$WRB-PG

BERKLEY W R CORP

CIK:0000011544|SEC Filings

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income before noncontrolling interests	$ 452,306	$ 400,708	$ 967,881	$ 818,058
Other comprehensive (loss) income:
Change in unrealized currency translation adjustments	9,039	69,418	3,815	93,348
Change in unrealized investment (losses) gains, net of taxes	(47,769)	120,265	(192,725)	268,538
Other comprehensive (loss) income	(38,730)	189,683	(188,910)	361,886
Comprehensive income	413,576	590,391	778,971	1,179,944
Noncontrolling interests	(45)	580	(403)	803
Comprehensive income to common stockholders	$ 413,531	$ 590,971	$ 778,568	$ 1,180,747

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FROM OPERATING ACTIVITIES:
Net income to common stockholders	$ 967,478	$ 818,860
Adjustments to reconcile net income to net cash from operating activities:
Net investment losses (gains)	70,965	(47,328)
Depreciation and (accretion) amortization	(37,601)	(23,755)
Noncontrolling interests	403	(802)
Investment funds	(68,311)	(54,291)
Stock incentive plans	29,000	27,487
Change in:
Arbitrage trading account	(122,457)	(32,970)
Premiums and fees receivable	(332,615)	(362,327)
Reinsurance accounts	(133,470)	(133,771)
Deferred policy acquisition costs	(41,641)	(65,570)
Income taxes	(52,082)	28,500
Reserves for losses and loss expenses	948,666	1,067,618
Unearned premiums	367,110	422,524
Other	(127,541)	(196,551)
Net cash from operating activities	1,467,904	1,447,624
CASH USED IN INVESTING ACTIVITIES:
Proceeds from sale of fixed maturity securities	447,654	529,223
Proceeds from sale of equity securities	29,633	142,927
(Contributions to) distributions from investment funds	(13,505)	39,421
Proceeds from maturities and prepayments of fixed maturity securities	2,699,342	2,477,846
Purchase of fixed maturity securities	(4,158,366)	(4,228,781)
Purchase of equity securities	(196,037)	(121,451)
Real estate purchased	(97,740)	(15,950)
Change in loans receivable	150,338	109,279
Net proceeds from sale (purchases) of property, furniture and equipment	11,853	(36,794)
Change in balances due to security brokers	177,249	(54,351)
Net cash used in investing activities	(949,579)	(1,158,631)
CASH USED IN FINANCING ACTIVITIES:
Net proceeds from issuance of debt	199	429
Cash dividends to common stockholders	(33,704)	(254,175)
Purchase of common treasury shares	(413,922)	(49,202)
Other, net	(19,382)	(10,176)
Net cash used in financing activities	(466,809)	(313,124)
Net impact on cash due to change in foreign exchange rates	15,076	33,913
Net change in cash and cash equivalents	66,592	9,782
Cash and cash equivalents at beginning of period	2,539,938	1,974,747
Cash and cash equivalents at end of period	$ 2,606,530	$ 1,984,529

Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities (amortized cost of $26,265,637 and $25,170,368; allowance for expected credit losses of $440 and $74 at June 30, 2026 and December 31, 2025, respectively)	$ 25,899,992	$ 25,047,662
Investment funds	1,431,427	1,361,802
Real estate	1,350,849	1,279,748
Equity securities	1,502,237	1,358,201
Arbitrage trading account	1,292,382	1,221,103
Loans receivable (net of allowance for expected credit losses of $0 and $161 at June 30, 2026 and December 31, 2025, respectively)	265,644	418,913
Total investments	31,742,531	30,687,429
Cash and cash equivalents	2,606,530	2,539,938
Premiums and fees receivable (net of allowance for expected credit losses of $41,421 and $42,006 at June 30, 2026 and December 31, 2025, respectively)	3,755,577	3,417,112
Due from reinsurers (net of allowance for expected credit losses of $6,808 and $6,378 at June 30, 2026 and December 31, 2025, respectively)	3,643,933	3,543,013
Deferred policy acquisition costs	1,044,777	1,000,691
Prepaid reinsurance premiums	946,151	881,831
Trading account receivables from brokers and clearing organizations	3,139	11,669
Property, furniture and equipment	566,952	596,235
Goodwill	184,332	184,332
Accrued investment income	264,222	255,199
Current and deferred federal and foreign income taxes	64,670	0
Other assets	854,299	809,394
Total assets	45,677,113	43,926,843
Liabilities:
Reserves for losses and loss expenses	23,182,240	22,207,773
Unearned premiums	7,099,475	6,721,570
Due to reinsurers	646,261	615,781
Trading account securities sold but not yet purchased	6,576	66,285
Current and deferred federal and foreign income taxes	0	39,018
Other liabilities	2,059,148	1,724,797
Subordinated debentures	1,010,887	1,010,527
Senior notes and other debt	1,829,445	1,829,198
Total liabilities	$ 35,834,032	34,214,949
Equity:
Number of authorized shares not disclosed	true
Perferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none	$ 0	0
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,930,502 and 183,411,907 shares, respectively	158,705	158,705
Additional paid-in capital	1,015,222	987,708
Retained earnings	14,055,344	13,344,204
Accumulated other comprehensive loss	(640,007)	(451,097)
Treasury stock, at cost, 422,464,027 and 416,366,010 shares, respectively	(4,756,025)	(4,338,702)
Total stockholders’ equity	9,833,239	9,700,818
Noncontrolling interests	9,842	11,076
Total equity	9,843,081	9,711,894
Total liabilities and equity	$ 45,677,113	$ 43,926,843