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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 20, 2026
Commission File Number
1-15202


     W. R. BERKLEY CORPORATION     
(Exact name of registrant as specified in its charter)
Delaware 22-1867895
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer Identification No.)
   
475 Steamboat Road Greenwich Connecticut 06830
(Address of principal executive offices) (Zip Code)
(203) 629-3000
(Registrant’s telephone number, including area code)
None
Former name, former address and former fiscal year, if changed since last report.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of Each Class   Trading Symbol   Name of Each Exchange
on Which Registered
Common Stock, par value $.20 per share   WRB   New York Stock Exchange
5.700% Subordinated Debentures due 2058 WRB-PE New York Stock Exchange
5.100% Subordinated Debentures due 2059 WRB-PF New York Stock Exchange
4.250% Subordinated Debentures due 2060 WRB-PG New York Stock Exchange
4.125% Subordinated Debentures due 2061 WRB-PH New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    Emerging growth company     ☐    

W. R. Berkley Corporation         2

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.     ☐    

W. R. Berkley Corporation         3

Item 2.02 Results of Operations and Financial Condition.
Reference is made to the press release of W. R. Berkley Corporation (the “Company”) relating to the announcement of the Company’s results of operations for the second quarter of 2026. The press release was issued on July 20, 2026. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The information contained herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

W. R. Berkley Corporation         4

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1 Press Release dated July 20, 2026
Exhibit 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)




W. R. Berkley Corporation         5



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

W. R. BERKLEY CORPORATION




By:  /s/ Richard M. Baio
Name: Richard M. Baio
Title: Executive Vice President -
Chief Financial Officer




        


Date: July 20, 2026



EX-99.1 2 wrb63020268-kex991.htm EX-99.1 Document

NEWS
RELEASE
W. R. Berkley Corporation
475 Steamboat Road
Greenwich, Connecticut 06830
(203) 629-3000
             
FOR IMMEDIATE RELEASE     CONTACT:    Karen A. Horvath
Vice President - External
Financial Communications
(203) 629-3000


W. R. Berkley Corporation Reports Second Quarter 2026 Results
Gross Premiums Written Increased to a Record $4.1 Billion; Record Quarterly Net Investment Income of $418.7 Million; Return on Equity of 18.6% and Operating Return on Equity of 20.5%
Greenwich, CT, July 20, 2026 - W. R. Berkley Corporation (NYSE: WRB) today reported its second quarter 2026 results.
Summary Financial Data
(Amounts in thousands, except per share data)
Second Quarter Six Months
2026 2025 2026 2025
Gross premiums written $ 4,144,000  $ 3,977,769  $ 7,929,766  $ 7,661,708 
Net premiums written 3,430,234  3,351,439  6,604,580  6,484,742 
Net income to common stockholders 452,261  401,288  967,478  818,860 
Net income per diluted share 1.15  1.00  2.46  2.05 
Operating income (1) 497,145  420,486  1,011,402  840,442 
Operating income per diluted share (1) 1.27  1.05  2.57  2.10 
Return on equity (2) 18.6  % 19.1  % 19.9  % 19.5  %
Operating return on equity (1) (2) 20.5  % 20.0  % 20.9  % 20.0  %
(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).
(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.


W. R. Berkley Corporation        2

Second quarter highlights included:
•Return on equity of 18.6% and operating return on equity of 20.5%.
•Gross premiums written grew to a record $4.1 billion.
•Pre-tax underwriting income grew 21.8% to $317.5 million.
•Net investment income grew 10.4% to a record $418.7 million.
•Net income and operating income grew 12.7% and 18.2% to $452.3 million and $497.1 million, respectively.
•The current accident year combined ratio before catastrophe losses of 2.0 loss ratio points was 88.1% and reported combined ratio was 90.0%.
•Total capital returned to shareholders was $334.1 million, consisting of $185.5 million of special dividends, $111.5 million of share repurchases and $37.1 million of regular dividends.


