W. R. Berkley Corporation (WRB) 10-Year Financial Performance & Capital Metrics

WRB • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceCommercial Lines InsuranceDiversified Commercial Lines

AboutW. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writer in the United States and internationally. It operates in two segments, Insurance and Reinsurance & Monoline Excess. The Insurance segment underwrites commercial insurance business, including premises operations, commercial automobile, property, products liability, and general and professional liability lines. It also provides workers' compensation insurance products; accident and health insurance and reinsurance products; insurance for commercial risks; specialty environmental products for contractors, consultants, and property owners and facilities operators; specialized insurance coverages for fine arts and jewelry exposures; umbrella and excess liability coverage products; and liquor liability and inland marine coverage for small to medium-sized insureds. In addition, this segment offers directors and officers, and surety risk products, as well as products for technology, and life sciences and travel industries; cyber risk solutions; casualty, group life, and crime and fidelity related insurance products; personal lines insurance solutions, including home, condo/co-op, auto, and collectibles; automobile, law enforcement, public officials and educator's legal, and employment practices liability, as well as incidental medical insurance products; and at-risk and alternative risk insurance program management services. The Reinsurance & Monoline Excess segment provides other insurance companies and self-insureds with assistance in managing their net risk through reinsurance on a portfolio basis through treaty reinsurance or on an individual basis through facultative reinsurance. W. R. Berkley Corporation was founded in 1967 and is based in Greenwich, Connecticut.Show more

Revenue $13.64B +12.3%
Combined Ratio 83.4% -2.5%
Net Income $1.76B +27.1%
Return on Equity 22.12% +14.0%
Medical Cost Ratio 77.11% -0.6%
Operating Margin 16.6% +14.9%
Net Margin 12.88% +13.2%
ROA 4.52% +16.2%
Equity / Assets 20.72% +3.2%
Book Value per Share 20.85 +14.4%
Tangible BV/Share 20.39 +14.6%
Debt/Equity 0.34 -11.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 83.4% combined ratio
✓Excellent 3Y average ROE of 20.7%
✓Strong 5Y profit CAGR of 20.8%
✓Strong Piotroski F-Score: 9/9

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.11%

5Y11.53%

3Y12.99%

TTM11.08%

Profit (Net Income) CAGR

10Y10.47%

5Y20.83%

3Y19.76%

TTM20.83%

EPS CAGR

10Y11.72%

5Y22.82%

3Y21.35%

TTM22.05%

ROCE

10Y Avg3.74%

5Y Avg4.59%

3Y Avg5.36%

Latest5.93%

Peer Comparison

Diversified Commercial Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SIGISelective Insurance Group, Inc.	5.01B	82.97	25.69	14.87%	7.78%	11.65%	21.33%	0.16
LLoews Corporation	21.32B	103.16	16.09	9.96%	8.07%	7.55%	11.22%	0.50
WRBW. R. Berkley Corporation	26.11B	68.71	15.76	12.32%	13.01%	19.44%	13.68%	0.34
THGThe Hanover Insurance Group, Inc.	6.05B	170.15	14.54	4.25%	9.75%	18.44%	13.15%	0.28
CBChubb Limited	118.5B	301.11	13.26	12%	16.48%	12.43%	13.66%	0.22
CNACNA Financial Corporation	12.56B	46.42	13.19	6.66%	6.84%	8.81%	19.71%	0.28
TRVThe Travelers Companies, Inc.	60.53B	271.34	12.64	12.22%	12.13%	18.58%	14.99%	0.29
AFGAmerican Financial Group, Inc.	11B	131.90	12.48	7.12%	9.7%	16.87%	10.47%	0.33

