NYSE: WRB
W. R. Berkley
Financials · Fire, Marine & Casualty Insurance
52-week range
$62.87$78.96
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$26.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.06B |
| FY2017, ended Dec 31, 2017 | $8.71B |
| FY2018, ended Dec 31, 2018 | $9.02B |
| FY2019, ended Dec 31, 2019 | $12.7B |
| FY2020, ended Dec 31, 2020 | $11.8B |
| FY2021, ended Dec 31, 2021 | $14.6B |
| FY2022, ended Dec 31, 2022 | $19.1B |
| FY2023, ended Dec 31, 2023 | $18.1B |
| FY2024, ended Dec 31, 2024 | $22.2B |
| FY2025, ended Dec 31, 2025 | $26.3B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $26.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$14.9B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.65B |
| FY2017, ended Dec 31, 2017 | $7.68B |
| FY2018, ended Dec 31, 2018 | $7.69B |
| FY2019, ended Dec 31, 2019 | $7.90B |
| FY2020, ended Dec 31, 2020 | $8.10B |
| FY2021, ended Dec 31, 2021 | $9.46B |
| FY2022, ended Dec 31, 2022 | $11.2B |
| FY2023, ended Dec 31, 2023 | $12.1B |
| FY2024, ended Dec 31, 2024 | $13.6B |
| FY2025, ended Dec 31, 2025 | $14.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $14.9B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $602M | $798M |
| FY2017, ended Dec 31, 2017 | $549M | $595M |
| FY2018, ended Dec 31, 2018 | $641M | $570M |
| FY2019, ended Dec 31, 2019 | $682M | $1.08B |
| FY2020, ended Dec 31, 2020 | $531M | — |
| FY2021, ended Dec 31, 2021 | $1.02B | — |
| FY2022, ended Dec 31, 2022 | $1.38B | — |
| FY2023, ended Dec 31, 2023 | $1.38B | — |
| FY2024, ended Dec 31, 2024 | $1.76B | — |
| FY2025, ended Dec 31, 2025 | $1.78B | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.93B | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$2.61B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $795M |
| FY2017, ended Dec 31, 2017 | $950M |
| FY2018, ended Dec 31, 2018 | $818M |
| FY2019, ended Dec 31, 2019 | $1.02B |
| FY2020, ended Dec 31, 2020 | $2.37B |
| FY2021, ended Dec 31, 2021 | $1.57B |
| FY2022, ended Dec 31, 2022 | $1.45B |
| FY2023, ended Dec 31, 2023 | $1.36B |
| FY2024, ended Dec 31, 2024 | $1.97B |
| FY2025, ended Dec 31, 2025 | $2.54B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.61B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 9.3% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.371M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 409M |
| FY2017, ended Dec 31, 2017 | 410M |
| FY2018, ended Dec 31, 2018 | 412M |
| FY2019, ended Dec 31, 2019 | 413M |
| FY2020, ended Dec 31, 2020 | 399M |
| FY2021, ended Dec 31, 2021 | 398M |
| FY2022, ended Dec 31, 2022 | 395M |
| FY2023, ended Dec 31, 2023 | 385M |
| FY2024, ended Dec 31, 2024 | 379M |
| FY2025, ended Dec 31, 2025 | 374M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 371M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $579M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $132M | $37.2M |
| FY2017, ended Dec 31, 2017 | $47.8M | $40.5M |
| FY2018, ended Dec 31, 2018 | $24.8M | $36.6M |
| FY2019, ended Dec 31, 2019 | $18.2M | $49.3M |
| FY2020, ended Dec 31, 2020 | $346M | $49.7M |
| FY2021, ended Dec 31, 2021 | $122M | $46.7M |
| FY2022, ended Dec 31, 2022 | $94.1M | $49.4M |
| FY2023, ended Dec 31, 2023 | $537M | $51.0M |
| FY2024, ended Dec 31, 2024 | $304M | $54.4M |
| FY2025, ended Dec 31, 2025 | $270M | $54.5M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $635M | $56.0M |
Revenue (TTM)
$14.9B
+4.3% YoY
Net income (TTM)
$1.93B
+9.5% YoY
Cash
$2.61B
+31.3% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $27.4B
- P/E
- 14.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.8×
- Price / Book
- 2.8×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $14.9B
- Revenue Growth YoY
- 4.3%
- Revenue CAGR 3Y
- 9.6%
- Revenue CAGR 5Y
- 12.7%
- EPS Growth YoY
- 10.5%
- Net Income Growth YoY
- 9.5%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 12.9%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 20.2%
Earnings
Trailing 12 months- Net Income
- $1.93B
- EPS (diluted)
- $4.86
- EBITDA
- $2.48B
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $2.61B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $45.7B
- Total Liabilities
- $35.8B
- Shareholders' Equity
- $9.83B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.60B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 2.5%
- Dividend / Share
- $1.88
- Beta (5Y)
- 0.27
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $14.9B.
