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For the Transition Period from                      to                     .

(Exact name of registrant as specified in its charter)

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒     No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒     No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒

Number of shares of common stock, $.20 par value, outstanding as of April 28, 2025: 379,355,841

Part I — FINANCIAL INFORMATION

Item 1.     Financial Statements

(In thousands, except share data)

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

    The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”), have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Share and per share amounts have been adjusted to reflect the 3-for-2 common stock split effected on July 10, 2024.

The income tax provision has been computed based on the Company’s estimated annual effective tax rate. The effective income tax rate is greater than the federal income tax rate of 21%, primarily due to the geographical mix of earnings and amounts being subject to tax at a rate greater than the U.S. statutory rate and state taxes, which are partially offset by tax benefits related to tax-exempt investment income.

    The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 17,659,297 and 17,495,175 common shares held in a grantor trust as of March 31, 2025 and 2024, respectively). The common shares held in the grantor trust are designated for delivery upon the settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Accordingly, such shares deliverable under vested RSUs do not affect diluted shares outstanding since the shares are already included in basic shares outstanding (which includes the shares in the grantor trust referenced above). Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect.

    The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows:

    All accounting and reporting standards that became effective in 2025 were either not applicable to the Company or their adoption did not have a material impact on the Company.

    In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (Topic 740), to enhance the transparency and usefulness of income tax disclosures. The guidance requires improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. This guidance is effective for annual periods beginning after December 15, 2024. The Company will provide these additional disclosures in its financial statements for the year ended December 31, 2025.

All other recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company.

    The following table presents the components of the changes in accumulated other comprehensive income (loss) ("AOCI"):

____________

(1) Net investment gains in the consolidated statements of income.

(2) Income tax expense in the consolidated statements of income.

    Interest payments were $41,193,000 and $28,577,000 for the three months ended March 31, 2025 and 2024, respectively. There was an income tax refund of $18,740,000 for the three months ended March 31, 2025 and no income tax payments or refunds for the three months ended March 31, 2024.

    At March 31, 2025 and December 31, 2024, investments in fixed maturity securities were as follows:

 

____________

(In thousands)			Amortized Cost						Allowance for Expected Credit Losses (1)						Gross Unrealized												Fair Value						Carrying Value
															Gains						Losses
December 31, 2024
Held to maturity:
State and municipal			$	42,145					$	(25)					$	1,492					$	—					$	43,612					$	42,120
Residential mortgage-backed			2,292						—						69						—						2,361						2,292
Total held to maturity			44,437						(25)						1,561						—						45,973						44,412
Available for sale:
U.S. government and government agency			2,268,596						—						9,608						(42,863)						2,235,341						2,235,341
State and municipal:
Special revenue			1,581,778						—						3,521						(67,591)						1,517,708						1,517,708
State general obligation			272,936						—						1,439						(8,981)						265,394						265,394
Pre-refunded			85,340						—						599						(347)						85,592						85,592
Corporate backed			158,322						—						1,079						(5,827)						153,574						153,574
Local general obligation			278,165						—						922						(6,711)						272,376						272,376
Total state and municipal			2,376,541						—						7,560						(89,457)						2,294,644						2,294,644
Mortgage-backed:
Residential			3,411,796						(5)						11,047						(189,630)						3,233,208						3,233,208
Commercial			534,936						(425)						1,201						(3,430)						532,282						532,282
Total mortgage-backed			3,946,732						(430)						12,248						(193,060)						3,765,490						3,765,490
Asset-backed			3,910,363						—						16,161						(41,512)						3,885,012						3,885,012
Corporate:
Industrial			3,746,501						—						14,518						(93,820)						3,667,199						3,667,199
Financial			3,339,718						—						18,871						(38,076)						3,320,513						3,320,513
Utilities			795,839						—						2,970						(20,115)						778,694						778,694
Other			653,194						—						2,493						(4,452)						651,235						651,235
Total corporate			8,535,252						—						38,852						(156,463)						8,417,641						8,417,641
Foreign government			1,928,978						(216)						11,936						(185,373)						1,755,325						1,755,325
Total available for sale			22,966,462						(646)						96,365						(708,728)						22,353,453						22,353,453
Total investments in fixed maturity securities			$	23,010,899					$	(671)					$	97,926					$	(708,728)					$	22,399,426					$	22,397,865

____________

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended March 31, 2025 and 2024:

The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended March 31, 2025 and 2024:

During the three months ended March 31, 2025, the Company decreased the allowance for expected credit losses for available for sale securities primarily due to improved pricing related to mortgage-backed securities. During the three months ended March 31, 2024, the Company decreased the allowance for expected credit losses for available for sale securities primarily due to improved pricing associated with foreign government securities and corporate securities.

