Wr Berkley Stock Earnings Reports

Berkley delivered a strong Q1 2026: net income of $515 million ($1.31/share) and record operating income of $514 million ($1.30/share), producing a 21.2% return on beginning equity. Underwriting remained profitable: current accident-year combined ratio ex-cats was 88.3% and calendar year combined ratio 90.7%; catastrophe losses were lower versus prior year. Net premiums written increased (insurance segment NWP +3.2%; GPW +4.5%), with growth broadly across lines except workers' compensation. Expense ratio remained about 28.6% and management expects full-year expense ratio comfortably below 30%. Net investment income hit a record $404 million (core portfolio up ~11.8%); portfolio quality improved to AA- and duration is 3.1 years with book yield ~4.7% and new-money yields over 5%. Management highlighted increasing competition — notably from national carriers and reinsurance markets — and emphasized active cycle management and selective underwriting discipline (especially in property and certain casualty pockets). Capital return was significant: ~$302 million of share repurchases and $34 million of regular dividends; financial leverage is ~22.6% (a low), and management says the company is generating capital faster than it can deploy organically, leaving flexibility for continued buybacks, special dividends, or opportunistic deployment. Near-term growth strategy may shift in some pockets from rate-first to selectively prioritizing exposure growth where margins are attractive. Management expects normalized tax rate to return after a one-time tax benefit in Q1.