BERKLEY W R CORP

WRB 10-Q · Q1 2026

WRB Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Revenue 3,690,334 3,547,399 +4.0%
Show Business Segments breakouts
Insurance · Non Us 376 333 +12.9%
Insurance · Operating Segments 3,086,576 2,943,707 +4.9%
Reinsurance & Monoline Excess · Non Us 113 130 -13.1%
Reinsurance & Monoline Excess · Operating Segments 417,529 436,304 -4.3%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations 202,004 151,033 +33.7%
Income Before Taxes 616,098 538,606 +14.4%
Show Business Segments breakouts
Insurance · Operating Segments 524,663 509,505 +3.0%
Reinsurance & Monoline Excess · Operating Segments 142,706 120,380 +18.5%
Show Equity Components breakouts
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income 4,372 5,280 -17.2%
Show Consolidation Items breakouts
Corporate Non Segment -15,775 16,355 -196.5%
Corporate Reconciling Items And Eliminations -35,496 -107,634 +67.0%
Income Tax Expense (Benefit) -100,523 -121,257 +17.1%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -918 -1,109 +17.2%
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income -918 -1,109 +17.2%
Net Income 515,575 417,349 +23.5%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income 3,454 4,171 -17.2%
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income 3,454 4,171 -17.2%
Noncontrolling Interest 359 -222 +261.7%
Retained Earnings 515,216 417,571 +23.4%
Comprehensive Income 365,036 589,775 -38.1%
EPS (Basic) 1.31 1.05 +24.8%
EPS (Diluted) 1.31 1.04 +26.0%
Wtd Avg Shares (Basic) 392,264 396,929 -1.2%
Wtd Avg Shares (Diluted) 394,779 399,825 -1.3%
Premiums Earned Net 3,115,172 3,012,381 +3.4%
Show Product Lines breakouts
Auto · Insurance 413,492 389,949 +6.0%
Casualty · Reinsurance & Monoline Excess 171,719 181,767 -5.5%
Monoline excess · Reinsurance & Monoline Excess 76,109 67,264 +13.1%
Other liability · Insurance 1,097,841 1,072,728 +2.3%
Professional liability · Insurance 287,894 272,693 +5.6%
Property · Reinsurance & Monoline Excess 101,852 120,843 -15.7%
Short-tail lines · Insurance 652,523 596,109 +9.5%
Workers' compensation · Insurance 313,742 311,028 +0.9%
Show Business Segments breakouts
Insurance · Operating Segments 2,765,492 2,642,507 +4.7%
Reinsurance & Monoline Excess · Operating Segments 349,680 369,874 -5.5%
Policyholder Benefits And Claims Incurred Net 1,936,025 1,900,792 +1.9%
Show Business Segments breakouts
Insurance · Operating Segments 1,766,968 1,687,453 +4.7%
Reinsurance & Monoline Excess · Operating Segments 169,057 213,339 -20.8%
Gain Loss On Investments -15,775 16,355 -196.5%
Show Consolidation Items breakouts
Corporate Non Segment -15,775
Interest Expense 31,709 31,727 -0.1%
Income Loss From Equity Method Investments 39,529 27,023 +46.3%
Show Investment Type breakouts
Energy 2,433 -2,102 +215.7%
Infrastructure 5,792 3,502 +65.4%
Other funds 7,226 4,929 +46.6%
Real Estate 8,660 8,615 +0.5%
Real Estate Funds 8,016 4,965 +61.5%
Transportation 7,402 7,114 +4.0%
Revenue From Contract With Customer Including Assessed Tax 152,948 139,604 +9.6%
Show Product Lines breakouts
Management And Performance Fees · Lifson Re 3 1 +200.0%
Brokerage Commissions Revenue (Q)
Show Counterparty Name breakouts
Lifson Re · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments 33,925 30,424 +11.5%
Mitsui Sumitomo Insurance Co., Ltd. · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments 3
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 1,936,025 1,900,792 +1.9%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 2,280,934 1,720,209 +32.6%
Non-Current Assets
Property, Plant & Equipment 567,116 481,737 +17.7%
Goodwill 184,332 184,332 0.0%
Total Assets 44,315,553 41,345,792 +7.2%
Show Business Segments breakouts
Insurance · Operating Segments 35,954,379
Reinsurance & Monoline Excess · Operating Segments 5,777,792 5,667,553 +1.9%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations 2,583,382 2,431,898 +6.2%
Operating Lease Right-of-Use Assets 215,547 185,373 +16.3%
Other Assets
Equity Method Investments 1,398,022 1,480,322 -5.6%
Show Investment Type breakouts
Energy 43,565 40,256 +8.2%
Infrastructure 176,316 154,761 +13.9%
Other funds 379,775 384,687 -1.3%
Real Estate 275,546 280,722 -1.8%
Real Estate Funds 157,089 183,637 -14.5%
Transportation 365,731 436,259 -16.2%
Real Estate Investments 1,303,741 1,304,443 -0.1%
Equity Securities Fv Ni 1,469,651 1,145,040 +28.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Common Stock 846,795 679,627 +24.6%
Fair Value Inputs Level1 · Fair Value Measurements Recurring 846,795 679,627 +24.6%
Fair Value Inputs Level2 · Common Stock 772 1,011 -23.6%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 612,079 458,540 +33.5%
Fair Value Inputs Level2 · Preferred Stock 611,307 457,529 +33.6%
Fair Value Inputs Level3 · Common Stock 2,103 2,039 +3.1%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 10,777 6,873 +56.8%
Fair Value Inputs Level3 · Preferred Stock 8,674 4,834 +79.4%
Show Financial Instrument breakouts
Common Stock · Carrying Reported Amount Fair Value Disclosure 849,670 682,677 +24.5%
Common Stock · Estimate Of Fair Value Fair Value Disclosure 849,670 682,677 +24.5%
Preferred Stock · Carrying Reported Amount Fair Value Disclosure 619,981 462,363 +34.1%
Preferred Stock · Estimate Of Fair Value Fair Value Disclosure 619,981 462,363 +34.1%
Show Fair Value By Asset Class breakouts
Common Stock · Fair Value Measurements Recurring 849,670 682,677 +24.5%
Preferred Stock · Fair Value Measurements Recurring 619,981 462,363 +34.1%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 1,469,651 1,145,040 +28.3%
Estimate Of Fair Value Fair Value Disclosure 1,469,651 1,145,040 +28.3%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 1,469,651 1,145,040 +28.3%
Other Investments 1,164,872 831,705 +40.1%
Investments 31,285,855 28,802,194 +8.6%
Premiums And Other Receivables Net 3,470,776 3,316,909 +4.6%
Reinsurance Recoverables On Paid And Unpaid Losses 3,551,097 3,581,920 -0.9%
Deferred Policy Acquisition Costs 1,012,807 978,244 +3.5%
Prepaid Reinsurance Premiums 870,765 815,703 +6.8%
Receivables From Brokers Dealers And Clearing Organizations 8,690 343,796 -97.5%
Accrued Investment Income Receivable 246,022 236,478 +4.0%
Other Assets 837,159 884,270 -5.3%
Non-Current Liabilities
Deferred Tax Liabilities 76,199 31,952 +138.5%
Total Liabilities 34,564,937 32,419,420 +6.6%
Other Liabilities
Debt Securities Available For Sale And Held To Maturity 25,508,409 23,620,804 +8.0%
Liability For Claims And Claims Adjustment Expense 22,616,260 20,921,987 +8.1%
Unearned Premiums 6,776,750 6,494,206 +4.4%
Reinsurance Payable 627,760
Show Counterparty Name breakouts
Lifson Re · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments 101,091
Mitsui Sumitomo Insurance Co., Ltd. · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments 11
Trading Liabilities 33 52,407 -99.9%
Junior Subordinated Notes 1,626,900 1,428,680 +13.9%
Other Liabilities 1,010,707 1,009,988 +0.1%
Senior Notes And Other Debt 1,830,328 1,832,822 -0.1%
Stockholders' Equity
Number Of Authorized Shares Not Disclosed 158,705
Common Stock 158,705 158,705 0.0%
Additional Paid In Capital Common Stock 1,000,375 992,901 +0.8%
Retained Earnings 13,825,717 12,652,303 +9.3%
Accumulated Other Comprehensive Income -601,277 -762,067 +21.1%
