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W. R. Berkley Corporation, an insurance holding company, operates as a commercial line writer worldwide. The company operates through Insurance and Reinsurance & Monoline Excess segments. The Insurance segment underwrites commercial insurance business, including excess and surplus lines, admitted lines, and specialty personal lines. This segment also provides accident and health insurance and reinsurance products; insurance for commercial risks; casualty and specialty environmental products; insurance coverages for fine arts and jewelry exposures; excess liability and inland marine coverage for small to medium-sized insureds; and commercial general liability, umbrella, professional liability, directors and officers, commercial property, and surety products, as well as products for technology, and life sciences and travel industries. In addition, it offers cyber risk solutions; crime and fidelity insurance products; medical professional coverages; workers' compensation insurance products; management liability and general insurance products; personal lines insurance solutions, including home, condo/co-op, auto, fine arts and collectibles, liability, collector vehicle, and recreational marine; law enforcement, public officials and educator's legal, and employment practices liability, as well as incidental medical, property, and crime insurance products; at-risk and alternative risk insurance program management services; professional liability; energy and marine risks; and insurance products to the Lloyd's marketplace. The Reinsurance & Monoline Excess segment provides treaty and facultative reinsurance solutions; property and casualty reinsurance products; facultative reinsurance products include automatic, semi-automatic, and individual risk assumed reinsurance; and turnkey products, such as cyber, employment practices liability insurance, liquor liability insurance and violent events. The company was founded in 1967 and is headquartered in Greenwich, Connecticut.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $14.6B | - | $1.8B | $3.4B | 18.3% | 6.9% | 1.3% |
| 2024 | $13.7B | - | $1.8B | $3.6B | 20.9% | 13.0% | 27.1% |
| 2023 | $12.1B | - | $1.4B | $2.9B | 18.5% | 8.0% | 0.0% |
| 2022 | $11.2B | - | $1.4B | $2.5B | 20.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 11,217.43 | 12,111.14 | 13,691.13 | 14,639.85 |
| Operating Revenue | - | 11,217.43 | 12,111.14 | 13,691.13 | 14,639.85 |
| Total Expenses | - | 9,497.75 | 10,356.74 | 11,426.64 | 12,359.31 |
| EBIT | - | 1,850.06 | 1,881.86 | 2,391.40 | 2,407.44 |
| Interest Expense | - | 130.37 | 127.46 | 126.91 | 126.89 |
| Net Interest Income | - | -130.37 | -127.46 | -126.91 | -126.89 |
| Other Income Expense | - | 512.94 | 535.89 | 530.46 | 581.12 |
| Interest Expense Non Operating | - | 130.37 | 127.46 | 126.91 | 126.89 |
| Net Non Operating Interest Income Expense | - | -130.37 | -127.46 | -126.91 | -126.89 |
| Pretax Income | - | 1,719.68 | 1,754.40 | 2,264.49 | 2,280.54 |
| Tax Provision | - | 334.73 | 370.56 | 509.92 | 495.76 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 1,384.95 | 1,383.85 | 1,754.58 | 1,784.78 |
| Net Income From Continuing And Discontinued Operation | - | 1,381.06 | 1,381.36 | 1,756.12 | 1,779.40 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,381.06 | 1,381.36 | 1,756.12 | 1,779.40 |
| Net Income | - | 1,381.06 | 1,381.36 | 1,756.12 | 1,779.40 |
| Net Income Common Stockholders | - | 1,381.06 | 1,381.36 | 1,756.12 | 1,779.40 |
| Net Income Including Noncontrolling Interests | - | 1,384.95 | 1,383.85 | 1,754.58 | 1,784.78 |
| Normalized Income | - | 1,381.06 | 1,381.36 | 1,756.12 | 1,779.40 |
| Diluted NI Availto Com Stockholders | - | 1,381.06 | 1,381.36 | 1,756.12 | 1,779.40 |
| Basic Average Shares | - | 415.28 | 406.50 | 399.73 | 396.97 |
| Diluted Average Shares | - | 419.19 | 409.95 | 403.22 | 399.86 |
| Reconciled Depreciation | - | 55.87 | -20.86 | -170.64 | -48.13 |
| Total Unusual Items | -11.52 | 0 | 0 | - | - |
| Total Unusual Items Excluding Goodwill | -11.52 | 0 | 0 | - | - |
| Minority Interests | - | -3.89 | -2.49 | 1.54 | -5.38 |
| Special Income Charges | -11.52 | 0 | 0 | - | - |
| Other Special Charges | 11.52 | - | - | - | - |
| Other Operating Expenses | - | 735.30 | 810.74 | 782.59 | 849.86 |
| Loss Adjustment Expense | - | 7,593.17 | 8,379.57 | 9,297.29 | 9,997.82 |
| Net Policyholder Benefits And Claims | - | 7,593.17 | 8,379.57 | 9,297.29 | 9,997.82 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| W. R. Berkley Corporationthis co. | WRB | $24.7B | 13.87↑ premium | 2.54 | 18.3% | - |
| Citizens Financial Group, Inc. | CFG | $27.0B | 14.76 | 1.12 | 7.6% | - |
| Cincinnati Financial Corporation | CINF | $24.9B | 10.39 | 1.56 | 15.0% | - |
| Willis Towers Watson Public Limited Company | WTW | $24.4B | 15.22 | 3.06 | 20.1% | 10.72 |
| Regions Financial Corporation |
| - |
| - |
| - |
| - |
| - |
| - |
| RF |
| $24.3B |
| 11.25 |
| 1.37 |
| 12.2% |
| - |
| Synchrony Financial | SYF | $23.8B | 6.86 | 1.42 | 20.7% | - |
| KeyCorp | KEY | $23.5B | 12.85 | 1.31 | 10.2% | - |
| T. Rowe Price Group, Inc. | TROW | $22.9B | 11.25 | 2.11 | 18.8% | 6.48 |
| Principal Financial Group, Inc. | PFG | $22.4B | 18.87 | 1.88 | 10.0% | - |
| Peer Median | - | 12.05 | 1.49 | 13.6% | 8.60 | |