A Business at a Glance
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BERKLEY W R CORP
WRB
$30.2B
Mkt Cap
$75.46
+2.76%
BERKLEY W R CORP (WRB) has a current P/E ratio of 17.0, compared to its historical median P/E of 13.6. The stock is currently considered Expensive based on its historical valuation range.
BERKLEY W R CORP (WRB) has a 5-year average return on invested capital (ROIC) of 18.9%. This indicates strong capital allocation and a potential competitive advantage.
BERKLEY W R CORP (WRB) has a market capitalization of $28.1B. It is classified as a large-cap stock.
Yes, BERKLEY W R CORP (WRB) pays a dividend with a trailing twelve-month yield of 2.50%. The company also returns capital through share buybacks, with a buyback yield of 1.86%.
Based on historical P/E analysis, BERKLEY W R CORP (WRB) appears expensive. The current P/E of 17.0 is 25% above its historical median of 13.6. The estimated fair value CAGR (P/E method) is 21.1%.
BERKLEY W R CORP (WRB) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
BERKLEY W R CORP (WRB) reported annual revenue of $14.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
W. R. Berkley Corporation is an insurance holding company operating two primary segments: Insurance and Reinsurance & Monoline Excess. The Insurance segment underwrites predominantly commercial lines and specialty personal lines insurance throughout the United States and internationally across Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America, and the United Kingdom, with 60 businesses organized into excess and surplus lines, industry specialty, product specialty, and regional operations. The Reinsurance & Monoline Excess segment provides facultative and treaty reinsurance across multiple geographies and operates program management businesses. The company's decentralized operating model positions individual businesses close to their customer bases in niche markets requiring specialized expertise, while centralizing capital management, investment oversight, reinsurance purchasing, and actuarial support. The business model emphasizes underwriting discipline focused on meeting customer needs, maintaining a high-quality balance sheet, and allocating capital to the best opportunities, with 53 of 60 businesses developed internally and seven added through acquisition. Distribution occurs through wholesale brokers, independent agents, retail agents, and managing general agents depending on the product and customer segment, and the company maintains extensive worldwide capabilities with branches or offices in 52 cities outside the United States.
【Investment income growth trajectory】 Management expects strong operating cash flow to continue supporting growth in net investment income, with the fixed maturity portfolio positioned to benefit from new money rates above the roll-off of existing securities. The company anticipates the expense ratio will remain comfortably below 30% in 2026 barring meaningful marketplace changes, and expects meaningful investments in technology and artificial intelligence capabilities to continue through 2026 and 2027 with payoff realization expected over time. Management is generating capital more quickly than it can deploy and expects to continue returning excess capital to shareholders through thoughtful combinations of share repurchases and dividends. The organization maintains a defensive posture in portions of the commercial market while identifying selective opportunities where rate actions and underwriting discipline are expected to drive improved results.
| Metric | Target | Period |
|---|---|---|
| Expense ratio | comfortably below 30% | FY2026 |
| Effective tax rate | approximately 23% | FY2026 |
Expense ratio (FY2026): “We expect that our expense ratio will continue to be comfortably below 30% in 2026, barring a meaningful change in the marketplace.”
