Earnings release
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NEWSRELEASE W. R. Berkley Corporation 475 Steamboat Road Greenwich, Connecticut 06830 (203) 629-3000 FOR IMMEDIATE RELEASE CONTACT: Karen A. Horvath Vice President - External Financial Communications (203) 629-3000 W. R. Berkley Corporation Reports Third Quarter 2026 Results Return on Equity of 18.4% and Operating Return on Equity of 18.8%; Pre-Tax Underwriting Income for the Insurance Segment Grew 10.6%; Quarterly Net Investment Income Grew to $383.5 Million Driven by Core Portfolio Increase of 12.0% Greenwich, CT, October 19, 2026 - W. R. Berkley Corporation (NYSE: WRB) today reported its third quarter 2026 results. Summary Financial Data (Amounts in thousands, except per share data) Third Quarter Nine Months 2026 2025 2026 2025 Gross premiums written $ 3,951,788 $ 3,836,256 $ 11,881,554 $ 11,497,964 Net premiums written 3,267,602 3,226,930 9,872,182 9,711,672 Net income to common stockholders 446,005 511,032 1,413,483 1,329,892 Net income per diluted share 1.14 1.28 3.60 3.32 Operating income (1) 456,541 440,198 1,467,749 1,280,364 Operating income per diluted share (1) 1.17 1.10 3.73 3.20 Return on equity (2) 18.4 % 24.3 % 19.4 % 21.1 % Operating return on equity (1) (2) 18.8 % 21.0 % 20.2 % 20.3 % (1) Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and related expenses and after-tax net foreign currency gains (losses). (2) Return on equity and operating return on equity represent net income and operating income, respectively, expressed on an annualized basis as a percentage of beginning of year common stockholders’ equity.
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W. R. Berkley Corporation 2 Third quarter highlights included: • Return on equity of 18.4% and operating return on equity of 18.8%. • Pre-tax underwriting income for the Insurance segment grew 10.6% to $237.7 million. • Net investment income grew to $383.5 million driven by core portfolio increase of 12.0%. • Gross and net premiums written for the Insurance segment grew 4.9% and 3.2%, respectively. • Operating income of $456.5 million grew 6.4% on a per share basis to $1.17. • The current accident year combined ratio before catastrophe losses of 2.7 loss ratio points was 88.1% and reported combined ratio was 90.8%. • Average rate increases excluding workers' compensation were approximately 4.0%. Commenting on the Company's performance, W. Robert Berkley, Jr., chairman, chief executive officer, and president, said: The Company delivered another excellent quarter, generating an annualized 18.8% operating return on beginning-of-year stockholders’ equity. These results demonstrate the continuing strength in how we manage our specialty insurance underwriting, as well as our investment portfolio. Our underwriting results have consistently been outstanding due to our unwavering commitment to rate adequacy and attention to terms and conditions. As the cycles for various product lines have decoupled, the breadth of our offering through our 60 specialty businesses allows for greater stability. Our long-term view and disciplined approach produced a strong 88.1% accident year combined ratio, excluding catastrophe losses. Our investment portfolio continues to be a great contributor to our economic model, with the domestic fixed- maturity portfolio serving as the primary driver. Income from fixed-maturity securities increased 10.3% over the corresponding period a year ago. The credit quality of our portfolio remains excellent, with an average strong AA- rating, and reinvestment yields continue to meaningfully exceed our portfolio’s book yield. Our disciplined approach to capital management remains unchanged. We returned a total of $728.6 million to shareholders year-to-date, which includes $435.1 million of share repurchases, while preserving substantial flexibility to support future opportunities. The strong prevailing interest rate tailwind has set investment income on a path to greater earnings contributions, and greater utilization of technology is enabling us to further leverage our underwriting and claims expertise. We believe we remain well-positioned to continue delivering attractive long-term risk-adjusted returns and creating long-term value for our shareholders.
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W. R. Berkley Corporation 3 Webcast Conference Call The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on October 19, 2026, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at https://ir.berkley.com/events-and-presentations/default.aspx. Please log on early to register. A replay of the webcast will be available on the Company's website approximately two hours after the end of the conference call. Additional financial information can be found on the Company's website at https://ir.berkley.com/investor-relations/financial- information/quarterly-results/default.aspx. About W. R. Berkley Corporation Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance & Monoline Excess.
