FOR IMMEDIATE RELEASE     CONTACT:    Karen A. Horvath

Vice President - External

Financial Communications

(203) 629-3000

Greenwich, CT, January 26, 2026 - W. R. Berkley Corporation (NYSE: WRB) today reported its fourth quarter and full year 2025 results.

(1)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and related expenses and after-tax net foreign currency gains (losses). Commencing with the second quarter of 2025, the Company’s 2024 financial information has been restated to exclude after-tax net foreign currency gains (losses) from operating income to conform with this presentation.

(2)Return on equity and operating return on equity represent net income and operating income, respectively, expressed on an annualized basis as a percentage of beginning of year common stockholders’ equity.

Fourth quarter highlights included:

•Return on equity of 21.4%.

•Book value per share grew 5.2%, before dividends and share repurchases.

•Record pre-tax underwriting income grew 14.9% to $338 million.

•Operating income grew 9.5% to a record of $450 million.

•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%.

•Average rate increases excluding workers' compensation were approximately 7.1%.

•Total capital returned to shareholders was $608.3 million, consisting of $377.9 million of special dividends, $196.4 million of share repurchases and $34.0 million of regular dividends.

Full year highlights included:

•Return on equity of 21.2%.

•Book value per share grew 26.7%, before dividends and share repurchases.

•Record gross and net premiums written grew to $15.1 billion and $12.7 billion, respectively.

•Record annual pre-tax underwriting income grew to $1.2 billion.

•Net investment income grew 7.2% to a record of $1.4 billion.

•Net income and operating income grew to records of $1.8 billion and $1.7 billion, respectively.

•Average rate increases excluding workers' compensation were approximately 7.6%.

•Total capital returned to shareholders was $970.5 million, consisting of $567.6 million of special dividends, $270.2 million of share repurchases and $132.7 million of regular dividends.

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.

Webcast Conference Call

    The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on January 26, 2026, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at https://ir.berkley.com/events-and-presentations/default.aspx. Please log on early to register. A replay of the webcast will be available on the Company's website approximately two hours after the end of the conference call. Additional financial information can be found on the Company's website at https://ir.berkley.com/investor-relations/financial-information/quarterly-results/default.aspx.

About W. R. Berkley Corporation

    Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance & Monoline Excess.

Forward Looking Information

This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2025 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. Forward-looking statements are generally, although not always, identified by words such as "may," "should," "expects," "provides," "anticipates," "assumes," "can," "will," "meets," "could," "likely,"

"intends," "might," "predicts," "seeks," "would," "believes," "estimates," "plans," "continues," or similar expressions. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to: the cyclical nature of the property casualty industry; the impact of significant competition, including new entrants to the industry; the long-tail and potentially volatile nature of the insurance and reinsurance business; product demand and pricing; claims development and the process of estimating reserves; investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, foreign governmental bonds, municipal bonds, mortgage-backed securities, loans receivable, investment funds, including real estate, merger arbitrage, energy-related and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts, including claims for cybersecurity-related risks; natural and man-made catastrophic losses, including as a result of terrorist activities; the impact of climate change, which may alter the frequency and increase the severity of catastrophe events; general economic and market activities, including inflation, the risk of recession, changing interest rates, the impact of tariffs and volatility in the credit and capital markets; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response, on our results and financial condition; cyber security breaches of our information technology systems and the information technology systems of our vendors and other third parties; the use of artificial intelligence technologies by us or third-parties on which we rely could expose us to technological, security, legal, and other risks; the risk of future pandemics, as well as continuing effects of the COVID-19 pandemic; foreign currency and political risks relating to our international operations; our ability to attract and retain key personnel and qualified employees; continued availability of capital and financing; the success of our new ventures or acquisitions and the availability of other opportunities; the availability of reinsurance; our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2019; the ability or willingness of our reinsurers to pay reinsurance recoverables owed to us; other legislative and regulatory developments, including those related to business practices in the insurance industry; credit risk related to our policyholders, independent agents and brokers; changes in the ratings assigned to us or our insurance company subsidiaries by rating agencies; the availability of dividends from our insurance company subsidiaries; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for the year 2026 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

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(1)Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.

(Amounts in thousands, except ratios) (1)

