Insurance holding company WR Berkley Corporation reported gross written premiums (GWP) increased to $3.8 billion in Q1’26, compared with $3.7 billion in Q1’25.
Meanwhile, net written premiums remained essentially stable year-over-year, reaching US$3.17 billion in 1Q26 compared to US$3.13 billion in 1Q25.
In the first quarter of 2026, the insurer reported net income of $515.2 million and a combined ratio of 90.7%, with catastrophe losses contributing 2.4 loss ratio points.
Net profit and operating income increased to US$515.2 million and a record US$514.3 million respectively, and net investment income increased 12.2% to a record US$404.3 million.
The company’s management praised the “outstanding performance” in 1Q26, highlighting that the annualized return on shareholders’ equity at the beginning of the year was 21.2%, which reflected the continued growth of underwriting and investment income.
Management continued: “We returned a total of $336 million of capital during the quarter through regular dividends and stock repurchases.
“Excluding catastrophe losses, our annual combined casualty ratio was 88.3%, demonstrating the stability of underwriting earnings generated through our diversified operating model.
“We are growing our business with pricing, terms and conditions that support attractive risk-adjusted returns. Our team continued to execute across a broad range of market conditions, with the Insurance segment’s gross and net premiums growing 4.5% and 3.2%, respectively.
“Net investment income increased 12.2%, driven by continued strong operating cash flow, improved portfolio yields and higher levels of investment assets resulting from strong investment fund income, which enhanced overall profitability. The credit quality of the fixed maturity portfolio remains high, with an average rating of AA- and a duration of 3.1 years.
“Our balance sheet remains a source of strength, and we prioritized effective capital management by repurchasing nearly 4.5 million shares in the first quarter. Our disciplined focus on long-term risk-adjusted returns continues to drive superior performance through market cycles and create long-term value for our shareholders. We remain confident that we will exceed our 15% after-tax ROE target for the foreseeable future.”
