BERKLEY W R CORP (WRB)

W. R. Berkley Corporation is a Delaware insurance holding company, formed in 1970, that is among the largest commercial lines writers in the United States and operates worldwide in the property casualty insurance business. It runs a decentralized structure of 60 individual businesses, 53 developed internally and seven added through acquisition. Each business sits close to its customers and serves a niche market requiring specialized knowledge. Capital, investment, reinsurance management, actuarial, financial, enterprise risk management and compliance support are centralized. The company is built around meeting customer needs, maintaining a high quality balance sheet and allocating capital to its best opportunities.

The company reports two segments. The Insurance segment accounted for about 88% of 2025 net premiums written ($11.2 billion of $12.7 billion total). It underwrites mainly commercial insurance, including excess and surplus lines, admitted lines and specialty personal lines. Its businesses are grouped into excess and surplus lines, industry specialty, product specialty and regional operations. Examples include Admiral Insurance, Nautilus Insurance Group and Berkley Environmental (excess and surplus), Berkley Accident and Health, Berkley Professional Liability and Berkley Surety (specialty lines), Carolina Casualty (transportation), regional carriers such as Acadia, Continental Western and Berkley Southeast, and Berkley One (high net worth personal lines). Some units also earn fees from claims, administrative and consulting services. The Reinsurance & Monoline Excess segment, about 12% of 2025 net premiums written ($1.5 billion), provides facultative and treaty reinsurance, operations that retain risk solely on an excess basis, and certain program management business.

Customers range from small and mid-sized businesses to Fortune 500 companies, along with public entities, healthcare providers, professional firms, specialty industries and high net worth individuals. Many customers have complex or hard-to-place risks that fall outside standard underwriting guidelines. Products are distributed through retail and wholesale agents, brokers, managing general agents, general agents and, in some cases, direct or web-based channels. The Insurance businesses operate primarily in the United States, with regional businesses in 45 states and the District of Columbia. They also have branches or offices in 52 cities outside the U.S., across Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom, as well as Lloyd's licensing. Reinsurance operates in the U.S., Asia Pacific, Australia, Continental Europe, South Africa and the United Kingdom.

The businesses underwrite on behalf of one or more affiliated insurance company subsidiaries. Thirty-three subsidiaries carry A+ (Superior) financial strength ratings from A.M. Best. Twenty-three are rated AA- by S&P and twenty-five are rated AA- by Fitch, and Moody's rates Berkley Insurance Company, Berkley Regional Insurance Company and Admiral Insurance Company A1.