Short answer
W. R. Berkley Corporation (WRB) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $14.7B (+7.8% year over year) and net income of $1.8B.
- Top risk flagged: Catastrophe losses net of reinsurance $336M in 2025 vs $298M in 2024, with TRIPRA deductible ~$1,835M based on 2025 earned premiums
FY2025 key financial metrics · XBRL
- Revenue
- $14.7B
- +7.8% YoY
- Net income
- $1.8B
- +1.3% YoY
- EPS (diluted)
- $4.45
- +2.1% YoY
- ROE
- 18.3%
- −2.6 pp YoY
- Operating cash flow
- $3.6B
- −2.6% YoY
Source: XBRL data from the W. R. Berkley Corporation (WRB) FY2025 10-K on SEC EDGAR. USD.
W. R. Berkley Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Decentralized specialty P&C insurer with 60 businesses across Insurance (88% of NPW) and Reinsurance & Monoline Excess (12%) segments; total NPW $12.7B in 2025, up 6.2% YoY
- Berkley One (high net worth personal lines) fastest-growing unit: share of gross premiums up to 4.8% in 2025 from 3.7% in 2024 and 2.6% in 2023
- Short-tail lines mix expanding within Insurance: grew to 27.3% of gross premiums vs 26.1% in 2024 and 24.7% in 2023, while professional liability contracted to 11.4% from 13.1% in 2023
- Reinsurance segment mix shifting toward property (33.7% of gross premiums vs 27.9% in 2023) and away from casualty (46.3% vs 54.1% in 2023), reflecting deliberate repositioning
- Designated an Internationally Active Insurance Group (IAIG) by Delaware DOI in 2024, subjecting WRB to new international capital oversight under IAIS ComFrame/ICS framework for first time
Management Discussion & Analysis
- Gross premiums written $15,105M in 2025, up 6% YoY from $14,211M; net premiums earned $12,447M, up 8%
- Net income $1,779M vs $1,756M in 2024; GAAP combined ratio 90.7% vs 90.3%; loss ratio 62.4% vs 61.8%; expense ratio 28.3% vs 28.5%
- Reinsurance & Monoline Excess best segment: combined ratio 83.7% vs 84.1%; Insurance segment combined ratio 91.7% vs 91.2%
- Operating cash flow $3,583M; buybacks $270M (4.1M shares); total dividends $700M; debt carrying value $2,840M
- Key risks: social inflation driving adverse auto/umbrella reserve development; FX losses $68M in 2025 vs gains $52M in 2024; catastrophe losses $336M led by California wildfires
Risk Factors
- Catastrophe losses net of reinsurance $336M in 2025 vs $298M in 2024, with TRIPRA deductible ~$1,835M based on 2025 earned premiums
- Reinsurance recoverables ~$3,558M at risk; subsidiary lawsuit filed Dec 2023 to recover >$90M from reinsurers over event cancellation policies
- Gross loss reserves ~$22.2B subject to social inflation, medical cost inflation, and COVID-19 uncertainty
- Reinsurance competitors Swiss Re, Munich Re, Berkshire Hathaway, Hannover Re hold greater financial/marketing resources
- Insurance subsidiary dividends capped at ~$1.4B in 2026 without regulatory approval, constraining holding company liquidity
Generated from the filing text; verify against the original. How to read a 10-K
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