Effective tax rate (FY2026): “We expect the annual expected effective tax rate will approximate 23% for the full year of 2026.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 14.9B | 14.7B | 13.6B | 12.1B | 11.2B | 9.5B |
| Net Income | 1.9B | 1.8B | 1.8B | 1.4B | 1.4B | 1.0B |
| EPS | $4.98 | $4.45 | $4.36 | $3.37 | $3.29 | $3.66 |
| Free Cash Flow | 0 | 3.6B | 3.7B | 2.9B | 2.6B | 2.2B |
| ROIC | 0.0% | 19.7% | 22.2% | 19.4% | 19.1% | 13.9% |
| Gross Margin | - | 47.2% | 47.7% | 47.5% | 47.5% | 47.6% |
| Debt/Equity | 0.05 | 0.04 | 0.05 | 0.03 | 0.03 | 0.16 |
| Dividends/Share | $1.89 | $1.85 | $1.40 | $1.29 | $0.59 | $1.34 |
| Operating Income | 0 | 2.3B | 2.3B | 1.8B | 1.7B | 1.3B |
| Operating Margin | 0.0% | 15.5% | 16.6% | 14.4% | 15.4% | 13.6% |
| ROE | 19.3% | 19.7% | 22.2% | 19.5% | 20.6% | 15.8% |
| Shares Outstanding | 373M | 400M | 403M | 410M | 420M | 279M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 7.1B | 7.2B | 7.7B | 7.7B | 7.7B | 7.9B | 8.1B | 9.5B | 11.2B | 12.1B | 13.6B | 14.7B | 14.9B |
| Gross Margin | 51.0% | 49.3% | 49.8% | 47.9% | 48.3% | 47.7% | 44.8% | 47.6% | 47.5% | 47.5% | 47.7% | 47.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 952M | 732M | 896M | 773M | 812M | 853M | 705M | 1.3B | 1.7B | 1.8B | 2.3B | 2.3B | 0 |
| Op. Margin | 13.4% | 10.2% | 11.7% | 10.1% | 10.6% | 10.8% | 8.7% | 13.6% | 15.4% | 14.4% | 16.6% | 15.5% | 0.0% |
| Net Income | 649M | 504M | 602M | 549M | 641M | 682M | 531M | 1.0B | 1.4B | 1.4B | 1.8B | 1.8B | 1.9B |
| Net Margin | 9.1% | 7.0% | 7.9% | 7.1% | 8.3% | 8.6% | 6.6% | 10.8% | 12.4% | 11.4% | 12.9% | 12.1% | 12.6% |
| Non-Recurring | 0 | 33M | 18M | 0 | 5.7M | 0 | 0 | 0 | 0 | 72M | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 13.5% | 10.5% | 12.0% | 10.1% | 11.5% | 11.3% | 7.9% | 13.9% | 19.1% | 19.4% | 22.2% | 19.7% | 0.0% |
| ROE | 14.5% | 11.0% | 12.5% | 10.5% | 11.8% | 11.8% | 8.6% | 15.8% | 20.6% | 19.5% | 22.2% | 19.7% | 19.3% |
| ROA | 3.1% | 2.3% | 2.7% | 2.3% | 2.6% | 2.6% | 1.9% | 3.4% | 4.2% | 3.9% | 4.5% | 4.2% | 4.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 735M | 881M | 848M | 711M | 620M | 1.1B | 1.6B | 2.2B | 2.6B | 2.9B | 3.7B | 3.6B | 3.5B |
| Free Cash Flow | 693M | 818M | 798M | 595M | 570M | 1.1B | 1.6B | 2.2B | 2.6B | 2.9B | 3.7B | 3.6B | 0 |
| Owner Earnings | 618M | 764M | 725M | 557M | 452M | 981M | 1.4B | 2.0B | 2.5B | 2.8B | 3.6B | 3.5B | 3.4B |
| CapEx | 42M | 64M | 51M | 116M | 50M | 60M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 89M | 85M | 86M | 113M | 131M | 113M | 135M | 130M | 56M | 51M | 55M | 54M | 59M |
| Growth CapEx | 0 | 0 | 0 | 2.8M | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 89M | 85M | 86M | 113M | 131M | 113M | 135M | 130M | 56M | 51M | 55M | 54M | 59M |
| CapEx/OCF | 5.7% | 7.2% | 6.0% | 16.3% | 8.0% | 5.3% | 2.4% | 3.1% | 2.1% | 1.8% | 2.9% | 4.7% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 181M | 58M | 184M | 188M | 255M | 308M | 84M | 356M | 235M | 501M | 532M | 700M | 704M |