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	7.21B	7.65B	8.01B	7.69B	7.9B	8.1B	9.46B	11.17B	12.14B	13.64B
Revenue Growth %	-0.04%	0.06%	0.05%	-0.04%	0.03%	0.02%	0.17%	0.18%	0.09%	0.12%
Medical Costs & Claims+	5.92B	6.21B	6.36B	6.31B	6.42B	6.75B	7.43B	8.73B	9.42B	10.52B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	1.29B	1.44B	1.65B	1.38B	1.48B	1.35B	2.02B	2.44B	2.72B	3.12B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.37%	0.12%	0.14%	-0.16%	0.07%	-0.09%	0.5%	0.21%	0.12%	0.15%
Operating Expenses+	557.93M	544.93M	875.24M	569.26M	625.23M	642.96M	739.87M	718.33M	969.99M	857.12M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	85.14M	86.05M	112.96M	131.11M	113.39M	135.06M	129.68M	55.87M	-20.86M	-170.64M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	732.03M	896.44M	772.77M	812.09M	852.92M	704.8M	1.28B	1.72B	1.75B	2.26B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.23%	0.22%	-0.14%	0.05%	0.05%	-0.17%	0.82%	0.34%	0.02%	0.29%
EBITDA+	817.17M	982.49M	885.73M	943.2M	966.31M	839.87M	1.41B	1.78B	1.73B	2.09B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	130.95M	140.9M	147.3M	157.19M	153.41M	150.54M	147.18M	130.37M	127.46M	126.91M
Non-Operating Income	-130.95M	-140.9M	-147.3M	-157.19M	-153.41M	-150.54M	-147.18M	-130.37M	-127.46M	-126.91M
Pretax Income+	732.03M	896.44M	772.77M	812.09M	852.92M	704.8M	1.28B	1.72B	1.75B	2.26B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	227.92M	292.95M	219.43M	163.03M	168.94M	171.82M	251.89M	334.73M	370.56M	509.92M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	503.69M	601.92M	549.09M	640.75M	681.94M	530.67M	1.02B	1.38B	1.38B	1.76B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.22%	0.2%	-0.09%	0.17%	0.06%	-0.22%	0.93%	0.35%	0%	0.27%
EPS (Diluted)+	1.15	1.39	1.26	1.48	1.56	1.25	2.44	3.29	3.37	4.36
EPS Growth %	-0.2%	0.21%	-0.09%	0.17%	0.05%	-0.2%	0.95%	0.35%	0.02%	0.29%
EPS (Basic)	1.20	1.45	1.30	1.48	1.59	1.26	2.46	3.33	3.40	4.39
Diluted Shares Outstanding	439.39M	433.87M	435.44M	432.89M	435.42M	424.72M	419.62M	419.19M	409.95M	403.22M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	26.36B	28.45B	29.76B	30.38B	26.66B	28.61B	32.1B	33.86B	37.2B	40.57B
Asset Growth %	0%	0.08%	0.05%	0.02%	-0.12%	0.07%	0.12%	0.05%	0.1%	0.09%
Total Investment Assets+	15.35B	16.65B	17.45B	17.72B	18.47B	18.48B	22.17B	22.86B	25.28B	48.55B
Long-Term Investments	14.14B	15.36B	15.9B	15.67B	16.28B	16.44B	20.2B	21.33B	23.83B	26.19B
Short-Term Investments	12.6B	13.86B	14.13B	13.61B	14.18B	14.16B	16.6B	17.54B	20.12B	22.35B
Total Current Assets+	4.56B	5.41B	5.27B	5.18B	0	0	7.98B	0	0	32.08B
Cash & Equivalents	763.63M	795.28M	950.47M	817.6M	1.02B	2.37B	1.57B	1.45B	1.36B	1.97B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-20.35B	-22.3B	5.15B	-25.92B	-29.2B	0
Goodwill & Intangibles+	247.29M	226.51M	285.94M	277.04M	169.65M	169.65M	254.65M	185.51M	174.6M	184.33M
Goodwill	153.29M	144.51M	178.94M	173.04M	169.65M	169.65M	169.65M	185.51M	174.6M	184.33M
Intangible Assets	94M	82M	107M	104M	0	0	85M	0	0	0
PP&E (Net)	348.22M	349.43M	422.96M	416.37M	422.09M	405.93M	419.88M	423.23M	426.8M	658.55M
Other Assets	8.25B	8.58B	8.87B	9.93B	-16.87B	-17.01B	-1.62B	-21.93B	-24.43B	-18.76B
Total Liabilities	21.73B	23.36B	24.31B	24.9B	20.54B	22.28B	25.43B	27.09B	29.73B	32.16B
Total Debt+	2.18B	2.49B	2.5B	2.79B	2.63B	2.73B	3.27B	2.84B	2.84B	2.84B
Net Debt	1.42B	1.69B	1.55B	1.97B	1.6B	352.97M	1.7B	1.39B	1.48B	866.22M
Long-Term Debt	2.18B	2.49B	2.5B	2.79B	2.63B	2.73B	3.27B	2.83B	2.84B	2.84B
Short-Term Debt	0	0	0	0	0	0	0	5.4M	5.4M	0
Total Current Liabilities+	224.75M	213.13M	246.46M	256.92M	0	0	514.98M	0	0	668.65M