Note
Net margin of 12.9% over the last 12 months.
Strength
Share count is down 2.1% in a year, from buybacks.
Note
Pays a 2.5% dividend yield.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K70Good news
70Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 24, 2025 · Read the filing on EDGAR
- Net income rose 27% to $1,756 million, helped by a 27% rise in investment income, which included $204 million from Argentine inflation-linked bonds that management does not expect to continue at this level.
- Premiums earned grew 11% to $11,548 million, with price increases of 6.9%, but the combined ratio slipped to 90.3 from 89.7 as catastrophe losses rose to $298 million.
- Commercial auto claims and related excess liability ran worse than expected, which the company blames on social inflation, though overall past-year reserves changed little.
- The company paid $532 million in dividends, including special dividends, bought back $304 million of stock, and completed a 3-for-2 stock split.
Business momentum
Strong improvement
“The Company reported net income of $1,756 million in 2024 and $1,381 million in 2023.”
Outlook
Neutral
“Insurance premiums (including the impact of rate changes) are generally earned evenly over the policy term, and accordingly recent rate increases will be earned over the upcoming quarters.”
Financial stress
Low
“Cash flow provided from operating activities increased to $3,678 million in 2024 from $2,929 million in 2023, primarily due to an increase in premium receipts partially offset by increased loss and loss expense payments.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Premiums earned grew by double digits
“Premiums earned increased 11% to $11,548 million in 2024 from $10,401 million in 2023.”
Investment income jumped
“Net investment income increased 27% to $1,333 million in 2024 from $1,053 million in 2023”
Prices kept rising on renewals
“Average renewal premium rates (per unit of exposure) for insurance and facultative reinsurance increased 6.9% in 2024 and 7.1% in 2023.”
Concerns
Catastrophe losses rose sharply, led by two hurricanes
“Catastrophe losses, net of reinsurance recoveries, were $298 million in 2024 driven by heightened frequency of severe catastrophe events, with Hurricanes Helene and Milton having the largest impacts, and $195 million in 2023.”
Commercial auto claims are running worse than expected
“The Company believes that commercial auto-related claims are being particularly impacted by social inflation, which is contributing to an increase in the frequency of large losses beyond expectations.”
Pricing may not stay strong while claim costs rise
“However, loss costs have also increased and the duration and magnitude of the improved pricing environment remains uncertain.”
New risks since the previous report
Unusually high Argentine bond income is expected to fade
“As certain of our Argentine bonds matured and were sold throughout 2024 and the inflation rate continued to decline, we do not expect investment income relating to these securities to continue at this level.”
Risks from the company's or its vendors' use of artificial intelligence
“Use of artificial intelligence technologies by us or third-parties on which we rely could expose us to technological, security, legal, and other risks.”
Mass injury lawsuits over harmful products or substances
“We face potential exposure to mass tort claims, including claims related to exposure to potentially harmful products or substances, such as lead paint, polyfluoroalkyl substances, talc and opioids.”
Possible federal rule changes under the new U.S. administration
“In addition, the new U.S. administration and the volatile political environment increases the chance of other federal legislative and regulatory changes that could affect us in ways we cannot predict.”
Biggest risks named
- Claim costs exceeding the roughly $20.4 billion in reserves, including social inflation
- Natural and man-made catastrophes, worsened by climate change
- Strong competition and uncertain durability of price increases
- Bond values and volatile alternative investments moving with markets and interest rates
- Reinsurers failing or refusing to pay, or reinsurance becoming costlier or unavailable
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 70 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Feb 24, 2025 | 70 | Strong improvement | None | |
| 10-K | Feb 23, 2024 | 62 | Improving | 2 minor | |
| 10-K | Feb 24, 2023 | 70 | Strong improvement | None | |
| 10-K | Feb 24, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 18, 2021 | 49 | Mixed | 1 medium | |
| 10-K | Feb 20, 2020 | 63 | Improving | None | |
| 10-K | Feb 22, 2019 | 65 | Improving | None | |
| 10-K | Feb 23, 2018 | 51 | Mixed | None | |
| 10-K | Feb 28, 2017 | 54 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Jul 31, 2026. View filings on SEC EDGAR