WRB WR Berkley Corp

Fourth Quarter Return on Equity of 30.9% and Operating Return on Equity of 24.3%; Quarterly Net Income and Record Operating Income Increased 45.0% and 15.5% to $576 Million and $453 Million; Record Annual Pre-Tax Underwriting Income of $1.1 Billion and Net Income of $1.8 Billion

W. R. Berkley Corporation (NYSE: WRB) today reported its fourth quarter and full year 2024 results.

Summary Financial Data

(Amounts in thousands, except per share data)

 

 

Fourth Quarter

 

Twelve Months

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Gross premiums written

$

3,497,284

 

 

$

3,232,710

 

 

$

14,211,090

 

 

$

12,972,006

 

Net premiums written

 

2,936,750

 

 

 

2,719,668

 

 

 

11,972,096

 

 

 

10,954,467

 

 

 

 

 

 

 

 

 

Net income to common stockholders

 

576,101

 

 

 

397,340

 

 

 

1,756,115

 

 

 

1,381,359

 

Net income per diluted share (1)

 

1.44

 

 

 

0.98

 

 

 

4.36

 

 

 

3.37

 

 

 

 

 

 

 

 

 

Operating income (2)

 

452,591

 

 

 

391,753

 

 

 

1,667,612

 

 

 

1,344,567

 

Operating income per diluted share (1)

 

1.13

 

 

 

0.96

 

 

 

4.14

 

 

 

3.28

 

 

 

 

 

 

 

 

 

Return on equity (3)

 

30.9

%

 

 

23.6

%

 

 

23.6

%

 

 

20.5

%

Operating return on equity (2) (3)

 

24.3

%

 

 

23.2

%

 

 

22.4

%

 

 

19.9

%

(1)

The 2023 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on July 10, 2024.

(2)

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.

(3)

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.

Fourth quarter highlights included:

• Return on equity and operating return on equity of 30.9% and 24.3%, respectively.
• Net income increased 45.0% to $576 million and operating income increased 15.5% to a record $453 million.
• The current accident year combined ratio before catastrophe losses of 2.6 loss ratio points was 87.7%, and the reported combined ratio was 90.2%.
• Average rate increases excluding workers' compensation were approximately 7.7%.
• Operating cash flow increased 16.0% to $810.0 million.
• Total capital returned to shareholders was $287.8 million, consisting of $190.0 million of special dividends, $67.4 million of share repurchases and $30.4 million of regular dividends.

Full year highlights included:

• Return on equity and operating return on equity of 23.6% and 22.4%, respectively.
• Book value per share grew 23.5%, before dividends and share repurchases.
• Record annual pre-tax underwriting income of $1.1 billion and net income of $1.8 billion.
• Gross and net premiums written grew 9.6% and 9.3% to records of $14.2 billion and $12.0 billion, respectively.
• Average rate increases excluding workers' compensation were approximately 7.9%.
• Net investment income grew 26.6% to a record of $1.3 billion.
• Operating cash flow increased 25.6% to a record of $3.7 billion.
• Total capital returned to shareholders was $835.6 million, consisting of $412.3 million of special dividends, $303.7 million of share repurchases and $119.6 million of regular dividends.

The Company commented:

The Company once again set new financial records in 2024. Full year results were highlighted by record net income, with outstanding underwriting performance and net investment income, culminating in a 23.6% return on beginning of year equity. Growth in book value per share was 23.5%, before $836 million of capital returned to shareholders through special and ordinary dividends and share repurchases.

In the fourth quarter, we delivered an outstanding 30.9% annualized return on beginning of year equity. Our thoughtful growth strategy remains focused on achieving superior long-term risk-adjusted returns. Our decentralized structure remains a key competitive advantage, enabling us to effectively manage risks and capitalize on opportunities in a market where business lines increasingly operate independently. Our calendar year combined ratio of 90.2% once again demonstrated our focus on managing volatility.

We positioned our investment portfolio well for changes in the environment, which resulted in robust growth in net investment income from our fixed-maturity portfolio and a strong contribution to total return from net unrealized gains on our equity portfolio. Current reinvestment rates continue to exceed our annual book yield, and our invested assets have increased from record operating cash flow, positioning us for further investment income growth in 2025.

The Company excelled by most business measures in 2024, and we anticipate ongoing success for our shareholders in 2025. The current property and casualty (re)insurance and investment environments remain favorable to our business model. We are confident in our ability to deliver superior long-term risk-adjusted returns and enhanced shareholder value in 2025 and beyond.

