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W.R. Berkley Faces Pricing Pressure—But Its Strategy Tells A Bigger Story!

The W. R. Berkley Corporation reported its fourth quarter and full-year 2025 financial results, highlighting strong underwriting and investment performance alongside ongoing market challenges. The company delivered record quarterly operating earnings of $450 million, or $1.13 per share, representing a 9.5% increase year-over-year and a return on beginning of year equity totaling 21.4%. Net income also reached $450 million for the quarter, contributing to an annual net income of $1.8 billion with a 26.7% growth in book value per share before dividends and share repurchases. Underwriting income in the quarter amounted to a record $338 million, up nearly 15%, driven by rate improvements, lower catastrophe losses totaling $48 million, and disciplined expense management, resulting in an improved expense ratio of 28.2%. The current accident year combined ratio, excluding catastrophe losses, was 87.9%, with calendar year combined ratio at 89.4%. The insurance segment’s loss ratio remained stable at 60.