Income StatementBalance SheetCash FlowSegments
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W.R. Berkley Income Statement

Revenue, expenses, and profitability over time

W.R. Berkley generated $14.9B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $1.9B with a 12.64% net margin. Diluted EPS is $4.72, which grew 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$14.9BNet Income (TTM)$1.9BEps Diluted (TTM)$4.72
Latest FilingQ1 2026
Report Date2026-05-01
Market Cap$25.6B
P/E Ratio13.64
ROE20.13%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$14.1M$12.4M$15.1M$13.1M$13.9M$13.2M
Share-Based Compensation Expense$14.1M$12.4M$15.1M$13.1M$13.9M$13.2M
Operating Lease Cost—$12.8M$13.2M$13.8M—$13.9M
Compensation and benefits—$12.4M$15.1M$13.1M—$13.2M
Shipping and Handling Costs$2.9B$3.0B$3.1B$3.1B$3.1B$3.1B
Other Costs and Expenses$897.4M$949.9M$1.0B$975.3M$1.0B$970.7M
Operating Lease Cost—$12.8M$13.2M$13.8M—$13.9M
Share-Based Compensation Expense, Net of Tax—$12.0M$13.0M$14.0M—$13.0M
Allocated Share-Based Compensation (Net of Tax)—$12.0M$13.0M$14.0M—$13.0M
Other operating charges$897.4M$949.9M$1.0B$975.3M$1.0B$970.7M
Operating Lease Cost—$12.8M$13.2M$13.8M—$13.9M
Stock-based compensation expense$14.1M$12.4M$15.1M$13.1M$13.9M$13.2M
Occupancy and equipment—$12.8M$13.2M$13.8M—$13.9M
Other operating expenses$897.4M$949.9M$1.0B$975.3M$1.0B$970.7M
Provision for credit losses—-$5.0K-$6.0K-$3.0K—-$9.0K
Share-Based Compensation$14.1M$12.4M$15.1M$13.1M$13.9M$13.2M
Total operating expenses$2.9B$3.0B$3.1B$3.1B$3.1B$3.1B
Operating Lease Cost—$12.8M$13.2M$13.8M—$13.9M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share (Paid)—$0.1$0.6$0.1—$0.1
Change in Other Liabilities$9.6M-$297.9M$101.3M$130.8M$205.0M-$286.7M
Common stock dividends per share cash paid—$0.1$0.6$0.1—$0.1
Comprehensive Income Including Noncontrolling Interest—$589.6M$590.4M$578.2M—$365.4M
OCI Attributable to Noncontrolling Interest—-$223.0K-$580.0K$937.0K—$359.0K
Other comprehensive income (loss), net of tax—$23.9M$69.4M-$5.7M—-$5.2M
Common Stock Dividends Per Share (Cash Paid)—$0.1$0.6$0.1—$0.1
Comprehensive Income Attributable to Parent—$589.6M$590.4M$578.2M—$365.4M
OCI Unrealized Holding Gain (Loss) on Securities, Net of Tax—$148.3M$120.3M$71.9M—-$145.0M
Unrealized Gain (Loss) on Securities—$148.3M$120.3M$71.9M—-$145.0M
Effect of Exchange Rate on Cash (Continuing Operations)—$7.5M$26.4M$2.5M—$841.0K
Net Change in Cash and Restricted Cash—-$254.5M$264.3M$419.5M—-$259.0M
Number of Operating Segments—————3.00
Operating Lease Payments—$13.5M$11.8M$11.9M—$12.1M
Common Dividends Per Share Paid—$0.1$0.6$0.1—$0.1
Cash Dividend per Common Share—$0.1$0.6$0.1—$0.1
Comprehensive Income Including Noncontrolling Interest—$589.6M$590.4M$578.2M—$365.4M
Number of reportable segments—2.000.000.00—2.00
Other comprehensive income (loss), after-tax—$172.2M$189.7M$66.2M—-$150.2M
Payments to acquire available-for-sale debt securities—$2.5B$1.7B$2.6B—$2.2B