Webcast Conference Call

The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on January 27, 2025, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at https://ir.berkley.com/events-and-presentations/default.aspx. Please log on early to register. A replay of the webcast will be available on the Company's website approximately two hours after the end of the conference call. Additional financial information can be found on the Company's website at https://ir.berkley.com/investor-relations/financial-information/quarterly-results/default.aspx.

About W. R. Berkley Corporation

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance & Monoline Excess.

Forward Looking Information

This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2025 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to: the cyclical nature of the property casualty industry; the impact of significant competition, including new entrants to the industry; the long-tail and potentially volatile nature of the insurance and reinsurance business; product demand and pricing; claims development and the process of estimating reserves; investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, municipal bonds, mortgage-backed securities, loans receivable, investment funds, including real estate, merger arbitrage, energy related and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts, including claims for cyber security-related risks; natural and man-made catastrophic losses, including as a result of terrorist activities; the ongoing effects of the COVID-19 pandemic, or other epidemics and pandemics; the impact of climate change, which may alter the frequency and increase the severity of catastrophe events; general economic and market activities, including inflation, interest rates, and volatility in the credit and capital markets; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response to such conditions, on our results and financial condition; foreign currency and political risks relating to our international operations; our ability to attract and retain key personnel and qualified employees; continued availability of capital and financing; the success of our new ventures or acquisitions and the availability of other opportunities; the availability of reinsurance; our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2019; the ability or willingness of our reinsurers to pay reinsurance recoverables owed to us; other legislative and regulatory developments, including those related to business practices in the insurance industry; credit risk related to our policyholders, independent agents and brokers; changes in the ratings assigned to us or our insurance company subsidiaries by rating agencies; the availability of dividends from our insurance company subsidiaries; cyber security breaches of our information technology systems and the information technology systems of our vendors and other third parties, or related processes and systems; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for the year 2025 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Consolidated Financial Summary

(Amounts in thousands, except per share data)

 

 

Fourth Quarter

 

Twelve Months

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

Net premiums written

$

2,936,750

 

 

$

2,719,668

 

 

$

11,972,096

 

 

$

10,954,467

 

Change in net unearned premiums

 

74,151

 

 

 

(5,054

)

 

 

(423,611

)

 

 

(553,780

)

Net premiums earned

 

3,010,901

 

 

 

2,714,614

 

 

 

11,548,485

 

 

 

10,400,687

 

Net investment income

 

317,438

 

 

 

313,341

 

 

 

1,333,161

 

 

 

1,052,835

 

Net investment gains:

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments

 

151,903

 

 

 

(2,862

)

 

 

79,738

 

 

 

47,540

 

Change in allowance for credit losses on investments

 

6,623

 

 

 

10,666

 

 

 

37,970

 

 

 

(498

)

Net investment gains

 

158,526

 

 

 

7,804

 

 

 

117,708

 

 

 

47,042

 

Revenues from non-insurance businesses

 

152,706

 

 

 

160,283

 

 

 

528,012

 

 

 

535,508

 

Insurance service fees

 

27,352

 

 

 

25,194

 

 

 

108,935

 

 

 

106,485

 

Other income

 

645

 

 

 

146

 

 

 

2,451

 

 

 

381

 

Total Revenues

 

3,667,568

 

 

 

3,221,382

 

 

 

13,638,752

 

 

 

12,142,938

 

Expenses:

 

 

 

 

 

 

 

Loss and loss expenses

 

1,861,261

 

 

 

1,627,540

 

 

 

7,131,595

 

 

 

6,372,142

 

Other operating costs and expenses

 

897,416

 

 

 

906,011

 

 

 

3,602,306

 

 

 

3,363,936

 

Expenses from non-insurance businesses

 

148,839

 

 

 

154,754

 

 

 

513,451

 

 

 

524,998

 

Interest expense

 

31,751

 

 

 

31,879

 

 

 

126,907

 

 

 

127,459

 

Total expenses

 

2,939,267

 

 

 

2,720,184

 

 

 

11,374,259

 

 

 

10,388,535

 

Income before income tax

 

728,301

 

 

 

501,198

 

 

 

2,264,493

 

 

 

1,754,403

 

Income tax expense

 

(152,958

)

 

 

(102,234

)

 

 

(509,916

)

 

 

(370,557

)

Net Income before noncontrolling interests

 

