W. R. Berkley Corporation, a commercial lines property and casualty insurer and reinsurer, has reported pre-tax underwriting income growth of 14.9% to a record $338 million for the fourth quarter of 2025 (Q4’25), and a record $1.2 billion for the full year 2025 (FY’25).
The strong underwriting result came on the back of a rise in gross written premiums (GWP) in the quarter to $3.61 billion, up from $3.5 billion in Q4’25. For FY’25, GWP rose to $15.12 billion compared to $14.21 billion in 2024.
Additionally, net premiums written by the firm for the quarter were $2.99 billion compared to $2.94 billion in Q4’24, and for FY’25 the same was reported at $12.71 billion compared to $11.97 billion in 2024.
For Q4’25, the current accident year combined ratio before catastrophe losses of 1.5 loss ratio points was 87.9%, and the reported combined ratio was 89.4%.
Total cat losses hit $47.6 million and $336 million for Q4’25 and FY’25, respectively, compared with $79.6 million and $297.6 million, respectively, in 2024.
W. R. Berkley has reported net investment income of $338 million for Q4’25, and a record $1.42 billion for FY’25 compared to $317 million and $1.33 billion, respectively, in 2024.
For Q4’24, net income fell to $449.5 million from $576.1 million, as full year 2025 net income increased to $1.8 billion from $1.75 billion in 2024.
For the quarter, the return on equity was 21.4%; meanwhile, operating income grew 9.5% to a record of $450 million. For FY’25, return on equity was 21.2% and operating income grew to a record of $1.7 billion.
Segment-wise, the insurance business reported GPW of $3.25 billion in Q4’25 compared to $3.16 billion in the prior year, with NPW of $2.66 billion compared to $2.62 billion in Q4’24. For FY’25, GPW hit $13.46 billion, and NPW hit $11.18 billion.
The reinsurance and monoline excess unit posted GPW of $358 million for Q4’25 compared to $336 million in Q4’24, with NPW of $333 million compared to $316 million in Q4’24. For FY’25, GPW were $1.64 billion, and NPW were $1.52 billion.
W. R. Berkley management commented, “The fourth quarter marked another period of strong results, with a 21.4% return on beginning‑of‑year stockholders’ equity that culminated in a 21.2% return for the full year. The Company’s performance reflected record underwriting income and net income for the fifth consecutive year, and record investment income for the fourth. Book value per share rose 5.2% in the quarter and 26.7% for the year, before returning $608 million and $971 million to stockholders, respectively, through dividends and share repurchases.
“Full‑year net premiums written increased to a record $12.7 billion. Our focus on profitable growth by maintaining rate adequacy and underwriting discipline resulted in strong combined ratios of 89.4% for the quarter and 90.7% for the year. We expect that the margins available to us will continue to be excellent, with select areas of opportunity persisting in 2026. Fixed‑maturity investment income grew 13.3% in the quarter. Investment income is positioned for continued growth with new-money rates above book yield and robust operating cash flows. In the current environment, effective capital management is an important part of our responsibility.
“In 2025, we repurchased over four million shares, including 2.9 million in the fourth quarter, and paid the largest special dividends in our history. Our priority remains long-term value creation, and we will continue to return excess capital to shareholders in a disciplined and thoughtful manner as strong earnings rapidly generate additional excess capital. Our focus on long-term risk-adjusted return continues to drive superior performance across market cycles. We remain confident in our ability to exceed our 15% after‑tax return on beginning equity.”