| Dividend Yield | 13.1% | 3.6% | 10.6% | 5.8% | 7.1% | 6.5% | 1.2% | 4.3% | 1.4% | 3.1% | 2.5% | 2.6% | 2.5% |
| Share Buybacks | 239M | 224M | 132M | 48M | 25M | 18M | 346M | 122M | 94M | 537M | 304M | 270M | 523M |
| Buyback Yield | 4.4% | 3.9% | 1.9% | 0.6% | 0.3% | 0.2% | 3.1% | 0.9% | 0.5% | 2.9% | 1.3% | 1.0% | 1.9% |
| Stock-Based Comp | 28M | 32M | 37M | 40M | 37M | 49M | 50M | 47M | 49M | 51M | 54M | 55M | 55M |
| Debt Repayment | 3.7M | 281M | 75M | 20K | 4.5M | 456M | 653M | 505M | 3.3M | 974K | 0 | 2.1M | 2.1M |
| Balance Sheet | |||||||||||||
| Net Debt | -12.9B | -12.8B | -13.5B | -14.3B | -14.1B | -14.8B | -15.7B | -17.1B | -18.8B | -21.3B | -23.9B | -27.1B | -27.3B |
| Cash & Equiv. | 674M | 764M | 795M | 950M | 818M | 1.0B | 2.4B | 1.6B | 1.4B | 1.4B | 2.0B | 2.5B | 27.8B |
| Long-Term Debt | 354M | 9.1M | 389M | 7.0M | 295M | 291M | 742M | 1.0B | 0 | 980K | 3.1M | 0 | N/A |
| Debt/Equity | 0.08 | 0.06 | 0.08 | 0.01 | 0.05 | 0.05 | 0.12 | 0.16 | 0.03 | 0.03 | 0.05 | 0.04 | 0.05 |
| Interest Coverage | 7.4 | 5.6 | 6.4 | 5.2 | 5.2 | 5.6 | 4.7 | 8.7 | 13.2 | 13.8 | 17.8 | 18.0 | 18.0 |
| Equity | 4.6B | 4.6B | 5.0B | 5.4B | 5.4B | 6.1B | 6.3B | 6.7B | 6.7B | 7.5B | 8.4B | 9.7B | 9.7B |
| Total Assets | 21.7B | 21.7B | 23.4B | 24.3B | 24.9B | 26.7B | 28.6B | 32.1B | 33.9B | 37.2B | 40.6B | 44.1B | 44.3B |
| Total Liabilities | 17.1B | 17.1B | 18.3B | 18.8B | 19.4B | 20.5B | 22.3B | 25.4B | 27.1B | 29.7B | 32.2B | 34.4B | 34.6B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 97M | 86M | 86M |
| Retained Earnings | 5.7B | 6.2B | 6.6B | 7.0B | 7.6B | 7.9B | 8.3B | 9.0B | 10.2B | 11.0B | 12.3B | 13.3B | 13.8B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 4.86 | 3.87 | 4.68 | 2.84 | 3.33 | 3.52 | 1.87 | 3.66 | 3.29 | 3.37 | 4.36 | 4.45 | 4.98 |
| Owner EPS | 4.63 | 5.87 | 5.64 | 2.88 | 2.35 | 5.06 | 5.05 | 7.19 | 5.87 | 6.90 | 8.86 | 8.69 | 9.10 |
| Book Value | 34.38 | 35.34 | 39.24 | 27.99 | 28.26 | 31.36 | 22.24 | 23.81 | 16.08 | 18.19 | 20.84 | 24.26 | 26.13 |
| Cash Flow/Share | 5.50 | 6.77 | 6.60 | 3.68 | 3.22 | 5.90 | 5.70 | 7.82 | 6.12 | 7.15 | 9.13 | 8.96 | 5.19 |
| Dividends/Share | 1.36 | 0.45 | 1.43 | 1.03 | 1.39 | 1.68 | 0.31 | 1.34 | 0.59 | 1.29 | 1.40 | 1.85 | 1.89 |
| Shares Out. | 133.5M | 130.2M | 128.6M | 193.3M | 192.4M | 193.7M | 283.8M | 279.4M | 419.8M | 409.9M | 402.8M | 399.9M | 372.7M |
| Valuation | |||||||||||||
| P/E Ratio | 8.4 | 11.4 | 11.6 | 14.1 | 12.5 | 17.1 | 20.8 | 13.6 | 13.6 | 13.2 | 13.2 | 15.8 | 15.2 |
| P/FCF | 2.3 | 2.1 | 2.6 | 5.8 | 6.3 | 4.8 | 4.6 | 4.2 | 7.3 | 6.2 | 6.3 | 7.9 | N/A |
| EV/EBIT | N/A | N/A | N/A | 8.7 | 9.0 | 11.4 | 11.4 | 9.6 | 9.7 | 9.4 | 9.1 | 10.9 | N/A |
| Price/Book | 1.2 | 1.2 | 1.4 | 1.4 | 1.5 | 1.9 | 1.8 | 2.1 | 2.8 | 2.5 | 2.8 | 2.9 | 2.9 |
| Price/Sales | 0.7 | 0.8 | 0.8 | 0.9 | 1.0 | 1.3 | 1.3 | 1.3 | 1.5 | 1.3 | 1.6 | 1.8 | 1.9 |