575,343

 

 

 

398,964

 

 

 

1,754,577

 

 

 

1,383,846

 

Noncontrolling interest

 

758

 

 

 

(1,624

)

 

 

1,538

 

 

 

(2,487

)

Net income to common stockholders

$

576,101

 

 

$

397,340

 

 

$

1,756,115

 

 

$

1,381,359

 

 

 

 

 

 

 

 

 

Net income per share (1):

 

 

 

 

 

 

 

Basic

$

1.45

 

 

$

0.98

 

 

$

4.39

 

 

$

3.40

 

Diluted

$

1.44

 

 

$

0.98

 

 

$

4.36

 

 

$

3.37

 

 

 

 

 

 

 

 

 

Average shares outstanding (1) (2):

 

 

 

 

 

 

 

Basic

 

398,042

 

 

 

403,580

 

 

 

399,734

 

 

 

406,500

 

Diluted

 

400,888

 

 

 

406,523

 

 

 

403,224

 

 

 

409,948

 

(1)

The 2023 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on July 10, 2024.

(2)

Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.

Business Segment Operating Results

(Amounts in thousands, except ratios) (1) (2)

 

 

Fourth Quarter

 

Twelve Months

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

2023

 

Insurance:

 

 

 

 

 

 

Gross premiums written

$

3,161,104

 

 

$

2,874,901

 

 

$

12,662,132

 

$

11,461,094

 

Net premiums written

 

2,620,112

 

 

 

2,384,629

 

 

 

10,549,550

 

 

9,560,533

 

Net premiums earned

 

2,638,481

 

 

 

2,357,349

 

 

 

10,086,308

 

 

9,007,376

 

Pre-tax income

 

504,460

 

 

 

480,031

 

 

 

1,942,083

 

 

1,629,918

 

Loss ratio

 

62.2

%

 

 

61.0

%

 

 

62.8

%

 

62.3

%

Expense ratio

 

28.3

%

 

 

28.4

%

 

 

28.4

%

 

28.3

%

GAAP Combined ratio

 

90.5

%

 

 

89.4

%

 

 

91.2

%

 

90.6

%

 

 

 

 

 

 

 

Reinsurance & Monoline Excess:

 

 

 

 

 

 

Gross premiums written

$

336,180

 

 

$

357,809

 

 

$

1,548,958

 

$

1,510,912

 

Net premiums written

 

316,638

 

 

 

335,039

 

 

 

1,422,546

 

 

1,393,934

 

Net premiums earned

 

372,420

 

 

 

357,265

 

 

 

1,462,177

 

 

1,393,311

 

Pre-tax income

 

109,296

 

 

 

132,140

 

 

 

466,595

 

 

449,285

 

Loss ratio

 

58.9

%

 

 

53.0

%

 

 

54.7

%

 

54.3

%

Expense ratio

 

29.5

%

 

 

28.5

%

 

 

29.4

%

 

29.4

%

GAAP Combined ratio

 

88.4

%

 

 

81.5

%

 

 

84.1

%

 

83.7

%

 

 

 

 

 

 

 

Corporate and Eliminations:

 

 

 

 

 

 

Net investment gains

$

158,526

 

 

$

7,804

 

 

$

117,708

 

$

47,042

 

Interest expense

 

(31,751

)

 

 

(31,879

)

 

 

(126,907

)

 

(127,459

)

Other expenses

 

(12,230

)

 

 

(86,898

)

 

 

(134,986

)

 

(244,383

)

Pre-tax income (loss)

 

114,545

 

 

 

(110,973

)

 

 

(144,185

)

 

(324,800

)

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

Gross premiums written

$

3,497,284

 

 

$

3,232,710

 

 

$

14,211,090

 

$

12,972,006

 

Net premiums written

 

2,936,750

 

 

 

2,719,668

 

 

 

11,972,096

 

 

10,954,467

 

Net premiums earned

 

3,010,901

 

 

 

2,714,614

 

 

 

11,548,485

 

 

10,400,687

 

Pre-tax income

 

728,301

 

 

 

501,198

 

 

 

2,264,493

 

 

1,754,403

 

Loss ratio

 

61.8

%

 

 

60.0

%

 

 

61.8

%

 

61.3

%

Expense ratio

 

28.4

%

 

 

28.4

%

 

 

28.5

%

 

28.4

%

GAAP Combined ratio

 

90.2

%

 

 

88.4

%

 

 

90.3

%

 

89.7

%

(1)

Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.

