olivLaw · US equity research
W. R. Berkley Corporation WRB
Fire, Marine & Casualty Insurance · SIC 6331 · Vertical: Fire, Marine & Casualty Insurance (SIC 6331)
W. R. Berkley is a US insurance holding company among the largest commercial lines writers in the United States, operating in two segments: Insurance and Reinsurance & Monoline Excess. It wrote about 12.7 bn USD of net premiums in fiscal 2025, and its return on equity in the third quarter of 2026 was 18.4%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, W. R. Berkley Corporation (WRB) stock was 76.71 USD (+2.12% on the day), with market capitalisation 28.5 bn USD, P/E 16.2 on diluted EPS of 4.73 USD over the last 12 months, dividend yield 2.45%, beta 0.10, 52-week range 63.54–78.10 USD. Latest reported quarter (Q3 2026): revenue of 3.7 bn USD (−0.8% YoY), net income of 446.0 m USD (−12.7% YoY), diluted EPS 1.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.7
- strong (55–70)
- Bollinger (20, 2)
- 71.20 – 76.38
- above the upper band · %B 1.06 · band width 7.0%
- SMA 50 / 200
- 70.89 / 69.33
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.18 / 1.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.9% | −1.1% | +11.0 pp | — |
| 3 months | +6.4% | −0.5% | +6.9 pp | — |
| 6 months | +16.0% | +4.4% | +11.6 pp | — |
| Year to date | +9.4% | +12.3% | −2.9 pp | — |
| 1 year | +3.6% | +13.5% | −10.0 pp | +13.7% |
| 3 years | +69.5% | +76.4% | −6.9 pp | +58.9% |
| 5 years | +114.2% | +63.7% | +50.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.7 bn | 3.5 bn | 3.7 bn | 3.8 bn | 3.7 bn | 3.7 bn | 3.7 bn | 3.7 bn |
| Depreciation & amortisation | -13.6 m | -9.8 m | -14.0 m ≈ | -9.1 m ≈ | -15.3 m | -15.5 m | -22.1 m ≈ | -10.7 m ≈ |
| Interest expense | 31.8 m | 31.7 m | 31.8 m | 31.8 m | 31.6 m | 31.7 m | 31.7 m | 31.6 m |
| Pre-tax income | 728.3 m | 538.6 m | 521.9 m | 648.1 m | 572.0 m | 616.1 m | 575.2 m | 574.3 m |
| Income tax | 153.0 m | 121.3 m | 121.2 m | 136.1 m | 117.2 m | 100.5 m | 122.9 m | 126.0 m |
| Net income | 576.1 m | 417.6 m | 401.3 m | 511.0 m | 449.5 m | 515.2 m | 452.3 m | 446.0 m |
| Diluted EPS | 1.44 ≈ | 1.04 | 1.00 | 1.28 | 1.13 ≈ | 1.31 | 1.15 | 1.14 |
| Operating cash flow | 810.0 m | 743.8 m | 703.8 m ≈ | 1.1 bn ≈ | 995.1 m | 667.9 m | 800.0 m ≈ | 731.3 m ≈ |
| Dividends paid | 220.4 m | 30.3 m | 223.8 m ≈ | 34.2 m ≈ | 411.9 m | 33.7 m | 0 ≈ | 259.8 m ≈ |
| Share repurchases | 67.4 m | 49.2 m | 0 ≈ | 24.6 m ≈ | 196.4 m | 302.4 m | 111.5 m ≈ | 21.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 94 percentile of its own 32-quarter history (min 3.9, median 8.8, max 16.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.7 bn | 7.9 bn | 8.1 bn | 9.5 bn | 11.2 bn | 12.1 bn | 13.6 bn | 14.7 bn |
| Revenue YoY | +0.1% | +2.7% | +2.5% | +16.7% | +18.1% | +8.7% | +12.3% | +7.8% |
| Net income | 640.7 m | 681.9 m | 530.7 m | 1.0 bn | 1.4 bn | 1.4 bn | 1.8 bn | 1.8 bn |
| Net income YoY | +16.7% | +6.4% | −22.2% | +92.7% | +35.1% | +0.0% | +27.1% | +1.3% |
| Diluted EPS | 3.33 | 3.52 | 1.87 | 3.66 | 3.29 | 3.37 | 4.36 | 4.45 |
| Diluted EPS YoY | +17.3% | +5.7% | −46.9% | +95.7% | −10.1% | +2.4% | +29.4% | +2.1% |
| net % | 8.3% | 8.6% | 6.6% | 10.8% | 12.4% | 11.4% | 12.9% | 12.1% |
| Free cash flow | 570.3 m | 1.1 bn | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.5 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 9.7 bn USD