Interest Paid, Net—$41.2M$22.0M$41.1M—$41.2M
OCI Available-for-Sale Securities Adjustment, Before Tax—$185.9M$157.9M$87.7M—-$186.0M
OCI Unrealized Holding Gain (Loss) on Securities, Net of Tax—$148.3M$120.3M$71.9M—-$145.0M
Comprehensive income (loss), including noncontrolling interest—$589.6M$590.4M$578.2M—$365.4M
Share-Based Payment Arrangement, Expense, after Tax—$12.0M$13.0M$14.0M—$13.0M
Assumed—$339.6M$336.5M$352.7M—$314.9M
Written premiums, assumed—$373.0M$367.0M$352.5M—$314.6M
Fixed maturity securities, gains—$2.6M$4.2M$6.9M—$5.1M
Available for Sale and Held-to-Maturity Realized Losses, Debt Securities, Excluding Other than Temporary Impairments and Allowances—$2.7M$5.7M$6.1M—$6.5M
Net realized gains (losses) on investment sales—-$2.6M-$1.1M$53.9M—$1.0K
Ceded Premiums Earned—$561.1M$573.6M$598.3M—$623.9M
Ceded Premiums Written—$550.6M$626.3M$609.3M—$611.4M
Change in Unrealized Gain/(loss) on Investments, Including Portion Attributable to Noncontrolling Interest, Net of Tax—$148.3M$120.3M$71.9M—-$145.0M
Change in Unrealized Gain/(loss) on Investments, Including Portion Attributable to Noncontrolling Interest—$1.0K$0.0$0.0—$0.0
Change in Unrealized Gain/(loss) on Investments, tax—$37.6M$37.6M$15.8M—-$41.0M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$589.8M$591.0M$577.3M—$365.0M
Less: comprehensive income attributable to noncontrolling interest—-$223.0K-$580.0K$937.0K—$359.0K
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$589.6M$590.4M$578.2M—$365.4M
Fixed maturity securities—$318.0K$21.0K$49.0K—-$232.0K
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized—-$323.0K-$15.0K-$49.0K—$12.0K
Credit losses on securities without previous credit losses—$10.0K$0.0$3.0K—$229.0K
Depreciation, Amortization and Accretion, Net-$13.6M-$9.8M-$14.0M-$9.1M-$15.3M-$15.5M
Direct premiums earned—$3.2B$3.3B$3.4B—$3.4B
Direct premiums written—$3.3B$3.6B$3.5B—$3.5B
Equity Method Investment Realized Gain Loss On Disposal—$14.0K$808.0K-$1.3M—$173.0K
Expenses from wholly owned investees$148.8M$126.4M$122.4M$144.2M$159.0M$135.8M
Net addition to the allowance for credit losses—$326.0K$419.0K$111.0K—$86.0K
Gain (Loss) on Sale of Other Investments—-$5.5M-$26.1M-$4.6M—-$2.8M
Net gains/(losses) on sales of loans—$0.0———$131.0K
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions-$12.4M$27.0M$27.3M$5.4M—$39.5M
Increase (Decrease) In Broker-Dealer Related Receivables (Payables), Net, Investing Activities—-$14.7M$69.1M-$114.2M—-$158.0M
Increase (Decrease) in Deferred Policy Acquisition Costs$0.0$26.8M$38.7M$13.3M—$10.4M
Loss and loss adjustment expense reserves$305.1M$544.2M$523.4M$254.2M$445.1M$390.6M
Other liabilities$9.6M-$297.9M$101.3M$130.8M$205.0M-$286.7M
Increase (Decrease) in Premiums Receivable—$43.8M$318.5M-$114.8M—$48.7M
Increase (Decrease) in Reinsurance Recoverable—$43.0M$90.8M-$96.7M—-$15.2M
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI-$86.0M$13.5M$19.4M$6.6M$17.4M$7.0M