Commenting on the Company's performance, W. Robert Berkley, Jr., chairman, chief executive officer, and president, said:
The Company delivered an excellent second quarter in 2026, generating an annualized 20.5% operating return on beginning-of-year stockholders’ equity, driven by outstanding underwriting performance and record net investment income.
Disciplined cycle management has long been and remains a hallmark of the Company’s success. We continue to see attractive opportunities across select liability lines. By focusing on business that offers appropriate risk-adjusted returns and favorable pricing, our Insurance segment grew gross and net premiums written by 5.4% and 3.7%, respectively, to record levels. This disciplined approach resulted in a strong overall 88.1% accident year combined ratio, excluding catastrophe losses.
Net investment income from fixed-maturity securities increased 11.9%, reflecting growth in invested assets and a higher portfolio yield. Credit quality remained excellent, with an average rating of AA-. In addition, current reinvestment rates continue to exceed our annual book yield, which combined with the 3.2-year duration of our fixed-maturity portfolio, provides both opportunity and flexibility.
We returned significant capital to shareholders through $223 million of regular and special dividends and $112 million of share repurchases.
Supported by a strong balance sheet and disciplined capital management, we remain well positioned to create long-term shareholder value. Our unwavering focus on risk-adjusted returns across both underwriting and investing has enabled us to deliver strong performance. We remain confident in our ability to generate excellent returns for shareholders.



W. R. Berkley Corporation        3
Webcast Conference Call
    The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on July 20, 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.




W. R. Berkley Corporation        4
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 2026 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. 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 government 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 cyber security-related risks; the increasing use of artificial intelligence technologies by us or third-parties on which we rely could expose us to technological, security, legal, and other risks; natural and man-made catastrophic losses, including as a result of terrorist activities or the ongoing conflict with Iran; the risk of future pandemics, as well as the continuing effects of the COVID-19 pandemic; the impact of climate-related risks, 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 to such conditions, on our results and financial condition; 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; cyber security breaches of our information technology systems and the information technology systems of our vendors and other third parties, or related processes and systems; 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.



# # #









W. R. Berkley Corporation        5

Consolidated Financial Summary
(Amounts in thousands, except per share data)
Second Quarter Six Months
2026 2025 2026 2025
Revenues:
  Net premiums written $ 3,430,234  $ 3,351,439  $ 6,604,580  $ 6,484,742 
  Change in net unearned premiums (242,845) (253,254) (302,019) (374,176)
    Net premiums earned 3,187,389  3,098,185  6,302,561  6,110,566 
  Net investment income 418,714  379,303  823,048  739,595 
  Net investment (losses) gains:
  Net realized and unrealized (losses) gains on investments (55,131) 30,533  (70,760) 46,244 
   Change in allowance for credit losses on investments (59) 440  (205) 1,084 
  Net investment (losses) gains (55,190) 30,973  (70,965) 47,328 
  Revenues from non-insurance businesses 134,427  128,839  290,978  257,748 
  Insurance service fees 30,620  32,757  58,849  61,686 
  Other income 159  751  1,982  1,284 
       Total Revenues 3,716,119  3,670,808  7,406,453  7,218,207 
Expenses:
   Loss and loss expenses 1,960,532  1,955,424  3,896,556  3,856,216 
   Other operating costs and expenses 1,025,920  1,039,307  1,996,579  1,989,217 
   Expenses from non-insurance businesses 122,741  122,437  258,583  248,801 
   Interest expense 31,728  31,777  63,438  63,504 
     Total expenses 3,140,921  3,148,945  6,215,156  6,157,738 
     Income before income tax 575,198  521,863  1,191,297  1,060,469 
   Income tax expense (122,892) (121,155) (223,416) (242,411)
     Net Income before noncontrolling interests 452,306  400,708  967,881  818,058 
   Noncontrolling interest (45) 580  (403) 802 
     Net income to common stockholders $ 452,261  $ 401,288  $ 967,478  $ 818,860 
 Net income per share:
 Basic $ 1.16  $ 1.01  $ 2.48  $ 2.06 
 Diluted $ 1.15  $ 1.00  $ 2.46  $ 2.05 
 Average shares outstanding (1):
 Basic 389,156  397,016  390,702  396,972 
 Diluted 391,804  400,368  393,316  400,098 

(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.



