W. R. Berkley Corporation reported its first quarter 2025 results, with net premiums written increasing by 10% to a record $3.13 billion, up from $2.85 billion in Q1 2024. Gross premiums written also grew to $3.68 billion from $3.36 billion in the prior year. This growth was supported by favorable market conditions, particularly in the Insurance segment.
Despite significant industry-wide catastrophe losses, which amounted to $111 million or 3.7 loss ratio points, the company maintained a GAAP combined ratio of 90.9%. Net income to common stockholders for the quarter was $417.6 million, or $1.04 per diluted share, a decrease from $442.5 million, or $1.09 per diluted share, in Q1 2024.
Net investment income increased significantly to $360.3 million, up from $319.8 million in the first quarter of 2024. This improvement reflects the impact of higher new money rates on the growing fixed-maturity portfolio and enhanced investment fund income. The company's annualized return on beginning-of-year common stockholders' equity was 19.9%.
Operating income for the quarter was $404.7 million, or $1.01 per diluted share, compared to $423.3 million, or $1.04 per diluted share, in the prior year. Book value per share increased to $23.50 as of March 31, 2025, from $22.09 at December 31, 2024.
The company repurchased 850,000 shares of its common stock for $49.2 million during the first quarter. Management expressed confidence in delivering outstanding value to shareholders for the remainder of 2025 and beyond, citing the strength of operating cash flow driving growth in net investable assets.
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