| FCF Yield | 12.8% | 14.3% | 11.4% | 7.7% | 7.1% | 9.3% | 14.6% | 15.7% | 13.7% | 16.0% | 15.9% | 12.7% | N/A |
| Market Cap | 5.4B | 5.7B | 7.0B | 7.7B | 8.0B | 11.7B | 11.1B | 13.9B | 18.8B | 18.3B | 23.1B | 28.2B | 28.1B |
| Avg. Price | 10.38 | 12.35 | 13.46 | 16.71 | 18.61 | 24.45 | 24.39 | 29.83 | 40.41 | 39.99 | 53.46 | 68.02 | 75.46 |
| Year-End Price | 12.02 | 13.06 | 16.06 | 17.76 | 18.55 | 26.81 | 26.04 | 33.17 | 44.79 | 44.57 | 57.36 | 70.48 | 75.46 |
BERKLEY W R CORP passes 6 of 9 quality checks, suggesting mixed fundamentals.
BERKLEY W R CORP trades at 17.0x trailing earnings, compared to its 15-year median P/E of 13.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 8.3x vs a median of 6.0x. The company's 5-year average ROIC is 18.9% with a gross margin of 47.5%. Total shareholder yield (dividends + buybacks) is 4.4%. At current prices, the estimated annualized return to fair value is +27.8%.
BERKLEY W R CORP (WRB) has a net profit margin of 12.1%. This is a healthy margin.
BERKLEY W R CORP (WRB) generated $3.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BERKLEY W R CORP (WRB) has a debt-to-equity ratio of 0.04. This indicates a conservatively financed balance sheet.
BERKLEY W R CORP (WRB) reported earnings per share (EPS) of $4.45 in its most recent fiscal year.
BERKLEY W R CORP (WRB) has a return on equity (ROE) of 19.7%. This indicates the company generates strong returns for shareholders.
BERKLEY W R CORP (WRB) has a 5-year average gross margin of 47.5%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for BERKLEY W R CORP (WRB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BERKLEY W R CORP (WRB) has a book value per share of $24.26, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects strong operating cash flow to continue supporting growth in net investment income, with the fixed maturity portfolio positioned to benefit from new money rates above the roll-off of existing securities. The company anticipates the expense ratio will remain comfortably below 30% in 2026 barring meaningful marketplace changes, and expects meaningful investments in technology and artificial intelligence capabilities to continue through 2026 and 2027 with payoff realization expected over time. Management is generating capital more quickly than it can deploy and expects to continue returning excess capital to shareholders through thoughtful combinations of share repurchases and dividends. The organization maintains a defensive posture in portions of the commercial market while identifying selective opportunities where rate actions and underwriting discipline are expected to drive improved results.
Based on recent SEC filings and earnings calls, BERKLEY W R CORP (WRB) has provided the following forward guidance: Expense ratio: comfortably below 30% (FY2026); Effective tax rate: approximately 23% (FY2026).
No recent press releases.