WRB Berkley W R (WRB) Q2 FY26 earnings call
W. R. Berkley delivered strong Q2 FY26 results, driven by robust underwriting performance and record net investment income, leading to a 20.5% annualized return on equity. The company continues to return significant capital to shareholders while strategically investing in technology and AI for future efficiency gains. Management is navigating a fragmented market with specific headwinds in reinsurance and certain casualty lines, maintaining discipline and focusing on attractive growth opportunities.
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WRB operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Combined ratio | 90.7%Starting with underwriting performance, current accident year combined ratio, excluding cat losses, was 88.3%, and the calendar year combined ratio was 90.7%.Source: earnings call transcript | 90%Underwriting performance yielded a current accident year combined ratio excluding catastrophe losses of 88.1% and a calendar year combined ratio of 90%.Source: earnings call transcript | 90.8%That brings our calendar year combined ratio to 90.8% in the current quarter.Source: earnings call transcript | +0.8 pt |
| Policy retention rate | ~80%The renewal retention ratio continues to sit at around 80% and that thing fluctuates between 78.5% and 81.5%.Source: earnings call transcript | ~80%There were no -- so in the aggregate, yes, in the aggregate, our renewal retention ratio continues to hover right -- sit right around 80%.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.