Company file · WRB
W. R. Berkley
W. R. Berkley's revenue rose 7.8% in FY2025, to $14.7B, and net income rose 1.3% to $1.8B
Revenue rose 7.8% to $14.7B in FY2025, from $13.6B in FY2024. Net income rose 1.3% to $1.8B. Insurance-Domestic was the largest segment, at 82% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, W. R. Berkley (NYSE: WRB) took in $14.7B of revenue (up 7.8% on fiscal 2024); net income was $1.8B (up 1.3%). The most recent quarter, ended Sep 30, 2026, brought revenue of $3.7B, down 0.8% year over year, with net income of $446M. Sources: 10-K for fiscal 2025 (filed Feb 27, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 2, 2026).
Source: 10-K FY2025, filed Feb 27, 2026
Source: 10-Q filed May 1, 2026 · 10-Q filed Jul 31, 2026 · 10-Q filed Nov 2, 2026
How it makes money
By segment in FY2025: Insurance-Domestic (82%) and Reinsurance and Monoline Excess (12%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $14.7B.
By segment, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: W. R. Berkley 10-Q for the quarter ended Sep 30, 2026, filed Nov 2, 2026
The bull case and the bear case
The bull case
- Revenue rose 7.8% in FY2025 to $14.7B, from $13.6B a year earlier. 10-K, FY2025
- Net income rose 1.3% in FY2025 to $1.8B, from $1.8B. 10-K, FY2025
The bear case
- Revenue in the quarter ended Sep 30, 2026 was $3.7B, down 0.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $446M, down 12.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include catastrophes and claims; reserves; investments and rates. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
W. R. Berkley is in the property & casualty insurance industry, part of the financials sector. The SEC files it under Fire, Marine & Casualty Insurance.
W. R. Berkley reports 2 segments: Insurance-Domestic and Reinsurance and Monoline Excess.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the property & casualty insurance industry. They are not a summary of W. R. Berkley’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Catastrophes and claimsStorms, disasters and large claims can cause losses that are hard to predict.
- ReservesInsurers estimate future claims, and estimates can turn out too low.
- Investments and ratesReturns on the investment portfolio move with interest rates and markets.
- RegulationState and national insurance rules shape pricing, capital and products.
- Competition and pricingRivals can cut prices, and premiums may not keep pace with claims costs.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Risk factors (Item 1A)
- The cash flow statement
- Market cap and enterprise value
- Return on equity (ROE)
- Accrual accounting vs. cash
- How stock exchanges work
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- W. R. Berkley's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
- The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 2, 2026 | Sep 30, 2026 |
| 10-Q | Jul 31, 2026 | Jun 30, 2026 |
| 10-Q | May 1, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 22, 2026 | Jun 3, 2026 |
| 10-K | Feb 27, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about W. R. Berkley
How does W. R. Berkley make money?
In fiscal 2025, revenue totaled $14.7B. By segment in FY2025: Insurance-Domestic (82%) and Reinsurance and Monoline Excess (12%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $14.7B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
What was W. R. Berkley's revenue in fiscal 2025?
Revenue came to $14.7B in the year ended Dec 31, 2025. Going back two years, it was $12.1B in fiscal 2023 and $13.6B in fiscal 2024, so the latest year was up 7.8%. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
Is W. R. Berkley profitable?
Yes, by US accounting rules (GAAP): net income was $1.8B in fiscal 2025, up 1.3% from $1.8B a year earlier. For the quarter ended Sep 30, 2026, net income was $446M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
What did W. R. Berkley report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $3.7B, against $3.8B in the same quarter a year before (down 0.8%), and net income of $446M, against $511M (down 12.7%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 2, 2026.
What are the main risks W. R. Berkley faces?
W. R. Berkley's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 27, 2026. Risks that are common among companies in the property & casualty insurance industry include Catastrophes and claims; reserves; investments and rates; regulation; competition and pricing. The first: Storms, disasters and large claims can cause losses that are hard to predict. Source: 10-K, Item 1A Risk Factors.
Where do these W. R. Berkley numbers come from?
Two filings W. R. Berkley made with the SEC: its fiscal 2025 10-K, filed Feb 27, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 2, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning W. R. Berkley
- Two Sigma Investments: 2,013,358 shares, reported value $142.0M at Jun 30, 2026 (+637.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 1,475,954 shares, reported value $104.1M at Jun 30, 2026 (+5.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 936,192 shares, reported value $66.0M at Jun 30, 2026 (+103.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Fairholme Capital Management: 256,350 shares, reported value $18.1M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Markel Group: 60,750 shares, reported value $4.1M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
- Bridgewater Associates: 13,499 shares, reported value $1.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in WRB
- The editor holds no position in W. R. Berkley (WRB). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell WRB from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold WRB, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| W. R. BerkleyWRB | FY2025 | $14.7B | +7.8% | $1.8B |
| ChubbCB | FY2025 | $59.4B | +6.5% | $10.3B |
| ProgressivePGR | FY2025 | $87.7B | +16.3% | $11.3B |
| TravelersTRV | FY2025 | $48.8B | +5.2% | $6.3B |
| AllstateALL | FY2025 | $67.7B | +5.6% | $10.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.