W. R. Berkley Corporation        6
Business Segment Operating Results
(Amounts in thousands, except ratios) (1)
Second Quarter Six Months
2026 2025 2026 2025
Insurance:
   Gross premiums written $ 3,802,768  $ 3,606,887  $ 7,164,335  $ 6,823,840 
   Net premiums written 3,123,983  3,013,703  5,903,700  5,708,158 
   Net premiums earned 2,826,030  2,728,784  5,591,522  5,371,291 
   Pre-tax income 578,572  512,672  1,103,235  1,022,177 
   Loss ratio 63.1  % 63.8  % 63.5  % 63.9  %
   Expense ratio 28.3  % 28.3  % 28.3  % 28.0  %
   GAAP Combined ratio 91.4  % 92.1  % 91.8  % 91.9  %
Reinsurance & Monoline Excess:
   Gross premiums written $ 341,232  $ 370,882  $ 765,431  $ 837,868 
   Net premiums written 306,251  337,736  700,880  776,584 
   Net premiums earned 361,359  369,401  711,039  739,275 
   Pre-tax income 145,506  127,299  288,212  247,679 
   Loss ratio 49.2  % 57.7  % 48.8  % 57.7  %
   Expense ratio 30.1  % 29.7  % 30.2  % 28.7  %
   GAAP Combined ratio 79.3  % 87.4  % 79.0  % 86.4  %
Corporate and Eliminations:
   Net investment (losses) gains $ (55,190) $ 30,973  $ (70,965) $ 47,328 
   Interest expense (31,728) (31,777) (63,438) (63,504)
   Other expenses (61,962) (117,304) (65,747) (193,211)
   Pre-tax loss (148,880) (118,108) (200,150) (209,387)
Consolidated:
   Gross premiums written $ 4,144,000  $ 3,977,769  $ 7,929,766  $ 7,661,708 
   Net premiums written 3,430,234  3,351,439  6,604,580  6,484,742 
   Net premiums earned 3,187,389  3,098,185  6,302,561  6,110,566 
   Pre-tax income 575,198  521,863  1,191,297  1,060,469 
   Loss ratio 61.5  % 63.1  % 61.8  % 63.1  %
   Expense ratio 28.5  % 28.5  % 28.6  % 28.2  %
   GAAP Combined ratio 90.0  % 91.6  % 90.4  % 91.3  %


(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.



W. R. Berkley Corporation        7
Supplemental Information
(Amounts in thousands)
Second Quarter Six Months
2026 2025 2026 2025
Net premiums written:
   Other liability $ 1,247,483  $ 1,218,988  $ 2,366,901  $ 2,327,253 
   Short-tail lines (1) 734,374  706,298  1,365,362  1,306,490 
   Auto 461,856  448,678  879,668  837,832 
   Workers' compensation 346,866  340,891  675,884  681,498 
   Professional liability 333,404  298,848  615,885  555,085 
     Total Insurance 3,123,983  3,013,703  5,903,700  5,708,158 
   Casualty (2) 162,948  188,929  320,934  375,718 
 Property (2) 110,884  115,926  219,897  248,084 
 Monoline excess 32,419  32,881  160,049  152,782 
     Total Reinsurance & Monoline Excess 306,251  337,736  700,880  776,584 
          Total $ 3,430,234  $ 3,351,439  $ 6,604,580  $ 6,484,742 
Current accident year losses from catastrophes:
   Insurance $ 59,784  $ 77,631  $ 135,259  $ 148,248 
   Reinsurance & Monoline Excess 2,584  21,603  2,786  62,094 
     Total $ 62,368  $ 99,234  $ 138,045  $ 210,342 
Net Investment income:
   Core portfolio (3) $ 370,906  $ 328,363  $ 725,397  $ 645,303 
   Investment funds 28,782  27,268  68,311  54,291 
   Arbitrage trading account 19,026  23,672  29,340  40,001 
     Total $ 418,714  $ 379,303  $ 823,048  $ 739,595 
Net realized and unrealized (losses) gains on investments:
   Net realized losses on investments $ (37,121) $ (33,097) $ (48,256) $ (37,333)
   Change in unrealized (losses) gains on equity securities (18,010) 63,630  (22,504) 83,577 
     Total $ (55,131) $ 30,533  $ (70,760) $ 46,244 
Other operating costs and expenses:
   Policy acquisition and insurance operating expenses $ 909,344  $ 882,099  $ 1,798,528  $ 1,720,345 
   Insurance service expenses 25,468  24,287  48,634  47,534 
   Net foreign currency losses (gains) 1,974  55,396  (15,037) 74,774 
   Other costs and expenses 89,134  77,525  164,454  146,564 
     Total $ 1,025,920  $ 1,039,307  $ 1,996,579  $ 1,989,217 
Cash flow from operations $ 800,047  $ 703,806  $ 1,467,904  $ 1,447,624 
Reconciliation of net income to operating income:
   Net income $ 452,261  $ 401,288  $ 967,478  $ 818,860 
   Pre-tax investment losses (gains), net of related expenses 55,190  (30,973) 70,965  (47,328)
   Pre-tax net foreign currency losses (gains) 1,974  55,396  (15,037) 74,774 
   Income tax benefit (12,280) (5,225) (12,004) (5,864)
     Operating income after-tax (4) $ 497,145  $ 420,486  $ 1,011,402  $ 840,442 
(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. Management believes this measurement provides a useful indicator of trends in the Company's underlying operations.