- Total assets
- 43.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 19.6%
- ROA
- 4.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 704.8 m | 1.3 bn | 1.7 bn | 1.8 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 530.7 m | 1.0 bn | 1.4 bn | 1.4 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 1.87 | 3.66 | 3.29 | 3.37 | 4.36 | 4.45 | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.31 | 1.34 | 0.59 | 1.29 | 1.40 | 1.85 | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.4 bn | 1.6 bn | 1.4 bn | 1.4 bn | 2.0 bn | 2.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Loans | — | — | — | 201.3 m | — | — | SEC (XBRL)· 02 Aug 2024verified |
| Total assets | 28.6 bn | 32.1 bn | 33.9 bn | 37.2 bn | 40.6 bn | 43.9 bn | SEC (XBRL)· 01 May 2026verified |
| Total liabilities | 22.3 bn | 25.4 bn | 27.1 bn | 29.7 bn | 32.2 bn | 34.2 bn | SEC (XBRL)· 01 May 2026verified |
| Equity | 6.3 bn | 6.7 bn | 6.8 bn | 7.5 bn | 8.4 bn | 9.7 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 84.1 m | 355.7 m | 235.2 m | 501.5 m | 532.0 m | 700.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 346.4 m | 122.4 m | 94.1 m | 537.2 m | 303.7 m | 270.2 m | SEC (XBRL)· 27 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Insurance
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 28.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth98
- Quality64
- Returns88
- Valuation5
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 24.31 – 74.47 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income31.11 – 32.52 (Mid 31.80)
- Justified P/B55.37 – 74.47 (Mid 63.52)
- Dividend discount (DDM)24.31 – 32.69 (Mid 27.89)
- Peers: P/E42.34 – 62.44 (Mid 52.80)11 companies used · median multiple 11.2x · quartiles 9.0x – 13.2xACGL, AIG, ALL, CB, CINF, EG, HIG, L, MKL, PGR, TRV
- Peers: P/B32.29 – 50.59 (Mid 43.64)10 companies used · median multiple 1.7x · quartiles 1.2x – 2.0xACGL, AIG, ALL, CB, CINF, EG, HIG, L, MKL, TRV
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 19.2% | 64 (vs peers) | 20% |
| Loss ratio · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 10.6% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 9.6% | 96 (on a fixed band) | 9% |
| ROA · Balance sheet | 4.2% | 100 (on a fixed band) | 9% |
| P/B · Valuation | 3.0x | 9 (vs peers) | 16% |
| P/E (TTM) · Valuation | 16.2x | 0 (vs peers) | 16% |
| Dividend yield · Returns | 2.5% | 80 (vs peers) | 11% |
| Payout ratio (EPS) · Returns | 39.8% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 1/1 factors with a value
- Growth98/100 · 2/2 factors with a value
- Quality· partial64/100 · 1/2 factors with a value
- Returns88/100 · 2/2 factors with a value
- Valuation5/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BERKLEY W R CORP (WRB). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: YoY growth 7.8%; net margin 12.5%; ROE 19.2%.
The estimated value range is 32.29–50.59 USD per share (median of 5 methods, agreement: low); assumptions are illustrative. Against the central value of 43.64 USD, the price of 76.71 USD leaves a potential of -43.1% (value / price − 1) and a margin of safety of -75.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 10.6%
- Revenue CAGR 3Y: 9.6%
- ROA: 4.2%
- Dividend yield: 2.5%
- Payout ratio (EPS): 39.8%
What contradicts it
- P/B: 3.0x
- P/E (TTM): 16.2x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Loss ratio.
