3,172,308 +0.4%
Long-Term Debt (Q) — — —
Show Debt Instrument breakouts
Senior Notes due August 1, 2044 · Senior Notes 346,574 346,389 +0.1%
Senior Notes due February 15, 2037 · Senior Notes 248,776 248,666 0.0%
Senior Notes Due March 30, 2052 · Senior Notes 394,807 394,609 +0.1%
Senior Notes Due May 12 2050 · Senior Notes 488,449 489,207 -0.2%
Senior Notes Due September 30, 2061 · Senior Notes 343,498 343,314 +0.1%
Subordinated Debt due December 30, 2059 · Subordinated Debt 291,895 291,418 +0.2%
Subordinated Debt due March 30, 2058 · Subordinated Debt 179,811 179,489 +0.2%
Subordinated Debt Due March 30, 2061 · Subordinated Debt 293,863 293,515 +0.1%
Subordinated Debt Due September 30 2060 · Subordinated Debt 244,958 244,668 +0.1%
Subsidiary Debt 7,094 8,973 -20.9%
Show Long-Term Debt Type breakouts
Subordinated Debt 1,010,527 1,009,090 +0.1%
Total senior notes and other debt 1,829,198 1,831,158 -0.1%
Other Liabilities
Debt Securities Available For Sale And Held To Maturity 25,047,662 22,397,865 +11.8%
Show Consolidated Entities breakouts
Parent Company 642,451 251,800 +155.1%
Liability For Claims And Claims Adjustment Expense 22,207,773 20,368,030 +9.0%
Unearned Premiums 6,721,570 6,375,112 +5.4%
Reinsurance Payable 615,781 668,652 -7.9%
Show Counterparty Name breakouts
Lifson Re · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments 118,788 166,304 -28.6%
Mitsui Sumitomo Insurance Co., Ltd. · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments 16 — —
Trading Liabilities 66,285 73,358 -9.6%
Senior Notes And Other Debt 1,829,198 1,831,158 -0.1%
Junior Subordinated Notes 1,010,527 1,009,808 +0.1%
Show Consolidated Entities breakouts
Parent Company 1,010,527 1,009,808 +0.1%
Other Liabilities 1,724,797 1,715,078 +0.6%
Show Consolidated Entities breakouts
Parent Company · Nonrelated Party 188,851 158,281 +19.3%
Parent Company · Related Party 144,740 182,445 -20.7%
Stockholders' Equity
Common Stock 158,705 158,705 0.0%
Show Consolidated Entities breakouts
Parent Company 158,705 158,705 0.0%
Additional Paid In Capital Common Stock 987,708 984,825 +0.3%
Show Consolidated Entities breakouts
Parent Company 987,708 984,825 +0.3%
Retained Earnings 13,344,204 12,265,070 +8.8%
Show Consolidated Entities breakouts
Parent Company 13,344,204 12,265,070 +8.8%
Accumulated Other Comprehensive Income -451,097 -934,269 +51.7%
Show Consolidated Entities breakouts
Parent Company -451,097 -934,269 +51.7%
Treasury Stock Value -4,338,702 -4,079,220 -6.4%
Show Consolidated Entities breakouts
Parent Company -4,338,702 -4,079,220 -6.4%
Total Stockholders' Equity 9,700,818 8,395,111 +15.6%
Show Legal Entity breakouts
Lifson Re · Nonrelated Party 418 — —
Show Consolidated Entities breakouts
Parent Company 9,700,818 8,395,111 +15.6%
Minority Interest 11,076 12,328 -10.2%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 9,711,894 8,407,439 +15.5%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss -124,680 -517,170 +75.9%
Accumulated Other Comprehensive Income -451,097 -934,269 +51.7%
Accumulated Translation Adjustment -326,417 -417,099 +21.7%
Additional Paid In Capital 987,708 984,825 +0.3%
Noncontrolling Interest 11,076 12,328 -10.2%
Retained Earnings 13,344,204 12,265,070 +8.8%
Treasury Stock Common -4,338,702 -4,079,220 -6.4%
Total Liabilities & Equity 44,071,071 40,567,268 +8.6%
Show Consolidated Entities breakouts
Parent Company 12,886,438 11,567,419 +11.4%
Common Stock Shares Authorized 1,875,000,000 1,875,000,000 0.0%
Mortgage Loans On Real Estate Commercial And Consumer Net 418,913 405,453 +3.3%
Show Consolidated Entities breakouts
Parent Company 23,089 27,659 -16.5%
Show Financing Receivable Portfolio breakouts
Commercial Real Estate Portfolio Segment 418,913 402,382 +4.1%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net -15,302 -13,645 -12.1%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 32,131 12,359 +160.0%
Stock-Based Compensation 13,902 14,062 -1.1%
Increase Decrease In Trading Securities -17,362 86,024 -120.2%
Increase Decrease In Premiums Receivable 117,919 127,396 -7.4%
Increase Decrease In Reinsurance Recoverable -77,536 -116,964 +33.7%
Increase Decrease In Deferred Policy Acquisition Costs 30,037 3,243 +826.2%
Increase Decrease In Deferred Income Taxes -62,534 78,486 -179.7%
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve 445,070 305,099 +45.9%
Increase Decrease In Unearned Premiums -188,909 -83,928 -125.1%
Increase Decrease In Other Operating Liabilities 204,992 9,610 +2033.1%
Net Cash from Operations 995,132 810,033 +22.9%
Investing Activities
Proceeds From Sale Of Available For Sale Securities Debt 274,187 622,123 -55.9%
Proceeds From Sale Of Equity Securities Available For Sale 127,130 42,925 +196.2%
Proceeds From Payments To Equity Method Investments 37,807 119,320 -68.3%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 1,291,914 1,407,246 -8.2%
Purchases of Investments -1,584,263 -2,191,324 +27.7%
Payments To Acquire Equity Securities Available For Sale -79,912 -21,075 -279.2%
Payments For Proceeds From Real Estate 26,942 181 +14785.1%
Payments For Proceeds From Loans Receivable -89,946 -37,268 -141.3%
Paymentsto Acquire Property Plantand Equipment Net -116,257 -13,953 -733.2%
Net Cash from Investing -243,080 -87,064 -179.2%
Financing Activities
Payments Of Dividends Common Stock -411,904 -220,439 -86.9%
Share Repurchases -196,392 -67,412 -191.3%
Proceeds From Payments For Other Financing Activities -9,426 -6,040 -56.1%
Net Cash from Financing -618,061 -290,546 -112.7%
Supplemental
Interest Paid -104,360,874 -116,461,862 +10.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,928 -30,914 +106.2%
Net Change in Cash 135,919 401,509 -66.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,539,938 1,974,747 +28.6%
Show Consolidated Entities breakouts
Parent Company 55,322 112,931 -51.0%

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

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