The amortized cost and fair value of fixed maturity securities at March 31, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.  

(In thousands)			Amortized Cost (1)						Fair Value
Due in one year or less			$	1,690,446					$	1,670,948
Due after one year through five years			9,241,233						9,022,933
Due after five years through ten years			3,964,722						3,943,627
Due after ten years			4,927,976						4,887,101
Mortgage-backed securities			4,225,688						4,097,493
Total			$	24,050,065					$	23,622,102

________________

(1) Amortized cost is reduced by the allowance for expected credit losses of $20 thousand related to held to maturity securities.    

At March 31, 2025 and December 31, 2024, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.

    At March 31, 2025 and December 31, 2024, investments in equity securities were as follows:

 

    At March 31, 2025 and December 31, 2024, the fair and carrying values of the arbitrage trading account were $832 million and $1,123 million, respectively. The primary focus of the trading account is merger arbitrage. Merger arbitrage is the business of investing in the securities of publicly held companies which are the targets in announced tender offers and mergers.

Arbitrage investing differs from other types of investing in its focus on transactions and events believed likely to bring about a change in value over a relatively short time period (usually four months or less).

    The Company uses put options and call options in order to mitigate the impact of potential changes in market conditions on the merger arbitrage trading account. These options are reported at fair value. As of March 31, 2025, the fair value of long option contracts outstanding was $22 million (notional amount of $311 million) and the fair value of short option contracts was $52 million (notional amount of $313 million). Other than with respect to the use of these trading account securities, the Company does not make use of derivatives.

    Net investment income consisted of the following: 

(1) Net investment income includes earnings from trading account receivables from brokers and clearing organizations.

    The Company evaluates whether it is an investor in a variable interest entity ("VIE"). Such entities do not have sufficient equity at risk to finance their activities without additional subordinated financial support, or the equity investors, as a group, do not have the characteristics of a controlling financial interest (primary beneficiary). The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE's capital structure, contractual terms, nature of the VIE's operations and purpose, and the Company's relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE and on an ongoing basis. The Company is not the primary beneficiary in any of its investment funds, and accordingly, carries its interests in investment funds under the equity method of accounting.    

    The Company’s maximum exposure to loss with respect to these investments is limited to the carrying amount reported on the Company’s consolidated balance sheet and its unfunded commitments, which were $270 million as of March 31, 2025.

    Investment funds consisted of the following:

    The Company's share of the earnings or losses from investment funds is generally reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements.

Financial services investment funds include the minority investment in Lifson Re, a Bermuda reinsurance company. Effective January 1, 2021, Lifson Re participated on a fully collateralized basis in a majority of the Company’s reinsurance placements for a 22.5% share of placed amounts. The percentage increased from 22.5% to 30.0% effective July 1, 2022 and was increased to 32.5% effective January 1, 2025. This pertains to all traditional reinsurance/retrocessional placements for both property and casualty business where there is more than one open market reinsurer participating. For the three months ended March 31, 2025 and 2024, the Company ceded approximately $171 million and $94 million, respectively, of written premiums to Lifson Re.

Other funds include deferred compensation trust assets of $40 million and $38 million as of March 31, 2025 and December 31, 2024, respectively. These assets support other liabilities reflected in the balance sheet of an equal amount for employees who have elected to defer a portion of their compensation. The change in the net asset value of the trust is recorded in other funds within net investment income with an offsetting equal amount within corporate expenses.

    Investment in real estate represents directly owned property held for investment, as follows:

    As of March 31, 2025, properties in operation included a long-term ground lease in Washington, D.C., an office complex in New York City and the completed portion of a mixed-use project in Washington D.C. Properties in operation are net of accumulated depreciation and amortization of $39,378,000 and $38,671,000 as of March 31, 2025 and December 31, 2024, respectively. Related depreciation expense was $2,228,000 and $1,941,000 for the three months ended March 31, 2025 and 2024, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $27,249,231 in 2025, $36,922,181 in 2026, $37,042,451 in 2027, $37,860,360 in 2028, $32,935,454 in 2029, $27,126,841 in 2030 and $407,461,333 thereafter.

    A mixed-use project in Washington, D.C. had been under development in 2025 and 2024, with the completed portion reported in properties in operation as of March 31, 2025.