(2)

Commencing with the first quarter of 2024, the Company reclassified a program management business from the Insurance segment to the Reinsurance & Monoline Excess segment. The reclassified business is a program management business offering support on a nationwide basis for commercial casualty and property program administrators. Reclassifications have been made to the Company's 2023 financial information to conform with this presentation.

Supplemental Information

(Amounts in thousands)

 

 

Fourth Quarter

 

Twelve Months

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net premiums written:

 

 

 

 

 

 

 

Other liability

$

1,063,789

 

 

$

970,672

 

 

$

4,277,085

 

 

$

3,837,844

 

Short-tail lines (1)

 

581,260

 

 

 

505,975

 

 

 

2,349,615

 

 

 

2,025,320

 

Auto

 

384,279

 

 

 

348,253

 

 

 

1,554,299

 

 

 

1,378,425

 

Workers' compensation

 

304,431

 

 

 

290,203

 

 

 

1,243,674

 

 

 

1,228,058

 

Professional liability

 

286,353

 

 

 

269,526

 

 

 

1,124,877

 

 

 

1,090,886

 

Total Insurance

 

2,620,112

 

 

 

2,384,629

 

 

 

10,549,550

 

 

 

9,560,533

 

Casualty (2)

 

170,720

 

 

 

201,679

 

 

 

738,242

 

 

 

791,385

 

Property (2)

 

105,735

 

 

 

98,074

 

 

 

412,660

 

 

 

354,424

 

Monoline excess

 

40,183

 

 

 

35,286

 

 

 

271,643

 

 

 

248,125

 

Total Reinsurance & Monoline Excess

 

316,638

 

 

 

335,039

 

 

 

1,422,546

 

 

 

1,393,934

 

Total

$

2,936,750

 

 

$

2,719,668

 

 

$

11,972,096

 

 

$

10,954,467

 

 

 

 

 

 

 

 

 

Current accident year losses from catastrophes:

 

 

 

 

Insurance

$

35,645

 

 

$

20,440

 

 

$

226,576

 

 

$

159,848

 

Reinsurance & Monoline Excess

 

43,973

 

 

 

11,577

 

 

 

71,046

 

 

 

35,114

 

Total

$

79,618

 

 

$

32,017

 

 

$

297,622

 

 

$

194,962

 

 

 

 

 

 

 

 

 

Net Investment income:

 

 

 

 

 

 

 

Core portfolio (3)

$

312,785

 

 

$

285,841

 

 

$

1,275,079

 

 

$

966,723

 

Investment funds

 

(12,358

)

 

 

11,300

 

 

 

(11,491

)

 

 

16,743

 

Arbitrage trading account

 

17,011

 

 

 

16,200

 

 

 

69,573

 

 

 

69,369

 

Total

$

317,438

 

 

$

313,341

 

 

$

1,333,161

 

 

$

1,052,835

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments:

 

 

 

 

 

 

 

Net realized losses on investments

$

(11,339

)

 

$

(27,705

)

 

$

(41,061

)

 

$

(22,908

)

Change in unrealized gains on equity securities

 

163,242

 

 

 

24,843

 

 

 

120,799

 

 

 

70,448

 

Total

$

151,903

 

 

$

(2,862

)

 

$

79,738

 

 

$

47,540

 

 

 

 

 

 

 

 

 

Other operating costs and expenses:

 

 

 

 

 

 

 

Policy acquisition and insurance operating expenses

$

855,997

 

 

$

771,170

 

 

$

3,294,902

 

 

$

2,954,686

 

Insurance service expenses

 

24,331

 

 

 

21,379

 

 

 

90,640

 

 

 

91,714

 

Net foreign currency (gains) losses

 

(53,699

)

 

 

33,577

 

 

 

(52,376

)

 

 

31,799

 

Other costs and expenses

 

70,787

 

 

 

79,885

 

 

 

269,140

 

 

 

285,737

 

Total

$

897,416

 

 

$

906,011

 

 

$

3,602,306

 

 

$

3,363,936

 

 

 

 

 

 

 

 

 

Cash flow from operations

$

810,033

 

 

$

698,076

 

 

$

3,678,368

 

 

$

2,929,238

 

 

 

 

 

 

 

 

 

Reconciliation of net income to operating income:

 

 

 

 

 

 

 

Net income

$

576,101

 

 

$

397,340

 

 

$

1,756,115

 

 

$

1,381,359

 

Pre-tax investment gains, net of related expenses

 

(158,526

)

 

 

(7,804

)

 

 

(117,708

)

 

 

(47,042

)

Income tax expense

 

35,016

 

 

 

2,217

 

 

 

29,205

 

 

 

10,250

 

Operating income after-tax (4)

$

452,591

 

 

$

391,753

 

 

$

1,667,612

 

 

$

1,344,567

 

(1)

Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines.

