BERKLEY W R CORP (WRB)

W. R. Berkley Corporation, a Delaware corporation formed in 1970, is an insurance holding company and one of the largest commercial lines writers in the United States, operating worldwide through two reporting segments: Insurance and Reinsurance & Monoline Excess. The Insurance segment, which generated roughly 88% of net premiums written in 2025 ($11.18 billion of total $12.71 billion), underwrites predominantly commercial insurance, including excess and surplus lines, admitted lines, and specialty personal lines, across the United States as well as in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America, and the United Kingdom; it focuses on excess and surplus lines coverage for complex or unique risks, industry-specific specialty coverages (e.g., life sciences, entertainment, agribusiness, healthcare, technology, energy), product specialty lines such as workers' compensation and professional liability, and regionally focused standard commercial products for small-to-midsized businesses across 45 states. The Reinsurance & Monoline Excess segment, contributing about 12% of net premiums written, provides facultative and treaty reinsurance in the U.S., Asia Pacific, Australia, Continental Europe, South Africa, and the U.K., along with excess-only risk retention and program management business.

The company operates through 60 decentralized businesses (53 internally developed, 7 acquired), each serving niche markets defined by geography, product line, or industry, supported by centralized capital, investment, reinsurance, actuarial, and compliance functions; notable units include Acadia Insurance, Admiral Insurance, Berkley Accident and Health, Berkley One (targeting high-net-worth individuals), Berkley Surety, Nautilus Insurance Group, Continental Western Group, Carolina Casualty (transportation), Key Risk and Berkley Industrial Comp (workers' compensation), Berkley Professional Liability, Berkley Life Sciences, Berkley Offshore Underwriting Managers (energy and marine), and international units such as Berkley Canada, Berkley Insurance Asia, Berkley Insurance Australia, Berkley Latinoamérica, and W R B Europe. Products are distributed via independent retail and wholesale agents, brokers, and managing general agents, serving customers ranging from small businesses and individuals to Fortune 500 companies, governmental and scholastic entities, financial institutions, and specialized industries such as construction, transportation, healthcare, agriculture, energy, and technology. The company's insurance subsidiaries maintain strong financial strength ratings from A.M. Best (A+), S&P (AA-), Moody's (A1), and Fitch (AA-).