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Sep 30, 2025
W. R. Berkley Q3 2025 Earnings Report
W. R. Berkley reported strong third quarter results with significant growth in net income and solid underwriting performance.
Key Takeaways
W. R. Berkley delivered a robust Q3 2025 with a 39.8% increase in net income, boosted by improved underwriting results and higher net investment income. Return on equity reached 24.3%, reflecting strong operational performance.
Net income increased by 39.8% to $511.0 million, demonstrating significant profitability growth.
Gross premiums written grew to $3.8 billion and net premiums written to $3.2 billion, indicating strong business expansion.
The company maintained a strong GAAP combined ratio of 90.9%, reflecting effective underwriting discipline.
Net investment income rose to $351.2 million, contributing positively to overall earnings.
Revenue by Segment
Forward Guidance
Management expects continued strong performance through the end of 2025, supported by disciplined underwriting, growing investment income, and strong capital positioning.
Positive Outlook
- Strong return on equity and operating performance
- Growth in book value per share
- Increased investment income driven by higher new money rates
- Strong operating cash flow boosting investable assets
- Disciplined underwriting maintained across market cycles
Challenges Ahead
- Catastrophe losses impacted combined ratio
- Foreign currency fluctuations added volatility
- Slight deterioration in operating ROE compared to prior year
- Economic and interest rate risks remain
- Exposure to natural and man-made catastrophic events
Historical Earnings Impact
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Avg. Return Before/After Earnings
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