Accounts Payable	224.75M	213.13M	246.46M	256.92M	360.31M	426.12M	568.62M	523.13M	631.16M	668.65M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-224.75M	-213.13M	-257.79M	-256.92M	-370.32M	-467.41M	-546.67M	-562.88M	-684.09M	-53.48M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	14.91B	15.8B	16.35B	16.63B	-2.65B	-2.77B	22.58B	-2.84B	-2.88B	28.59B
Total Equity+	4.63B	5.08B	5.45B	5.48B	6.12B	6.33B	6.67B	6.77B	7.47B	8.41B
Equity Growth %	0%	0.1%	0.07%	0.01%	0.12%	0.03%	0.05%	0.02%	0.1%	0.13%
Shareholders Equity	4.6B	5.05B	5.41B	5.44B	6.07B	6.31B	6.65B	6.75B	7.46B	8.4B
Minority Interest	32.96M	33.93M	39.82M	41.95M	43.4M	14.99M	14.72M	19.83M	13.81M	12.33M
Retained Earnings	6.18B	6.6B	6.96B	7.56B	7.93B	8.35B	9.02B	10.16B	11.04B	12.27B
Common Stock	47.02M	47.02M	47.02M	47.02M	70.53M	70.53M	70.53M	105.8M	158.71M	158.71M
Accumulated OCI	-66.7M	55.57M	68.54M	-510.47M	-257.3M	-62.17M	-281.95M	-1.26B	-925.84M	-934.27M
Return on Equity (ROE)	0.11%	0.12%	0.1%	0.12%	0.12%	0.09%	0.16%	0.21%	0.19%	0.22%
Return on Assets (ROA)	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.04%	0.04%	0.05%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.47x	0.49x	0.46x	0.51x	0.43x	0.43x	0.49x	0.42x	0.38x	0.34x
Book Value per Share	10.54	11.71	12.52	12.66	14.05	14.89	15.89	16.15	18.22	20.85
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	881.3M	848.38M	710.88M	620.2M	1.14B	1.62B	2.18B	2.57B	2.93B	3.68B
Operating CF Growth %	0.2%	-0.04%	-0.16%	-0.13%	0.84%	0.41%	0.35%	0.18%	0.14%	0.26%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	503.69M	601.92M	549.09M	640.75M	681.94M	530.67M	1.02B	1.38B	1.38B	1.76B
Depreciation & Amortization	85.14M	86.05M	112.96M	131.11M	113.39M	135.06M	129.68M	55.87M	-20.86M	-170.64M
Stock-Based Compensation	32.12M	37.17M	40.49M	36.59M	49.27M	49.66M	46.68M	49.41M	51M	54.38M
Deferred Taxes	47.26M	9.01M	-16.89M	-74.76M	-189.9M	-157.25M	-310.65M	-64.71M	0	0
Other Non-Cash Items	-201.4M	-373.75M	-384.06M	-180.76M	2.04M	2.31M	8.53M	-278.89M	-115.51M	-107.75M
Working Capital Changes	414.49M	487.97M	409.29M	67.27M	487.04M	1.06B	1.29B	1.43B	1.63B	2.15B
Cash from Investing+	-170.76M	-794.49M	-333.46M	-714.24M	-424.87M	119.7M	-2.99B	-1.89B	-1.96B	-2.18B
Capital Expenditures	-63.56M	-50.83M	-115.72M	-49.86M	-60.46M	-38.17M	-66.63M	-52.68M	-53.08M	-105.62M
Acquisitions	-7.31M	196.76M	-70.57M	2.03M	51.39M	180.4M	240.51M	857.22M	-11.56M	0
Purchase of Investments	-4.48B	-5.74B	-7.97B	-6.76B	-5.53B	-7.81B	-11.18B	-8.38B	-6.75B	-9.58B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-18.99M	30.8M	34.13M	-602.64M	2.84M	-26.52M	-17.98M	-90.17M	10.94M	-35.31M
Cash from Financing+	-555.32M	-6.93M	-235.09M	-7.4M	-513.19M	-397.84M	5.83M	-771.99M	-1.06B	-852.49M
Dividends Paid	-58.03M	-184M	-188.2M	-254.95M	-308.19M	-84.15M	-355.74M	-235.19M	-501.46M	-531.95M
Share Repurchases	-223.65M	-132.39M	-47.81M	-24.75M	-18.23M	-346.36M	-122.43M	-94.14M	-537.16M	-303.65M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K	-1000K	-974K	1000K
Other Financing	-1.6M	-3.82M	-6.04M	-17.74M	-21.39M	-56.23M	-45.16M	-12.85M	-22.9M	-19.98M
Net Change in Cash+	89.19M	31.65M	155.19M	-132.87M	206.11M	1.35B	-803.52M	-119.5M	-86.15M	611.55M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	379K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	674.44M	763.63M	795.28M	950.47M	817.6M	1.02B	2.37B	1.57B	1.45B	1.36B
Cash at End	763.63M	795.28M	950.47M	817.6M	1.02B	2.37B	1.57B	1.45B	1.36B	1.97B
Free Cash Flow+	817.74M	797.55M	595.16M	570.34M	1.08B	1.58B	2.12B	2.52B	2.88B	3.57B
FCF Growth %	0.18%	-0.02%	-0.25%	-0.04%	0.9%	0.46%	0.34%	0.19%	0.14%	0.24%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	1.86	1.84	1.37	1.32	2.49	3.72	5.05	6	7.02	8.86

