W. R. Berkley Corporation WRB

FinancialsInsuranceUnited States of America

Last close 75.12 USD on Nov 3, 2026, +9.2% year to date

Quant rating

Quant rating B Rank 175 of 799 in Financials

Growth C 367 of 799
Valuation C 559 of 799
Quality B 209 of 799
Revisions B 136 of 799
Momentum B 273 of 799

Wall Street consensus Hold (3.25)Average target 68.17 USD −9.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 27.9B
Enterprise value: 28.6B
52-week range: 62.53 – 77.45
3-year range: 42.55 – 77.45
Dividend yield: 0.53%
Beta (5 years): 0.22
Shares outstanding: 372M
Next earnings: Jan 25, 2027

About the company

W. R. Berkley Corporation is an insurance holding company. It operates through two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess. Its Insurance businesses underwrite commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom. Its Insurance segment consists of business units, including Acadia Insurance, Admiral Insurance, Berkley Accident and Health, Berkley Agribusiness, and others. Berkley Accident and Health underwrite accidents and health insurance and reinsurance products. Its Reinsurance & Monoline Excess offers reinsurance business on a facultative and treaty reinsurance in the Asia Pacific region, Australia, Continental Europe, South Africa and the United Kingdom.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	13,147	12,188	11,043	10,185	8,693	–
Revenue growth	7.9%	10.4%	8.4%	17.2%	17.3%	12.1%
EPS (basic, normalized)	4.33	4.14	3.28	2.92	2.27	–
EPS growth	4.6%	26.2%	12.3%	28.8%	–	–
Gross margin	–	–	–	–	–	–
Net margin	12.1%	12.8%	11.4%	12.4%	10.8%	11.9%
ROE	19.1%	21.0%	18.9%	18.3%	14.7%	18.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	2,839
Net debt (mil)	–
Total equity (mil)	9,610
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	13,147	+7.9%	2.2x	25.72	+16.2%	2.9x	4.33	+4.6%	17.3x
2026	14,978	+13.9%	1.9x	27.21	+5.8%	2.8x	4.92	+13.7%	15.3x
2027	15,552	+3.8%	1.8x	30.38	+11.6%	2.5x	4.85	−1.4%	15.5x
2028	16,075	+3.4%	1.8x	33.83	+11.4%	2.2x	5.11	+5.3%	14.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	14,978	−0.9%	−0.9%	−1.3%	4.92	+0.9%	+1.6%	+5.3%
2027	15,552	−1.2%	−0.9%	−2.1%	4.85	0.0%	+0.5%	+0.6%
2028	16,075	−1.4%	−1.3%	−4.2%	5.11	+0.5%	+0.5%	−1.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,257	3,314	3,400	3,668	3,547	3,671	3,768	3,721	3,690	3,716
Sales mean (mil)	3,249	3,349	3,444	3,509	3,531	3,639	3,704	3,661	3,759	3,759
Surprise	+0.2%	−1.0%	−1.3%	+4.5%	+0.5%	+0.9%	+1.7%	+1.7%	−1.8%	−1.1%
EPS reported	1.04	1.04	0.93	1.13	1.01	1.05	1.10	1.13	1.30	1.27
EPS mean	0.96	0.92	0.92	0.96	0.98	1.03	1.09	1.13	1.15	1.08
Surprise	+8.6%	+12.6%	+0.6%	+18.2%	+2.7%	+2.2%	+0.5%	+0.3%	+13.5%	+17.1%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
WRB W. R. Berkley Corporation	27.9B	19.1%	12.1%	2.90x	15.3x	15.5x	2.8x	2.5x
CB Chubb Limited	140.0B	14.4%	17.4%	1.91x	12.6x	12.4x	1.8x	1.6x
PGR The Progressive Corporation	132.7B	38.2%	12.9%	3.85x	12.4x	14.1x	3.9x	3.4x
MRSH Marsh & McLennan Companies, Inc.	96.8B	33.4%	15.4%	6.60x	19.4x	17.8x	6.5x	5.6x
TRV The Travelers Companies, Inc.	81.0B	20.8%	12.8%	2.79x	10.8x	12.7x	2.5x	2.3x
AJG Arthur J. Gallagher & Co.	70.1B	12.8%	10.7%	2.92x	20.9x	18.4x	2.7x	2.5x
Mean		23.1%	13.5%	3.50x	15.2x	15.2x	3.4x	3.0x
Median		20.0%	12.8%	2.91x	13.9x	14.8x	2.7x	2.5x