Unearned premiums—$113.1M$309.5M$88.1M—$47.9M
Interest Paid, Excluding Capitalized Interest, Operating Activity—$41.2M$22.0M$41.1M—$41.2M
Investment expenses—$3.5M$2.5M$2.9M—$2.9M
Gross investment income—$363.8M$381.9M$354.2M—$407.3M
Change in allowance for expected credit losses on investments$6.6M$644.0K$440.0K$160.0K$306.0K-$146.0K
Current year—$127.2M$304.8M$425.4M—$118.8M
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims—$1.9B$2.0B$2.0B—$1.9B
Increase in estimates for claims—$12.0M$5.0M$2.0M—$2.0M
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Loss Reserve Discount Accretion—-$7.5M-$8.4M-$9.3M—-$8.2M
Prior years—$1.3B$1.2B$1.1B—$1.4B
Foreign currency translation—$43.8M$121.0M-$12.9M—$777.0K
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Adjustment—-$9.6M-$8.2M-$5.3M—-$5.4M
Net investment gains, net of tax—$12.8M$24.3M$62.0M—-$12.4M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$290.5M-$81.4M-$231.7M-$95.3M-$618.1M-$339.1M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$87.1M-$924.4M-$234.2M-$627.6M-$243.1M-$588.6M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$810.0M$743.8M$703.8M$1.1B$995.1M$667.9M
Net Income Loss Attributable To Noncontrolling Interest—-$222.0K-$580.0K$937.0K—$359.0K
Net Investment Income$317.4M$360.3M$379.3M$351.2M$338.2M$404.3M
Number of operating segments—————$3.0
Number of reportable segments—$2.0$0.0$0.0—$2.0
Operating Lease Payments—$13.5M$11.8M$11.9M—$12.1M
Real estate depreciation expense—$2.2M$2.3M$2.5M—$2.6M
Foreign currency translation gains (losses)—$23.9M$69.4M-$5.7M—-$5.2M
Other comprehensive income (loss)—$172.2M$189.7M$66.2M—-$150.2M
Tax expense (benefit)—$37.6M$37.6M$15.8M—-$41.0M
Net unrealized gains (losses) on securities still held—$148.3M$120.3M$71.9M—-$145.0M
Membership and other income$647.0K$533.0K$751.0K$397.0K$2.0M$1.8M
Other Revenues—$174.7M$193.3M$260.6M—$170.8M
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid—$1.4B$1.5B$1.6B—$1.5B
Payments for (Proceeds from) Loans Receivable$37.3M$3.7M-$113.0M$6.6M—$30.6M
Payments For (Proceeds From) Real Estate—$14.8M$1.2M-$3.6M—$37.4M
Payments for Repurchase of Common Stock$67.4M$49.2M$0.0$24.6M$196.4M$302.4M
Payments of Ordinary Dividends, Common Stock$220.4M$30.3M$223.8M$34.2M$411.9M$33.7M
Payments to Acquire Debt Securities, Available-for-Sale$2.2B$2.5B$1.7B$2.6B$1.6B$2.2B
Payments To Acquire Equity Securities, Available-For-Sale—$56.6M$64.9M$217.1M—$120.5M
Payments to Acquire Property, Plant, and Equipment, Net—$16.2M$20.6M$16.9M—-$27.7M
Policy Acquisition And Insurance Operating Expenses—$838.2M$882.1M$900.3M—$889.2M
Current period change for expected credit losses—-$1.0M$99.0K$965.0K—$124.0K
Premiums Written, Net$2.9B$3.1B$3.4B$3.2B$3.0B$3.2B
Proceeds From Income Tax Refunds—$18.7M———$614.0K
Issuance of debt—$1.6M———$1.1M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$1.4B$1.2B$1.3B$1.5B$1.3B$1.4B
Financing — other-$6.0M-$3.5M-$6.7M-$34.3M-$9.4M-$4.1M