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W. R. Berkley Corporation 4 Forward Looking Information This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2026 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to: the cyclical nature of the property casualty industry; the impact of significant competition, including new entrants to the industry; the long-tail and potentially volatile nature of the insurance and reinsurance business; product demand and pricing; claims development and the process of estimating reserves; investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, foreign government bonds, municipal bonds, mortgage-backed securities, loans receivable, investment funds, including real estate, merger arbitrage, energy-related and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts, including claims for cybersecurity-related risks; the increasing use of artificial intelligence technologies by us or third-parties on which we rely could expose us to technological, security, legal, and other risks; natural and man-made catastrophic losses, including as a result of terrorist activities or the ongoing conflict with Iran; the risk of future pandemics, as well as the continuing effects of the COVID-19 pandemic; the impact of climate-related risks, which may alter the frequency and increase the severity of catastrophe events; general economic and market activities, including inflation, the risk of recession, changing interest rates, the impact of tariffs and volatility in the credit and capital markets; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response to such conditions, on our results and financial condition; foreign currency and political risks relating to our international operations; our ability to attract and retain key personnel and qualified employees; continued availability of capital and financing; the success of our new ventures or acquisitions and the availability of other opportunities; the availability of reinsurance; our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2019; the ability or willingness of our reinsurers to pay reinsurance recoverables owed to us; other legislative and regulatory developments, including those related to business practices in the insurance industry; credit risk related to our policyholders, independent agents and brokers; changes in the ratings assigned to us or our insurance company subsidiaries by rating agencies; the availability of dividends from our insurance company subsidiaries; cybersecurity breaches of our information technology systems and the information technology systems of our vendors and other third parties, or related processes and systems; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for the year 2026 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. # # #
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W. R. Berkley Corporation 5 Consolidated Financial Summary (Amounts in thousands, except per share data) Third Quarter Nine Months 2026 2025 2026 2025 Revenues: Net premiums written $ 3,267,602 $ 3,226,930 $ 9,872,182 $ 9,711,672 Change in net unearned premiums (53,998) (70,548) (356,017) (444,724) Net premiums earned 3,213,604 3,156,382 9,516,165 9,266,948 Net investment income 383,537 351,238 1,206,585 1,090,833 Net investment (losses) gains: Net realized and unrealized (losses) gains on investments(17,541) 78,800 (88,301) 125,044 Change in allowance for credit losses on investments (764) 160 (969) 1,244 Net investment (losses) gains (18,305) 78,960 (89,270) 126,288 Revenues from non-insurance businesses 130,824 150,335 421,802 408,083 Insurance service fees 28,615 30,924 87,464 92,610 Other income 536 397 2,518 1,681 Total Revenues 3,738,811 3,768,236 11,145,264 10,986,443 Expenses: Loss and loss expenses 1,998,469 1,968,857 5,895,026 5,825,073 Other operating costs and expenses 1,009,559 975,333 3,006,138 2,964,550 Expenses from non-insurance businesses 124,845 144,176 383,428 392,976 Interest expense 31,614 31,760 95,052 95,265 Total expenses 3,164,487 3,120,126 9,379,644 9,277,864 Income before income tax 574,324 648,110 1,765,620 1,708,579 Income tax expense (125,999) (136,141) (349,414) (378,551) Net Income before noncontrolling interests 448,325 511,969 1,416,206 1,330,028 Noncontrolling interest (2,320) (937) (2,723) (136) Net income to common stockholders $ 446,005 $ 511,032 $ 1,413,483 $ 1,329,892 Net income per share: Basic $ 1.15 $ 1.29 $ 3.62 $ 3.35 Diluted $ 1.14 $ 1.28 $ 3.60 $ 3.32 Average shares outstanding (1): Basic 388,750 397,220 390,044 397,056 Diluted 391,337 400,204 392,992 400,306 (1) Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.
