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WRB-PE

W. R. Berkley Corporation 5.70% SB DB 2058

WRB-PE

W. R. Berkley Corporation 5.70% SB DB 2058 • NYSE
$22.43 ▼ -0.71% (-0.16)
Market Cap $25.98 B
52w High $25.32
52w Low $20.43
Dividend Yield 1.43%
P/E 4.88
Volume 10.33K
Outstanding Shares 1.16B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.768B ▲ $19.751M ▼ $511.032M ▲ 13.562% ▲ $1.29 ▲ $679.473M ▲
Q2-2025 $3.671B ▲ $154.214M ▼ $401.288M ▼ 10.932% ▼ $1.01 ▼ $539.671M ▼
Q1-2025 $3.547B ▼ $246.509M ▲ $417.571M ▼ 11.771% ▼ $1.05 ▼ $560.547M ▼
Q4-2024 $3.668B ▲ $197.678M ▼ $576.101M ▲ 15.708% ▲ $1.45 ▲ $746.407M ▲
Q3-2024 $3.4B $242.808M $365.634M 10.753% $0.92 $494.238M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $27.322B ▲ $43.715B ▲ $33.91B ▲ $9.799B ▲
Q2-2025 $26.048B ▲ $42.658B ▲ $33.353B ▲ $9.295B ▲
Q1-2025 $25.296B ▲ $41.346B ▲ $32.419B ▲ $8.914B ▲
Q4-2024 $24.328B ▲ $40.567B ▲ $32.16B ▲ $8.395B ▼
Q3-2024 $24.193B $40.359B $31.92B $8.426B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $511.032M ▲ $1.14B ▲ $-627.624M ▼ $-95.262M ▲ $419.49M ▲ $1.123B ▲
Q2-2025 $401.289M ▼ $703.807M ▼ $-234.213M ▲ $-231.714M ▼ $264.32M ▲ $683.214M ▼
Q1-2025 $417.571M ▼ $743.817M ▼ $-924.418M ▼ $-81.41M ▲ $-254.538M ▼ $727.616M ▼
Q4-2024 $576.101M ▲ $810.033M ▼ $-87.064M ▲ $-290.546M ▼ $401.509M ▲ $796.08M ▼
Q3-2024 $365.634M $1.241B $-1.105B $-153.82M $-7.032M $1.228B

Revenue by Products

Product Q4-2023Q2-2024Q3-2024Q4-2024
InsuranceDomestic Segment
InsuranceDomestic Segment
 $4.69Bn ▲$2.80Bn ▼$2.83Bn ▲$8.35Bn ▲
ReinsuranceGlobal Segment
ReinsuranceGlobal Segment
 $0 ▲$420.00M ▲$420.00M ▲$1.28Bn ▲
Reinsurance and Monoline Excess Segment
Reinsurance and Monoline Excess Segment
 $650.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement W. R. Berkley has shown a clear pattern of steady growth. Revenue has moved up year after year, and profits have grown even faster than sales, which suggests improving efficiency and pricing discipline. Operating profit and net income both strengthened meaningfully over the last five years, including through a difficult 2020 period. This points to solid underwriting and relatively good expense control. The main risk is that property and casualty insurers are exposed to swings from catastrophes, inflation in claims costs, and investment market volatility, which can cause earnings to be lumpy even when the long‑term trend is positive.

Balance Sheet

Balance Sheet The balance sheet looks solid and reasonably conservative. Total assets have expanded, while shareholders’ equity has steadily built up over time, which is a healthy sign of retained earnings and capital strength. Debt levels have been fairly stable rather than aggressively increased, and cash remains meaningful but not excessive, which is typical for an insurer that also holds a large investment portfolio. Overall, the company appears well capitalized for its size, but—as with any insurer—its true strength also depends on the quality of its reserves and investment portfolio, which are not visible in this summary.

Cash Flow

Cash Flow Cash generation is a strong point. Operating cash flow has consistently grown, and free cash flow has tracked very closely behind it, indicating that the business does not require heavy ongoing capital spending to sustain or grow operations. Capital expenditures are modest, so most cash from operations is available for claims, investment, capital building, and servicing debt like the subordinated debentures. The pattern suggests a cash-generative franchise, though cash flows for insurers can still fluctuate with large loss events and investment results.

Competitive Edge

Competitive Edge W. R. Berkley has carved out a differentiated spot in property and casualty insurance by focusing on specialty and niche markets rather than broad, commoditized lines. Its decentralized structure lets many smaller operating units make quick, local decisions while being backed by the financial strength of a larger group. This setup, combined with long experience and strong ratings from major agencies, provides a meaningful competitive edge. The main competitive risks are intense pricing pressure in insurance cycles, competition from other specialized carriers, and the need to stay ahead in data analytics and technology to avoid losing margin or market share.

Innovation and R&D

Innovation and R&D Innovation at W. R. Berkley is less about lab-style R&D and more about applied technology and new business models. The company is actively using data analytics and artificial intelligence in underwriting, claims handling, and fraud detection, aiming to price risk more precisely and settle claims faster. It continues to launch focused business units in areas like technology, life sciences, construction, environmental risks, and embedded insurance, targeting emerging and complex risks where expertise matters most. Efforts around predictive analytics, use of connected-device data, and cyber insurance indicate a forward-looking posture, though execution risk remains as the competitive bar in insurtech keeps rising.

Summary

Putting it together, W. R. Berkley looks like a steadily growing, cash-generative insurer with a strong specialty focus and a conservative capital posture. Earnings have trended upward, equity has built over time, and debt has not been pushed aggressively higher, all of which support its ability to service long-dated obligations such as the 5.70% subordinated debentures. Its decentralized structure, niche expertise, and increasing use of technology form a real competitive foundation, albeit in a cyclical industry exposed to catastrophe risk, inflation in claims, and financial market swings. For someone evaluating WRB-PE, the key lens is the underlying insurer’s resilience through cycles and its commitment to disciplined underwriting and innovation, rather than short-term earnings noise.