Technical analysis

1M+8.9%
3M+4.4%
1Y+9.9%
3Y+86.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, W. R. Berkley Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	13,147	12,188	11,043	10,185	8,693	7,412
Other revenue	1,561	1,492	1,030	982	762	687
Total revenue	14,708	13,680	12,073	11,166	9,455	8,099
Losses, benefits and adjustments	11,383	10,136	9,418	8,627	7,289	6,494
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	54.3	45.7	44.3	43.4	44.1	44.3
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	796	1,118	767	697	718	704
Operating income	2,475	2,380	1,844	1,799	1,404	856
Net interest income (expense)	−195	−116	−89.3	−79.4	−121	−151
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	2,281	2,264	1,754	1,720	1,283	705
Provision for taxes	496	510	371	335	252	172
Minority interest	−5.4	1.5	−2.5	−3.9	−8.5	−2.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,779	1,756	1,381	1,381	1,022	531
Extraordinary items	–	–	–	–	–	–
Net income	1,779	1,756	1,381	1,381	1,022	531
Basic weighted average shares (mil)	397	400	406	415	416	421
Diluted weighted average shares (mil)	400	403	410	419	420	425
Basic EPS, normalized	4.33	4.14	3.28	2.92	2.27	–

Balance sheet in millions of USD, fiscal years

Balance sheet, W. R. Berkley Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	525
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	818	659	427	593	420	406
Goodwill	184	184	175	186	170	170
Intangibles	86.0	97.0	–	102	–	–
Insurance receivables	3,417	3,267	3,109	2,779	2,523	2,168
Long-term investments	29,419	26,658	24,333	21,753	20,319	16,521
Note receivable	2.7	39.4	–	39.1	–	–
Other long-term assets	141	220	221	341	42.5	–
Deferred policy acquisition costs	1,001	952	862	763	676	556
Other assets	6,462	6,516	6,622	5,856	6,329	5,854
Total assets	44,071	40,567	37,112	33,861	32,048	28,572
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	260	218	–	204	–	–
Policy liabilities	29,545	27,412	25,293	22,832	20,753	18,284
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	2,840	2,841	2,837	2,837	3,267	2,725
Minority interest	11.1	12.3	13.8	19.8	14.7	15.0
Other liabilities	1,714	1,689	1,512	1,220	1,360	1,237
Total liabilities	34,370	32,172	29,656	27,113	25,395	22,261
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	159	159	106	106	106	70.5
Additional paid-in capital	988	985	1,018	998	981	1,012
Retained earnings (accumulated deficit)	13,344	12,265	11,041	10,161	9,015	8,348
Treasury stock	−4,339	−4,079	−3,783	−3,251	−3,167	−3,058
Other equity	−451	−934	−926	−1,265	−282	−62.2
Total equity	9,701	8,395	7,455	6,748	6,653	6,311
Total liabilities & shareholders' equity	44,071	40,567	37,112	33,861	32,048	28,572

Cash flow statement in millions of USD, fiscal years

Cash flow statement, W. R. Berkley Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,779	1,756	1,381	1,381	1,022	531
Depreciation, depletion & amortization	–	–	–	55.9	130	135
Deferred taxes	9.4	95.3	−26.7	−64.7	7.6	−34.1
Non-cash items	−15.8	−106	15.9	−91.8	−165	−2.3
Changes in working capital	1,810	1,933	1,559	1,288	1,189	987
Cash from operations	3,583	3,678	2,929	2,569	2,184	1,617
Investing activities
Capital expenditures	−170	−172	−55.2	−98.6	−66.6	−38.2
Other investing cash flows	−1,859	−2,012	−1,907	−1,793	−2,923	158
Cash from investing	−2,029	−2,184	−1,962	−1,891	−2,989	120
Financing activities
Financing cash flow items	−53.9	−20.0	−22.9	−12.8	−45.2	−56.2
Cash dividends paid	−700	−532	−501	−235	−356	−84.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−272	−301	−538	−524	407	−257
Cash from financing	−1,026	−852	−1,062	−772	5.8	−398
Foreign exchange effects	38.4	−29.8	9.1	−24.8	−4.2	10.1
Net change in cash	565	612	−86.2	−119	−804	1,349
Free cash flow	3,413	3,506	2,874	2,470	2,117	1,579

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.