(Contributions to) distributions from investment funds—$16.3M$23.1M$62.5M—-$4.0M
Sale of investments$622.1M$290.6M$238.6M$345.9M$274.2M$271.6M
Proceeds From Sale Of Equity Securities, Available-For-Sale—$132.7M$10.3M$160.3M—$4.6M
Total provisions for credit losses—-$326.0K-$419.0K-$111.0K—-$86.0K
Real estate—$3.9M-$5.3M$20.4M—-$7.3M
Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses—$15.7M$30.5M$78.8M—-$15.6M
Realized Gain (Loss) on Marketable Securities, Equity Method Investments, and Other Investments, Net of Tax—$12.8M$24.3M$62.0M—-$12.4M
Realized Gain (Loss) on Marketable Securities, Equity Method Investments, and Other Investments, Tax—$3.5M$6.7M$17.0M—-$3.4M
Net investment gains—$16.4M$31.0M$79.0M—-$15.8M
Gross realized gains (losses)—$16.4M$31.0M$79.0M—-$15.8M
Reinsurance Effect On Claims And Benefits Incurred Amount Ceded—$314.3M$354.9M$286.8M—$357.7M
Current period change for estimated uncollectible reinsurance—-$1.3M-$130.0K-$355.0K—-$1.4M
Revenues from wholly owned investees$152.7M$128.9M$128.8M$150.3M$169.3M$156.6M
Right-of-use assets obtained in exchange for new lease liabilities—$13.2M$31.2M$5.8M—$3.8M
Stock-based compensation$14.1M$12.4M$15.1M$13.1M$13.9M$13.2M
Stockholders' Equity, Other—$431.0K-$50.0K-$347.0K—$3.0M
Prior years—$1.0M$0.0$1.0M—$1.0M
Current year—$1.9B$1.9B$2.0B—$1.9B
Weighted Average Number of Shares, Restricted Stock—17.7M17.6B0—17.4B
Comprehensive Income (Loss), Total—$589.6M$590.4M$578.2M—$365.4M
OCI Available-for-Sale Securities Adjustment Before Tax—$185.9M$157.9M$87.7M—-$186.0M
OCI Available-for-Sale Debt Securities, Before Tax—$185.9M$157.9M$87.7M—-$186.0M
Other Comprehensive Income (Loss), Before Tax—$209.8M$227.3M$82.1M—-$191.2M
Cash Dividends, Common Stock$220.4M$30.3M$223.8M$34.2M$411.9M$33.7M
Comprehensive Income Attributable to Noncontrolling Interests—-$223.0K-$580.0K$937.0K—$359.0K
Comprehensive Income, Including Noncontrolling Interest—$589.6M$590.4M$578.2M—$365.4M
Foreign Currency Translation Adjustment, Net of Tax—$23.9M$69.4M-$5.7M—-$5.2M
Other Comprehensive Income (Loss)—$589.8M$591.0M$577.3M—$365.0M
Other Comprehensive Income Tax—$37.6M$37.6M$15.8M—-$41.0M
Comprehensive Income Including Noncontrolling Interest—$589.6M$590.4M$578.2M—$365.4M
Total Comprehensive Income—$589.6M$590.4M$578.2M—$365.4M
Comprehensive Income, Noncontrolling Interest—-$223.0K-$580.0K$937.0K—$359.0K
Other Comprehensive Income (Loss), Tax—$37.6M$37.6M$15.8M—-$41.0M
OCI Unrealized Gain (Loss) on Securities, Pre-tax—$185.9M$157.9M$87.7M—-$186.0M
Comprehensive Income—$589.6M$590.4M$578.2M—$365.4M
Stock Repurchased During Period, Value—$49.2M$0.0$24.6M—$302.4M
Stockholders' Equity, Other—$431.0K-$50.0K-$347.0K—$3.0M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Unrealized Gain (Loss) on Investments—$19.9M$63.6M$9.6M—-$4.5M
Gain (Loss) on Investments$158.5M$16.4M$31.0M$79.0M$5.9M-$15.8M
Unrealized Gain (Loss) on Equity Investments—$19.9M$63.6M$9.6M—-$4.5M
Unrealized Gain (Loss) on Investments—$19.9M$63.6M$9.6M—-$4.5M
