Sep 2026 (Q3 FY26) — Oct 19, 2026
W. R. Berkley Corporation Q3 FY26 — Strong Underwriting and Investment Performance Drive 18.8% Operating ROE
Read the full callBerkley W R earnings: last reported Mon, 19 Oct 2026, for the quarter ended Sep 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,716 | +1.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 452 | +12.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
2 of 2 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year net premiums written growth (standing organizational target) | 10% to 15% annual net premiums written growth | Sep 2024 | do I think that things are going to fall off considerably from here? No. And do I think things can improve from here? I think it is certainly possible. | Diluted |
| Full-year effective tax rate | Approximately 23%, plus or minus (FY26 effective tax rate) | Dec 2025 | The effective tax rate of 21.4% was below our normalized run rate of 23%, plus or minus due to the mix of earnings from foreign operations taxed at higher marginal tax rates as well as the nonrecurring utilization of certain tax credits. | On Track |
5 of BERKLEY W R CORP's 7 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 5 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $75.02 on 22 Oct 2025 → $73.33. High $78.1 (21 Nov 2025), low $63.54 (29 May 2026).
Overview
Guidance
2 of 2 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year net premiums written growth (standing organizational target) | 10% to 15% annual net premiums written growth | Sep 2024 | do I think that things are going to fall off considerably from here? No. And do I think things can improve from here? I think it is certainly possible. | Diluted |
| Full-year effective tax rate | Approximately 23%, plus or minus (FY26 effective tax rate) | Dec 2025 | The effective tax rate of 21.4% was below our normalized run rate of 23%, plus or minus due to the mix of earnings from foreign operations taxed at higher marginal tax rates as well as the nonrecurring utilization of certain tax credits. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 7 tracked commitments, with each call’s wording and source.
Call summaries
W. R. Berkley Corporation Q3 FY26 — Strong Underwriting and Investment Performance Drive 18.8% Operating ROE
Read the full callW. R. Berkley Corporation Q2 FY26 — Strong Underwriting and Investment Income Drive Record Results
Read the full callW. R. Berkley Corporation Q1 FY26 — Record Investment Income and Strong Underwriting
Read the full callEvery analysed call
Financials
Net profit, year on year: +13% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,400 | 3,668 | 3,547 | 3,671 | 3,768 | 3,721 | 3,690 | 3,716 |
| Interest | 32 | 32 | 32 | 32 | 32 | 32 | 32 | 32 |
| Profit before tax | 474 | 728 | 539 | 522 | 648 | 572 | 616 | 575 |
| Tax rate | 23.0% | 21.0% | 22.5% | 23.2% | 21.0% | 20.5% | 16.3% | 21.4% |
| Net profit | 366 | 576 | 418 | 401 | 511 | 450 | 515 | 452 |
| EPS ($ per share) | 0.92 | — | 1.05 | 1.01 | 1.29 | — | 1.31 | 1.16 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 71 | 71 | 71 | 106 | 106 | 159 | 159 | 159 |
| Reserves | 7,559 | 7,932 | 8,348 | 9,015 | 10,161 | 11,041 | 12,265 | 13,344 |
| Total liabilities | 19,416 | 20,544 | 22,281 | 25,419 | 27,093 | 29,733 | 32,160 | 34,215 |
| Fixed assets | 416 | 422 | 406 | 420 | 423 | 427 | 479 | 596 |
| Total assets | 24,896 | 26,662 | 28,607 | 32,086 | 33,861 | 37,202 | 40,567 | 43,927 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 620 | 1,144 | 1,617 | 2,184 | 2,569 | 2,929 | 3,678 | 3,583 |
| Cash from investing | -714 | -425 | 120 | -2,989 | -1,891 | -1,962 | -2,184 | -2,029 |
| Cash from financing | -7 | -513 | -398 | 6 | -772 | -1,062 | -852 | -1,026 |
| Net cash flow | -133 | 206 | 1,349 | -804 | -119 | -86 | 612 | 565 |
| Capital expenditure | -50 | -60 | — | — | — | — | — | — |
| Free cash flow | 570 | 1,083 | — | — | — | — | — | — |
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Insurance | — | — | — | — | — | — | 84% | 85% | — |
| Reinsurance and Monoline Excess | 12% | 12% | 12% | 12% | 12% | 12% | 11% | 12% | -4.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
| KPI | Mar 2026 Q1 FY26 | 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.
