Insurance holding company WR Berkley Corporation reported gross written premiums (GWP) of $4.1 billion in the second quarter of 2026, a new record, compared with $3.97 billion in the second quarter of 2025. Global warming potential for the first six months of 2026 was reported at US$7.9 billion, compared with US$7.6 billion in the first half of 2025.
The company’s insurance segment is the largest contributor to GWP, generating $3.8 billion in 2Q26 and $7.1 billion in 1H26. At the same time, the GWP of the reinsurance division was US$341 million, compared with US$838 million in 1H26.
Net written premiums (NWP) remained essentially stable year over year, reaching $3.43 billion in 2Q26 compared to $3.4 billion in 2Q25. In 1H26, NWP was $6.6 billion compared to $6.5 billion in 1H25.
The insurer reported net premium income (NPE) of $3.2 billion in 2Q26, compared to $3.1 billion in the same period last year; in 1H26, NPE was $6.3 billion, compared with $6.1 billion in 1H25.
WR Berkley reported pre-tax underwriting revenue increased 21.8% to $317.5 million in 2Q26. Meanwhile, the quarter’s current accident annual combined ratio before catastrophe losses at 2 loss ratio points was 88.1%, with a reported combined ratio of 90%.
Across all business lines, catastrophe losses were $62.0 million in the second quarter of 2026 compared to $99.2 million in the second quarter of 2025, a significant decrease given our strong performance to date. Meanwhile, catastrophe losses in 1H26 were $138 million, compared with $210 million in 1H25.
In the second quarter of 2026, net profit and operating income increased by 12.7% and 18.2%, respectively, to US$452.3 million and US$497.1 million. Net profit in the first half of 2026 increased to US$967 million, compared with US$818 million in the first half of 25.
Meanwhile, net investment income increased 10.4% in 2Q26 to a record $418.7 million, compared with $379 million in the same period last year. Net investment income was US$823 million in 1H26 compared to US$739 million in 1H25.
W. Robert Berkley, Jr., Chairman, Chief Executive Officer and President, commented: “Driven by strong underwriting results and record net investment income, the Company performed well in the second quarter of 2026, beginning the year with an annualized operating return on stockholders’ equity of 20.5%. Disciplined cycle management has long been a hallmark of the Company’s success.
“We continue to see attractive opportunities in select liability lines. By focusing on businesses that provide appropriate risk-adjusted returns and favorable pricing, our Insurance segment grew gross premiums and net premiums by 5.4% and 3.7%, respectively, to record levels. This disciplined approach resulted in an overall accident annual combined ratio of 88.1%, excluding catastrophe losses.”
He continued: “Net investment income on fixed-maturity securities increased 11.9%, reflecting growth in invested assets and higher portfolio yields. Credit quality remains excellent with an average rating of AA-. Additionally, current reinvestment rates continue to exceed our annual book yield, which combined with the 3.2-year maturity of our fixed-maturity portfolio provides opportunity and flexibility. We have returned significant capital repurchases to shareholders through $223 million in regular and special dividends and $112 million in stock repurchases.”
“We continue to be able to create long-term shareholder value, supported by a strong balance sheet and disciplined capital management. Our unwavering focus on risk-adjusted returns in both underwriting and investing has enabled us to deliver strong results. We remain confident in our ability to generate superior returns for our shareholders.”