Cash Paid for Interest—$41.2M$22.0M$41.1M—$41.2M
Realized Gain (Loss) on Marketable Securities (Excl. OTTI)—$15.7M$30.5M$78.8M—-$15.6M
Gains on strategic investments, net$158.5M$16.4M$31.0M$79.0M$5.9M-$15.8M
Income from equity method investments—$27.0M$27.3M$5.4M—$39.5M
Gain (loss) on disposal of assets$158.5M$16.4M$31.0M$79.0M$5.9M-$15.8M
Gains (losses) on equity investments$158.5M$16.4M$31.0M$79.0M$5.9M-$15.8M
Interest expense$31.8M$31.7M$31.8M$31.8M$31.6M$31.7M
Net investment gains (losses)—$15.7M$30.5M$78.8M—-$15.6M
Realized Investment Gains (Losses)—$16.4M$31.0M$79.0M—-$15.8M
Gains on disposal of investments and other property$158.5M$16.4M$31.0M$79.0M$5.9M-$15.8M
Other income (expense), net—-$3.5M-$6.7M-$34.3M—-$4.1M
Unrealized Gain (Loss) on Equity Securities—$19.9M$63.6M$9.6M—-$4.5M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common stock dividends per share cash paid—$0.1$0.6$0.1—$0.1
Dividends Per Share, Cash Paid—$0.1$0.6$0.1—$0.1
Common Stock Dividends Per Share Cash Paid—$0.1$0.6$0.1—$0.1
Basic earnings per share$1.44$1.05$1.01$1.29$1.13$1.31
Diluted earnings per share$1.44$1.04$1.00$1.28$1.13$1.31
Common Stock Dividends Per Share (Cash Paid)—$0.1$0.6$0.1—$0.1
Dividends per common share—$0.1$0.6$0.1—$0.1
Dividends per share, cash paid—$0.08$0.59$0.09—$0.09
Dividends Per Share (Paid)—$0.1$0.6$0.1—$0.1
Common Stock Dividends Per Share (Cash Paid)—$0.1$0.6$0.1—$0.1
Common stock dividends per share cash paid—$0.1$0.6$0.1—$0.1
Common stock dividends per share cash paid—$0.1$0.6$0.1—$0.1
Weighted-average shares, basic—396.9M397M397.2M—392.3M
Weighted-average shares, diluted—399.8M400.4M400.2M—394.8M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Comprehensive income (loss), including noncontrolling interest—$589.6M$590.4M$578.2M—$365.4M
Common Stock Dividends$220.4M$30.3M$223.8M$34.2M$411.9M$33.7M
Cash Dividends, Common Stock—$30.3M$223.8M$34.2M—$33.7M
Net income attributable to noncontrolling interests—-$222.0K-$580.0K$937.0K—$359.0K
Net income$576.1M$417.6M$401.3M$511.0M$449.5M$515.2M
Common Stock Dividends$220.4M$30.3M$223.8M$34.2M$411.9M$33.7M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$728.3M$538.6M$521.9M$648.1M$572.0M$616.1M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$153.0M$121.3M$121.2M$136.1M$117.2M$100.5M
Deferred Income Tax Expense (Benefit)—-$135.0M$106.5M-$43.5M—-$77.3M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gain (loss) on sale of loans—$0.0———$131.0K
Net premiums earned$3.0B$3.0B$3.1B$3.2B$3.2B$3.1B
Increase in unearned premiums—-$120.9M-$253.3M-$70.5M—-$59.2M
Fee income$27.4M$28.9M$32.8M$30.9M$25.9M$28.2M
Net investment income$317.4M$360.3M$379.3M$351.2M$338.2M$404.3M
Net premiums written$2.9B$3.1B$3.4B$3.2B$3.0B$3.2B
Total revenue$3.7B$3.5B$3.7B$3.8B$3.7B$3.7B
Membership and other income$647.0K$533.0K$751.0K$397.0K$2.0M$1.8M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medical costs$1.9B$1.9B$2.0B$2.0B$1.9B$1.9B