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W. R. Berkley Corporation 6 Business Segment Operating Results (Amounts in thousands, except ratios) (1) Third Quarter Nine Months 2026 2025 2026 2025 Insurance: Gross premiums written $ 3,560,309 $ 3,393,023 $ 10,724,644 $ 10,216,863 Net premiums written 2,899,016 2,809,743 8,802,716 8,517,901 Net premiums earned 2,861,882 2,773,009 8,453,404 8,144,300 Pre-tax income 523,358 474,538 1,626,594 1,496,715 Loss ratio 63.3 % 63.9 % 63.4 % 63.9 % Expense ratio 28.4 % 28.4 % 28.4 % 28.1 % GAAP Combined ratio 91.7 % 92.3 % 91.8 % 92.0 % Reinsurance & Monoline Excess: Gross premiums written $ 391,479 $ 443,233 $ 1,156,910 $ 1,281,101 Net premiums written 368,586 417,187 1,069,466 1,193,771 Net premiums earned 351,722 383,373 1,062,761 1,122,648 Pre-tax income 133,265 144,008 421,476 391,687 Loss ratio 53.2 % 51.3 % 50.2 % 55.5 % Expense ratio 30.2 % 29.8 % 30.2 % 29.1 % GAAP Combined ratio 83.4 % 81.1 % 80.4 % 84.6 % Corporate and Eliminations: Net investment (losses) gains $ (18,305) $ 78,960 $ (89,270) $ 126,288 Interest expense (31,614) (31,760) (95,052) (95,265) Other expenses (32,380) (17,636) (98,128) (210,846) Pre-tax (loss) Income (82,299) 29,564 (282,450) (179,823) Consolidated: Gross premiums written $ 3,951,788 $ 3,836,256 $ 11,881,554 $ 11,497,964 Net premiums written 3,267,602 3,226,930 9,872,182 9,711,672 Net premiums earned 3,213,604 3,156,382 9,516,165 9,266,948 Pre-tax income 574,324 648,110 1,765,620 1,708,579 Loss ratio 62.2 % 62.4 % 61.9 % 62.9 % Expense ratio 28.6 % 28.5 % 28.6 % 28.2 % GAAP Combined ratio 90.8 % 90.9 % 90.5 % 91.1 % (1) Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.
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W. R. Berkley Corporation 7 Supplemental Information (Amounts in thousands) Third Quarter Nine Months 2026 2025 2026 2025 Net premiums written: Other liability $ 1,133,295 $ 1,092,550 $ 3,500,195 $ 3,419,802 Short-tail lines (1) 672,040 663,017 2,037,403 1,969,507 Auto 438,702 416,956 1,318,370 1,254,788 Workers' compensation 332,615 330,181 1,008,499 1,011,679 Professional liability 322,364 307,039 938,249 862,125 Total Insurance 2,899,016 2,809,743 8,802,716 8,517,901 Casualty (2) 144,164 192,694 465,098 568,412 Property (2) 116,983 119,671 336,880 367,755 Monoline excess 107,439 104,822 267,488 257,604 Total Reinsurance & Monoline Excess 368,586 417,187 1,069,466 1,193,771 Total $ 3,267,602 $ 3,226,930 $ 9,872,182 $ 9,711,672 Current accident year losses from catastrophes: Insurance $ 82,911 $ 69,826 $ 218,171 $ 218,073 Reinsurance & Monoline Excess 3,021 8,691 5,807 70,785 Total $ 85,932 $ 78,517 $ 223,978 $ 288,858 Net Investment income: Core portfolio (3) $ 369,122 $ 329,508 $ 1,094,519 $ 974,811 Investment funds 2,123 5,421 70,435 59,713 Arbitrage trading account 12,292 16,309 41,631 56,309 Total $ 383,537 $ 351,238 $ 1,206,585 $ 1,090,833 Net realized and unrealized (losses) gains on investments: Net realized gains (losses) on investments $ 27,831 $ 69,210 $ (20,425)$ 31,877 Change in unrealized (losses) gains on equity securities(45,372) 9,590 (67,876) 93,167 Total $ (17,541)$ 78,800 $ (88,301)$ 125,044 Other operating costs and expenses: Policy acquisition and insurance operating expenses$ 919,125 $ 900,312 $ 2,717,653 $ 2,620,657 Insurance service expenses 24,570 22,711 73,204 70,245 Net foreign currency (gains) losses (5,122) (12,009) (20,159) 62,765 Other costs and expenses 70,986 64,319 235,440 210,883 Total $ 1,009,559 $ 975,333 $ 3,006,138 $ 2,964,550 Cash flow from operations $ 731,333 $ 1,139,860 $ 2,199,237 $ 2,587,484 Reconciliation of net income to operating income: Net income $ 446,005 $ 511,032 $ 1,413,483 $ 1,329,892 Pre-tax investment losses (gains), net of related expenses18,551 (78,305) 89,270 (125,985) Pre-tax net foreign currency (gains) losses (5,122) (12,009) (20,159) 62,765 Income tax (benefit) expense (2,893) 19,480 (14,845) 13,692 Operating income after-tax (4) $ 456,541 $ 440,198 $ 1,467,749 $ 1,280,364 (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines. (2) Includes reinsurance casualty and property and certain program management business. (3) Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable. (4) Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and after-tax net foreign currency gains (losses). Net investment gains (losses) are computed net of related expenses, including performance-based compensatory costs associated with realized investment gains. Management believes this measurement provides a useful indicator of trends in the Company's underlying operations.
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W. R. Berkley Corporation 8 Selected Balance Sheet Information (Amounts in thousands, except per share data) September 30,2026 December 31,2025 Net invested assets (1) $ 33,952,861 $ 33,173,381 Total assets 45,675,961 43,926,843 Reserves for losses and loss expenses 23,610,579 22,207,773 Senior notes and other debt 1,827,874 1,829,198 Subordinated debentures 1,011,066 1,010,527 Common stockholders' equity (2) 9,610,213 9,700,818 Common stock outstanding (3) 371,448 377,156 Book value per share (4) 25.87 25.72 Tangible book value per share (4) 25.27 25.11 (1) Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities. (2) As of September 30, 2026, reflected in common stockholders' equity are after-tax unrealized investment losses of $928 million and unrealized currency translation losses of $320 million. As of December 31, 2025, reflected in common stockholders' equity are after-tax unrealized investment losses of $125 million and unrealized currency translation losses of $326 million. (3) During the nine months ended September 30, 2026, the Company repurchased 6,465,878 shares of its common stock for $435.1 million. During the three months ended September 30, 2026, the Company repurchased 309,508 shares of its common stock for $21.1 million. The number of shares of common stock outstanding excludes shares held in a grantor trust (17,378,810 shares). (4) Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding. Adjusted book value per share and adjusted tangible book value per share, including shares held in a grantor trust are $24.72 and $24.14, respectively.
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W. R. Berkley Corporation 9 Investment Portfolio September 30, 2026 (Amounts in thousands, except percentages) Carrying Value Percent of Total Fixed maturity securities: United States government and government agencies $ 4,589,338 13.5 % State and municipal: Special revenue 935,495 2.8 % State general obligation 203,787 0.6 % Local general obligation 166,550 0.5 % Corporate backed 126,644 0.4 % Pre-refunded 63,969 0.2 % Total state and municipal 1,496,445 4.5 % Mortgage-backed securities: Agency 3,954,880 11.6 % Residential - Prime 179,792 0.5 % Commercial 170,177 0.5 % Residential - Alt A 1,090 0.0 % Total mortgage-backed securities 4,305,939 12.6 % Asset-backed securities 4,188,774 12.3 % Corporate: Industrial 3,876,539 11.4 % Financial 3,606,285 10.6 % Utilities 1,731,263 5.1 % Other 186,842 0.6 % Total corporate 9,400,929 27.7 % Foreign government 2,021,727 6.0 % Total fixed maturity securities (1) 26,003,152 76.6 % Equity securities available for sale: Common stocks 884,723 2.6 % Preferred stocks 578,372 1.7 % Total equity securities available for sale 1,463,095 4.3 % Cash and cash equivalents (2) 2,038,618 6.0 % Investment funds 1,450,995 4.3 % Arbitrage trading account 1,407,586 4.1 % Real estate 1,318,367 3.9 % Loans receivable 271,048 0.8 % Net invested assets $ 33,952,861 100.0 % (1) Total fixed maturity securities had an average rating of AA- and an average duration of 3.3 years, including cash and cash equivalents and arbitrage trading account. (2) Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.