W. R. Berkley Corporation        8
Selected Balance Sheet Information
(Amounts in thousands, except per share data)
June 30, 2026 December 31,
2025
Net invested assets (1) $ 34,168,931  $ 33,173,381 
Total assets 45,677,113  43,926,843 
Reserves for losses and loss expenses 23,182,240  22,207,773 
Senior notes and other debt 1,829,445  1,829,198 
Subordinated debentures 1,010,887  1,010,527 
Common stockholders' equity (2) 9,833,239  9,700,818 
Common stock outstanding (3) 371,058  377,156 
Book value per share (4) 26.50  25.72 
Tangible book value per share (4) 25.89  25.11 


(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 June 30, 2026, reflected in common stockholders' equity are after-tax unrealized investment losses of $317 million and unrealized currency translation losses of $323 million. 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.
(3)During the six months ended June 30, 2026, the Company repurchased 6,156,370 shares of its common stock for $413.9 million. During the three months ended June 30, 2026, the Company repurchased 1,684,736 shares of its common stock for $111.5 million. The number of shares of common stock outstanding excludes shares held in a grantor trust (17,378,810 shares).
(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. Adjusted book value per share and adjusted tangible book value per share, including shares held in a grantor trust is $25.31 and $24.73, respectively.



W. R. Berkley Corporation        9
Investment Portfolio
June 30, 2026
(Amounts in thousands, except percentages)
Carrying Value Percent of Total
Fixed maturity securities:
   United States government and government agencies $ 4,402,996  12.9  %
   State and municipal:
        Special revenue 1,025,357  3.0  %
        State general obligation 211,953  0.6  %
        Local general obligation 181,600  0.5  %
        Corporate backed 133,248  0.4  %
        Pre-refunded 104,561  0.3  %
            Total state and municipal 1,656,719  4.8  %
   Mortgage-backed securities:
        Agency 4,083,630  12.0  %
        Commercial 206,784  0.6  %
        Residential - Prime 193,880  0.6  %
        Residential - Alt A 1,178  0.0  %
            Total mortgage-backed securities 4,485,472  13.2  %
   Asset-backed securities 4,076,528  11.9  %
   Corporate:
        Industrial 3,742,941  11.0  %
        Financial 3,646,986  10.7  %
        Utilities 1,692,946  4.9  %
        Other 195,222  0.6  %
            Total corporate 9,278,095  27.2  %
   Foreign government 2,000,182  5.8  %
            Total fixed maturity securities (1) 25,899,992  75.8  %
Equity securities available for sale:
   Common stocks 883,940  2.6  %
   Preferred stocks 618,297  1.8  %
            Total equity securities available for sale 1,502,237  4.4  %
Cash and cash equivalents (2) 2,426,400  7.1  %
Investment funds 1,431,427  4.2  %
Real estate 1,350,849  3.9  %
Arbitrage trading account 1,292,382  3.8  %
Loans receivable 265,644  0.8  %
          Net invested assets $ 34,168,931  100.0  %


(1)Total fixed maturity securities had an average rating of AA- and an average duration of 3.2 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.