(2)

Includes reinsurance casualty and property and certain program management business.

(3)

Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable.

(4)

Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses). Net investment gains (losses) are computed net of related expenses, including performance-based compensatory costs associated with realized investment gains. Management believes this measurement provides a useful indicator of trends in the Company’s underlying operations.

Selected Balance Sheet Information

(Amounts in thousands, except per share data)

 

 

December 31, 2024

 

December 31, 2023

 

 

 

 

Net invested assets (1)

$

29,780,638

 

$

26,973,703

Total assets

 

40,567,268

 

 

37,202,015

Reserves for losses and loss expenses

 

20,368,030

 

 

18,739,652

Senior notes and other debt

 

1,831,158

 

 

1,827,951

Subordinated debentures

 

1,009,808

 

 

1,009,090

Common stockholders' equity (2)

 

8,395,111

 

 

7,455,431

Common stock outstanding (3) (4)

 

380,066

 

 

384,817

Book value per share (4) (5)

 

22.09

 

 

19.37

Tangible book value per share (4) (5)

 

21.46

 

 

18.72

(1)

Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities.

(2)

As of December 31, 2024, reflected in common stockholders' equity are after-tax unrealized investment losses of $517 million and unrealized currency translation losses of $417 million. As of December 31, 2023, reflected in common stockholders' equity are after-tax unrealized investment losses of $586 million and unrealized currency translation losses of $340 million.

(3)

During the year ended December 31, 2024, the Company repurchased 5,702,996 shares of its common stock for $303.7 million. During the three months ended December 31, 2024, the Company repurchased 1,165,867 shares of its common stock for $67.4 million. The number of shares of common stock outstanding excludes shares held in a grantor trust.

(4)

The 2023 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on July 10, 2024.

(5)

Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding.

Investment Portfolio

December 31, 2024

(Amounts in thousands, except percentages)

 

 

Carrying Value

 

Percent of Total

Fixed maturity securities:

 

 

 

United States government and government agencies

$

2,235,341

 

7.5

%

State and municipal:

 

 

 

Special revenue

 

1,517,708

 

5.1

%

State general obligation

 

307,514

 

1.0

%

Local general obligation

 

272,376

 

0.9

%

Corporate backed

 

153,574

 

0.5

%

Pre-refunded

 

85,592

 

0.3

%

Total state and municipal

 

2,336,764

 

7.8

%

Mortgage-backed securities:

 

 

 

Agency

 

3,045,639

 

10.2

%

Commercial

 

532,282

 

1.8

%

Residential - Prime

 

187,806

 

0.6

%

Residential - Alt A

 

2,055

 

0.0

%

Total mortgage-backed securities

 

3,767,782

 

12.6

%

Asset-backed securities

 

3,885,012

 

13.0

%

Corporate:

 

 

 

Industrial

 

3,667,199

 

12.3

%

Financial

 

3,320,513

 

11.2

%

Utilities

 

778,694

 

2.6

%

Other

 

651,235

 

2.2

%

Total corporate

 

8,417,641

 

28.3

%

Foreign government

 

1,755,325

 

5.9

%

Total fixed maturity securities (1)

 

22,397,865

 

75.1

%

Equity securities available for sale:

 

 

 

Common stocks

 

760,167

 

2.6

%

Preferred stocks

 

443,621

 

1.5

%

Total equity securities available for sale

 

1,203,788

 

4.1

%

Cash and cash equivalents (2)

 

1,891,232

 

6.4

%

Investment funds

 

1,468,246

 

4.9

%

Real estate

 

1,291,455

 

4.3

%

Arbitrage trading account

 

1,122,599

 

3.8

%

Loans receivable

 

405,453

 

1.4

%

Net invested assets

$

29,780,638

 

100.0

%

(1)

Total fixed maturity securities had an average rating of AA- and an average duration of 2.6 years, including cash and cash equivalents.

(2)

Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250127525284/en/

W. R. Berkley Corporation Karen A. Horvath Vice President - External Financial Communications (203) 629-3000