						Fourth Quarter												Twelve Months
						2025						2024						2025			2024
			Insurance:
			Gross premiums written			$	3,248,634					$	3,161,104					$	13,465,496		$	12,662,132
			Net premiums written			2,665,812						2,620,112						11,183,713			10,549,550
			Net premiums earned			2,791,728						2,638,481						10,936,028			10,086,308
			Pre-tax income			530,530						504,460						2,027,244			1,942,083
			Loss ratio			62.5		%				62.2		%				63.5		%	62.8		%
			Expense ratio			28.1		%				28.3		%				28.2		%	28.4		%
			GAAP Combined ratio			90.6		%				90.5		%				91.7		%	91.2		%
			Reinsurance & Monoline Excess:
			Gross premiums written			$	358,471					$	336,180					$	1,639,573		$	1,548,958
			Net premiums written			333,843						316,638						1,527,614			1,422,546
			Net premiums earned			388,262						372,420						1,510,910			1,462,177
			Pre-tax income			125,852						109,296						517,538			466,595
			Loss ratio			51.9		%				58.9		%				54.6		%	54.7		%
			Expense ratio			29.1		%				29.5		%				29.1		%	29.4		%
			GAAP Combined ratio			81.0		%				88.4		%				83.7		%	84.1		%
			Corporate and Eliminations:
			Net investment gains			$	5,931					$	158,526					$	132,220		$	117,708
			Interest expense			(31,627)						(31,751)						(126,892)			(126,907)
			Other expenses			(58,722)						(12,230)						(269,567)			(134,986)
			Pre-tax (loss) income			(84,418)						114,545						(264,239)			(144,185)
			Consolidated:
			Gross premiums written			$	3,607,105					$	3,497,284					$	15,105,069		$	14,211,090
			Net premiums written			2,999,655						2,936,750						12,711,327			11,972,096
			Net premiums earned			3,179,990						3,010,901						12,446,938			11,548,485
			Pre-tax income			571,964						728,301						2,280,543			2,264,493
			Loss ratio			61.2		%				61.8		%				62.4		%	61.8		%
			Expense ratio			28.2		%				28.4		%				28.3		%	28.5		%
			GAAP Combined ratio			89.4		%				90.2		%				90.7		%	90.3		%

(1)Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.

(Amounts in thousands)

						Fourth Quarter												Twelve Months
						2025						2024						2025						2024
Net premiums written:
Other liability						$	1,081,738					$	1,063,789					$	4,501,540					$	4,277,085
Short-tail lines (1)						612,648						581,260						2,582,155						2,349,615
Auto						399,979						384,279						1,654,767						1,554,299
Workers' compensation						271,394						304,431						1,283,073						1,243,674
Professional liability						300,053						286,353						1,162,178						1,124,877
Total Insurance						2,665,812						2,620,112						11,183,713						10,549,550
Casualty (2)						171,640						170,720						740,052						738,242
Property (2)						117,665						105,735						485,420						412,661
Monoline excess						44,538						40,183						302,142						271,643
Total Reinsurance & Monoline Excess						333,843						316,638						1,527,614						1,422,546
Total						$	2,999,655					$	2,936,750					$	12,711,327					$	11,972,096
Current accident year losses from catastrophes:
Insurance						$	42,218					$	35,645					$	260,290					$	226,576
Reinsurance & Monoline Excess						5,353						43,973						76,139						71,046
Total						$	47,571					$	79,618					$	336,429					$	297,622
Net Investment income:
Core portfolio (3)						$	352,267					$	312,785					$	1,327,078					$	1,275,079
Investment funds						(32,131)						(12,358)						27,582						(11,491)
Arbitrage trading account						18,098						17,011						74,407						69,573
Total						$	338,234					$	317,438					$	1,429,067					$	1,333,161
Net realized and unrealized gains on investments:
Net realized gains (losses) on investments						$	2,455					$	(11,339)					$	34,333					$	(41,061)
Change in unrealized gains on equity securities						3,170						163,242						96,337						120,799
Total						$	5,625					$	151,903					$	130,670					$	79,738
Other operating costs and expenses:
Policy acquisition and insurance operating expenses						$	895,867					$	855,997					$	3,516,524					$	3,294,902
Insurance service expenses						24,129						24,331						94,374						90,640
Net foreign currency losses (gains)						5,241						(53,699)						68,006						(52,376)
Other costs and expenses						87,047						70,787						297,930						269,140
Total						$	1,012,284					$	897,416					$	3,976,834					$	3,602,306
Cash flow from operations						$	995,132					$	810,033					$	3,582,616					$	3,678,368
Reconciliation of net income to operating income:
Net income						$	449,511					$	576,101					$	1,779,403					$	1,756,115
Pre-tax investment gains, net of related expenses						(5,231)						(158,526)						(131,890)						(117,708)
Pre-tax net foreign currency losses (gains)						5,241						(53,699)						68,006						(52,376)
Income tax expense						53						46,561						13,889						40,466
Operating income after-tax (4)						$	449,574					$	410,437					$	1,729,408					$	1,626,497

(1)Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines.

(2)Includes reinsurance casualty and property and certain program management business.

(3)Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable.

(4)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and after tax net foreign currency gains (losses). Net investment gains (losses) are computed net of related expenses, including performance-based compensatory costs associated with realized investment gains. Commencing with the second quarter of 2025, the Company’s 2024 financial information has been restated to exclude after-tax net foreign currency gains (losses) from operating income to conform with this presentation. Management believes this measurement provides a useful indicator of trends in the Company’s underlying operations.

(1)Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities.

(2)As of December 31, 2025, reflected in common stockholders' equity are after-tax unrealized investment losses of $125 million and unrealized currency translation losses of $326 million. As of December 31, 2024, reflected in common stockholders' equity are after-tax unrealized investment losses of $517 million and unrealized currency translation losses of $417 million.

(3)During the year ended December 31, 2025, the Company repurchased 4,069,026 shares of its common stock for $270.2 million. During the three months ended December 31, 2025, the Company repurchased 2,869,026 shares of its common stock for $196.4 million. The number of shares of common stock outstanding excludes shares held in a grantor trust.

(4)Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding.

(Amounts in thousands, except percentages)

(1)Total fixed maturity securities had an average rating of AA- and an average duration of 3.0 years, including cash and cash equivalents.

(2)Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.