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	89.84%	88.29%	90.35%	89.44%	89.21%	91.3%	86.43%	84.6%	85.55%	83.4%
Medical Cost Ratio	82.1%	81.17%	79.43%	82.04%	81.29%	83.36%	78.61%	78.17%	77.56%	77.11%
Return on Equity (ROE)	10.88%	12.39%	10.43%	11.72%	11.76%	8.53%	15.74%	20.56%	19.4%	22.12%
Return on Assets (ROA)	1.91%	2.2%	1.89%	2.13%	2.39%	1.92%	3.37%	4.19%	3.89%	4.52%
Equity / Assets	17.57%	17.86%	18.31%	18.04%	22.95%	22.11%	20.77%	19.99%	20.08%	20.72%
Book Value / Share	10.54	11.71	12.52	12.66	14.05	14.89	15.89	16.15	18.22	20.85
Debt / Equity	0.47x	0.49x	0.46x	0.51x	0.43x	0.43x	0.49x	0.42x	0.38x	0.34x
Revenue Growth	-4.41%	6.21%	4.66%	-3.99%	2.74%	2.49%	16.75%	18.1%	8.74%	12.32%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Insurance-Domestic	4.66B	5.65B	6.23B	6.46B	6.4B	6.48B	7.58B	8.37B	9.96B	11.18B
Insurance-Domestic Growth	-	21.32%	10.20%	3.64%	-0.92%	1.28%	16.97%	10.43%	19.02%	12.25%
Reinsurance-Global	609.11M	640.45M	696.12M	600.82M	877.55M	1.01B	1.2B	-	-	1.7B
Reinsurance-Global Growth	-	5.14%	8.69%	-13.69%	46.06%	15.00%	19.27%	-	-	-
Reinsurance and Monoline Excess	-	-	-	-	-	-	-	1.19B	1.48B	-
Reinsurance and Monoline Excess Growth	-	-	-	-	-	-	-	-	24.29%	-
Consolidation Items	-	7.65B	-	-	-	-	-	-	-	-
Consolidation Items Growth	-	-	-	-	-	-	-	-	-	-
Insurance-International	772.14M	-	-	-	-	-	-	-	-	-
Insurance-International Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

W. R. Berkley Corporation (WRB) has a price-to-earnings (P/E) ratio of 15.8x. This is roughly in line with market averages.

Growth & Financials

W. R. Berkley Corporation (WRB) grew revenue by 12.3% over the past year. This is steady growth.

Yes, W. R. Berkley Corporation (WRB) is profitable, generating $1.91B in net income for fiscal year 2024 (12.9% net margin).

Dividend & Returns

Yes, W. R. Berkley Corporation (WRB) pays a dividend with a yield of 1.92%. This makes it attractive for income-focused investors.

W. R. Berkley Corporation (WRB) has a return on equity (ROE) of 22.1%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

W. R. Berkley Corporation (WRB) has a combined ratio of 83.4%. A ratio below 100% indicates underwriting profitability.

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