Versus the vertical median
Fire, Marine & Casualty Insurance (SIC 6331) · same industry (4-digit SIC) · compared with 11 companies
Only companies with a capitalisation between 3.5 bn and 224.4 bn (within 8× of the company's); 46 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CBChubb Limited | 143.0 bn | 13.1 | 15.5% | 18.2% | +6.5% | +26% / +63% |
| PGRProgressive Corp | 136.0 bn | 11.8 | 33.2% | 12.7% | +16.3% | +3% / +43% |
| TRVTravelers Companies, Inc. | 83.9 bn | 10.7 | 27.5% | 17.0% | +5.2% | +40% / +127% |
| ALLAllstate Corp | 66.6 bn | 6.1 | 38.9% | 16.6% | +5.6% | +26% / +95% |
| AIGAmerican International Group, Inc. | 42.4 bn | 13.3 | 8.2% | 11.9% | −1.7% | +7% / +24% |
| HIGThe Hartford Insurance Group, Inc. | 36.9 bn | 8.3 | 24.7% | 15.4% | +6.9% | +1% / +77% |
| ACGLArch Capital Group Ltd. | 36.0 bn | 9.0 | 18.7% | 23.3% | +14.3% | +18% / +32% |
| CINFCincinnati Financial Corporation | 29.2 bn | 11.2 | 16.9% | 20.1% | +11.4% | +14% / +85% |
| WRBBerkley W R Corp | 28.5 bn | 16.2 | 19.2% | 12.5% | +7.8% | +4% / +70% |
| MKLMarkel Group Inc. | 23.9 bn | 14.1 | 9.8% | 11.4% | +4.7% | −6% / +36% |
| LLoews Corp | 22.6 bn | 15.4 | 8.1% | 7.9% | +5.4% | +4% / +59% |
| EGEverest Group, Ltd. | 15.6 bn | 8.9 | 12.8% | 11.7% | +1.2% | +34% / +3% |
1- and 3-year price returns: for WRB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 50.56 Total return -32% · Per year -32% | 89.19 Total return 19% · Per year 19% | 134.05 Total return 78% · Per year 78% |
| 3 years | 54.25 Total return -23% · Per year -8% | 107.16 Total return 49% · Per year 14% | 176.11 Total return 141% · Per year 34% |
| 5 years | 58.21 Total return -13% · Per year -3% | 128.77 Total return 85% · Per year 13% | 231.35 Total return 225% · Per year 27% |
- Exit P/E± 26.79
- Net margin± 18.75
- Annual revenue growth± 14.67
- Annual dilution± 1.58
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Oct 2026; since then the company filed 10-Q (02 Nov 2026).
In brief
W. R. Berkley is a US insurance holding company among the largest commercial lines writers in the United States, operating in two segments: Insurance and Reinsurance & Monoline Excess. It wrote about 12.7 bn USD of net premiums in fiscal 2025 1, and its return on equity in the third quarter of 2026 was 18.4% 3.
SWOT
Strengths
- The company has a strong position in US commercial insurance and a decentralized model that allows quick adaptation to specialty markets 1.
- Subsidiary financial strength ratings are high, which supports customer confidence and access to business 1.
- Return on equity in the third quarter of 2026 was solid, and the company has returned capital to shareholders through dividends and repurchases 3.
Weaknesses
- Results are sensitive to pricing cycles and loss reserves, which are estimates that can be revised later 1.
- The reinsurance segment has greater reserve variability because of delayed claim reporting from ceding companies 1.
- Exposure to natural and man-made catastrophes can produce large losses in a difficult year 1.
Opportunities
Risks
- Inadequate claim reserveshigh
Reserves are estimates, and if actual claims exceed them the company could need to increase reserves, reducing pre-tax income 1.
- Natural and man-made catastropheshigh
Events such as hurricanes, earthquakes or wildfires can cause large losses in a short period, and climate change could make them more frequent 1.
- Competitive pressure on pricingmedium
Intense competition and new capital could prevent the company from keeping rates at adequate levels, affecting profitability 1.
- Reinsurance recovery riskmedium
Reinsurers could refuse payment of recoverables, and the company might be unable to renew coverage on acceptable terms, especially for pandemic exposures 1.
- Investment risklow
The portfolio includes funds, private equity and alternative investments that can fluctuate substantially and affect investment gains 2.
Investment thesis
What would need to be true (bull case)
- Return on equity could remain solid if underwriting discipline and the combined ratio stay under control, as seen in the third quarter of 2026 3.
- Rising investment income could add earnings support if interest rates stay high and the portfolio keeps growing 3.
- Diversification across 60 specialty businesses could reduce dependence on any single market cycle and support long-term stability 3.
What would break the thesis
- Falling rates in many lines could compress margins if claim cost inflation outpaces premium increases 1.
- Loss reserves remain uncertain, and adverse revisions could reduce results in future periods 1.
- Competition from new capital and technology-driven companies could limit volume growth in some segments 1.
What to watch
- Accident year combined ratio and reported combined ratio trendsQ4 2026
- Pace of rate increases in commercial lines excluding workers' compensation2027
- Net investment income and reinvestment yields on the core portfolioQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Oct 2026; since then the company filed 10-Q (02 Nov 2026).
The business
Segments
Insurance
The Insurance segment writes predominantly commercial and specialty personal lines, mainly in the United States, with operations in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom 1. It includes excess and surplus lines, industry specialty, product specialty and regional businesses 1. It is the larger segment, at 88.0% of net premiums written in fiscal 2025 1.
Reinsurance & Monoline Excess
This segment provides facultative and treaty reinsurance in the United States, Asia Pacific, Australia, Continental Europe, South Africa and the United Kingdom, as well as operations that retain risk solely on an excess basis 1. It represented 12.0% of net premiums written in fiscal 2025 1, and about 18.0% of net loss reserves sit in this segment 1.
Market context
The property casualty insurance industry is cyclical, alternating between hard markets that are more profitable for insurers and soft markets that are less so 1. Rates have moderated in many lines, particularly property, and in some cases are decreasing, while rates for workers' compensation and certain professional liability continue to fall 1. Demand is driven by general economic conditions, including the impact of tariffs 1.
The environment is also shaped by loss cost increases from social inflation, which raise claim payments 1. Average rate increases excluding workers' compensation were about 4.0% in the third quarter of 2026 3. New well-capitalized entrants and third-party capital add competitive pressure 1.
Trends
- Moderating rates in many linesheadwind
Rates have fallen in property and continue to decline in workers' compensation and some professional liability lines, which could limit premium growth if the trend persists 1.
- Social inflation in claimsheadwind
Loss costs keep rising, mainly because of social inflation, which can make reserves harder to estimate and push losses higher 1.
- Higher investment yieldstailwind
Investment income rose in the third quarter of 2026, and reinvestment yields continue to exceed the portfolio book yield, which could support earnings if interest rates stay elevated 3.
- Catastrophes and climate variabilitymixed
Catastrophe losses affect results, and climate change could make events more frequent or severe, which could weigh on earnings if this pattern holds 1.
Competitive position
The company competes with a large number of major US and non-US insurers and reinsurers, regional companies, mutual companies, specialty insurers and insurtech firms 1. Competition is based on premium pricing, ratings, commissions, perceived financial strength and speed of claims payment 1. Some reinsurance competitors have greater financial or marketing resources 1.
Well-capitalized new entrants and capital from third parties, along with technology-enabled business models, could push prices down and erode market share if competition intensifies 1. Financial strength ratings remain important as customers seek high quality reinsurers 1.
- Swiss Re
Global reinsurer named by the company as a competitor with greater financial resources, particularly in reinsurance 1.
- Munich Re
Global reinsurer cited in the source as a major competitor in reinsurance 1.
- Berkshire HathawayBRK.B
Holding company named by the company among its reinsurance competitors with substantial financial resources 1.
- Hannover Re
Reinsurer cited in the source as a competitor in the reinsurance segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- How Is W. R. Berkley's Stock Performance Compared to Other Property & Casualty Insurance Stocks?Yahoo Finance — News · 18 Sept 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report19 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report20 Jul 2026Results of operations · Financial statements and exhibits
- Current report26 Jun 2026Departure or appointment of officers
- Current report11 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report10 Jun 2026Other events · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote
- Quarterly report01 May 2026
- Proxy statement22 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / W. R. Berkley Corporation · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / W. R. Berkley Corporation · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / W. R. Berkley Corporation · 19 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.