On October 20, 2025, W. R. Berkley Corporation announced its third‑quarter 2025 financial results. Net income rose 39.8% to $511 million, or $1.28 per diluted share, while revenue climbed 10.8% year‑over‑year to $3.77 billion. The company’s operating return on equity reached 21.0%, and book value per share increased 5.8% before dividends and share repurchases.
Underwriting performance remained disciplined, with a combined ratio of 90.9%. Net premiums written totaled $3.23 billion, up 5.5% from the same period in 2024, and net investment income grew 9.8% to $351 million. The fixed‑maturity portfolio continued to deliver a 4.9% yield, and the company’s new‑money rates exceeded the book yield, supporting future investment income growth.
Management highlighted the company’s focus on specialty and excess‑and‑surplus markets, noting that the decentralized structure and data‑driven underwriting have maintained rate adequacy. The firm also emphasized its robust investment strategy, citing the expansion of its fixed‑maturity holdings and the continued extension of portfolio duration as key drivers of the 9.8% increase in investment income.
The Q3 results reinforce W. R. Berkley’s track record of high‑teens to low‑20s return on equity and its ability to generate strong cash flow. The company’s disciplined underwriting, coupled with a growing investment income stream, positions it to sustain earnings growth and return capital to shareholders through dividends and share repurchases.
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