Treasury Stock Value -4,643,970 -4,127,803 -12.5%
Total Stockholders' Equity 9,739,550
Show Legal Entity breakouts
Lifson Re · Nonrelated Party 418
Minority Interest 11,066 12,333 -10.3%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 9,750,616
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss -269,636 -368,898 +26.9%
Accumulated Other Comprehensive Income -601,277 -762,067 +21.1%
Accumulated Translation Adjustment -331,641 -393,169 +15.6%
Additional Paid In Capital 1,000,375 992,901 +0.8%
Noncontrolling Interest 11,066 12,333 -10.3%
Retained Earnings 13,825,717 12,652,303 +9.3%
Treasury Stock Common -4,643,970 -4,127,803 -12.5%
Total Liabilities & Equity 44,315,553 41,345,792 +7.2%
Mortgage Loans On Real Estate Commercial And Consumer Net 441,160 419,880 +5.1%
Show Financing Receivable Portfolio breakouts
Commercial Real Estate Portfolio Segment 441,160 419,799 +5.1%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Net Income 515,216 417,571 +23.4%
Show Business Segments breakouts
Insurance · Operating Segments 433,467 393,122 +10.3%
Reinsurance & Monoline Excess · Operating Segments 122,367 95,843 +27.7%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations -28,224 -84,221 +66.5%
Realized Investment Gains Losses 15,775 -16,355 +196.5%
Depreciation Amortization And Accretion Net -15,466 -9,786 -58.0%
Net Income Loss Attributable To Noncontrolling Interest 359 -222 +261.7%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions -39,529 -27,023 -46.3%
Stock-Based Compensation 13,234 12,423 +6.5%
Increase Decrease In Trading Securities -7,041 -13,525 +47.9%
Increase Decrease In Premiums Receivable -48,652 -43,844 -11.0%
Increase Decrease In Reinsurance Recoverable 15,249 -42,956 +135.5%
Increase Decrease In Deferred Policy Acquisition Costs -10,377 -26,822 +61.3%
Increase Decrease In Deferred Income Taxes 77,266 134,962 -42.7%
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve 390,620 544,204 -28.2%
Increase Decrease In Unearned Premiums 47,872 113,060 -57.7%
Increase Decrease In Other Operating Liabilities -286,669 -297,870 +3.8%
Net Cash from Operations 667,857 743,817 -10.2%
Investing Activities
Proceeds From Sale Of Available For Sale Securities Debt 271,595 290,625 -6.5%
Proceeds From Sale Of Equity Securities Available For Sale 4,573 132,663 -96.6%
Proceeds From Payments To Equity Method Investments -4,030 16,295 -124.7%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 1,360,093 1,198,698 +13.5%
Purchases of Investments -2,217,950 -2,486,160 +10.8%
Payments To Acquire Equity Securities Available For Sale -120,517 -56,564 -113.1%
Payments For Proceeds From Real Estate -37,431 -14,785 -153.2%
Payments For Proceeds From Loans Receivable -30,581 -3,694 -727.9%
Paymentsto Acquire Property Plantand Equipment Net 27,670 -16,201 +270.8%
Increase Decrease In Broker Dealer Related Receivables Payables Net Investing Activities 157,986 14,705 +974.4%
Net Cash from Investing -588,592 -924,418 +36.3%
Financing Activities
Proceeds From Issuance Of Debt 1,105 1,638 -32.5%
Payments Of Dividends Common Stock -33,704 -30,338 -11.1%
Share Repurchases -302,432 -49,202 -514.7%
Proceeds From Payments For Other Financing Activities -4,079 -3,508 -16.3%
Net Cash from Financing -339,110 -81,410 -316.5%
Supplemental
Interest Paid 41,245,000 41,193,000 +0.1%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 841 7,473 -88.7%
Net Change in Cash -259,004 -254,538 -1.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,280,934 1,720,209 +32.6%

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

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