Q2 FY2026 · share of revenue
As WRB cuts its regions in its filings; they can nest, so they need not add to 100%.
113 filings between Dec 18, 2025 and Aug 3, 2026.
Purchases
$705.46M
94 purchases by 1 insider
Sales
None
No insider sold shares.
Also filed: 1 gift.
| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MITSUI SUMITOMO INSURANCE CO LTD | $705.46M | — | Mar 3, 2026 |
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 3, 2026 | SHIEL JAMES G EVP - Investments | Award | 14,086 | $0 |
| Aug 3, 2026 | Welt Philip S EVP & Secretary | Tax withheld | 592 | $42.8K |
| Aug 3, 2026 | SHIEL JAMES G EVP - Investments | Tax withheld | 650 | $47.0K |
| Aug 3, 2026 | BERKLEY WILLIAM R JR Chairman, President and CEO | Award | 98,593 | $0 |
| Aug 3, 2026 | Baio Richard Mark EVP & CFO | Tax withheld | 650 | $47.0K |
| Aug 3, 2026 | Welt Philip S EVP & Secretary | Award | 14,086 | $0 |
| Aug 3, 2026 | Baio Richard Mark EVP & CFO | Award | 14,086 | $0 |
| Aug 3, 2026 | BERKLEY WILLIAM R JR Chairman, President and CEO | Tax withheld | 4,139 | $299.2K |
| Jun 3, 2026 | BERKLEY WILLIAM R JR President and CEO | Award | 3,090 | $0 |
| Jun 3, 2026 | Rusbuldt Robert Alan Director | Award | 3,090 | $0 |
| Jun 3, 2026 | Farrell Mary C Director | Award | 3,090 | $0 |
| Jun 3, 2026 | Talisman Jonathan Director | Award | 3,090 | $0 |
| Jun 3, 2026 | Augostini Christopher L Director | Award | 3,090 | $0 |
| Jun 3, 2026 | Mosley Daniel Lynn Director | Award | 3,090 | $0 |
| Jun 3, 2026 | BERKLEY WILLIAM R Executive Chairman | Award | 3,090 | $0 |
| Jun 3, 2026 | BLAYLOCK RONALD E Director | Award | 3,090 | $0 |
| Jun 3, 2026 | Ferre Maria Luisa Director | Award | 3,090 | $0 |
| Jun 3, 2026 | Mattson Marie Angela Director | Award | 3,090 | $0 |
| Mar 3, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 38,991 | $2.79M |
| Mar 3, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 73,185 | $5.31M |
| Mar 2, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 100,897 | $7.39M |
| Mar 2, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 45,103 | $3.26M |
| Feb 27, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 147,000 | $10.53M |
| Feb 26, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 7,509 | $541.5K |
| Feb 26, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 145,491 | $10.42M |
| Feb 25, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 154,512 | $11.03M |
| Feb 25, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 14,356 | $1.03M |
| Feb 24, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 61,594 | $4.39M |
| Feb 24, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 103,192 | $7.28M |
| Feb 23, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 16,410 | $1.18M |
| Feb 23, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 203,590 | $14.47M |
| Feb 20, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 160,582 | $11.37M |
| Feb 19, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 300,986 | $21.23M |
| Feb 19, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 44,014 | $3.15M |
| Feb 18, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 45,250 | $3.21M |
| Feb 18, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 239,750 | $16.92M |
| Feb 17, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 281,386 | $20.03M |
| Feb 13, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 4,314 | $303.3K |
| Feb 13, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 15,406 | $1.07M |
| Feb 13, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 280 | $19.9K |
| Feb 12, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 17,599 | $1.27M |
| Feb 12, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 2,401 | $174.7K |
| Feb 11, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 11,163 | $797.6K |
| Feb 11, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 3,578 | $252.3K |
| Feb 11, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 9,289 | $646.4K |
| Feb 10, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 12,082 | $844.8K |
| Feb 10, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 21,884 | $1.51M |
| Feb 9, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 35,952 | $2.49M |
| Feb 9, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 4,048 | $284.7K |
| Feb 6, 2026 | MITSUI SUMITOMO INSURANCE CO LTD 10% owner | Purchase 10b5-1 plan | 15,694 | $1.11M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Free account. Everything above stays public.
Write why you follow BERKLEY W R CORP and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading