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, Conn., 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. |
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.