Commercial property and casualty insurer and reinsurer WR Berkley Corporation reported that pre-tax underwriting revenue increased 14.9% to a record $338 million in the fourth quarter of 2025 (Q4’25) and a record $1.2 billion in the full year of 2025 (FY’25).
The strong underwriting results stemmed from an increase in gross written premiums (GWP) for the quarter to $3.61 billion, up from $3.5 billion in 4Q25. In FY25, global warming potential increased to US$15.12 billion from US$14.21 billion in 2024.
In addition, the company’s net premiums for the quarter were $2.99 ​​billion, compared with $2.94 billion in the fourth quarter of 2024; net premiums for FY25 were $12.71 billion, compared with $11.97 billion in 2024.
For 4Q25, the current incident annual combined ratio before catastrophe losses of 1.5 loss ratio points was 87.9%, with a reported combined ratio of 89.4%.
Total catastrophe losses in Q4 2025 and FY25 reached $47.6 million and $336 million, respectively, compared with $79.6 million and $297.6 million in 2024.
WR Berkley reported net investment income of $338 million in Q4 2025 and record net investment income of $1.42 billion in FY25, compared with $317 million and $1.33 billion, respectively, in 2024.
In the fourth quarter of ’24, net profit fell to $449.5 million from $576.1 million, while full-year net profit in 2025 increased to $1.8 billion from $1.75 billion in 2024.
Return on equity for the quarter was 21.4%; at the same time, operating income increased 9.5% to a record $450 million. In FY25, return on equity was 21.2% and operating income grew to a record $1.7 billion.
Looking at the market segments, the insurance business reported total revenue of $3.25 billion in 4Q25, compared with $3.16 billion in the previous year; net insured volume was $2.66 billion, compared with $2.62 billion in 4Q24. In FY25, gross gross profit margin (GPW) reached US$13.46 billion and net profit (NPW) reached US$11.18 billion.
The Reinsurance and Single Line Excess segment reported total revenue of $358 million in 4Q25, compared to $336 million in 4Q24, and net insured volume of $333 million, compared with $316 million in 4Q24. In FY25, total gross profit margin was US$1.64 billion and net profit was US$1.52 billion.
WR Berkley management commented, “The fourth quarter marked another period of strong performance, with a return on equity of 21.4% at the beginning of the year and a return of 21.2% for the full year. The company’s results reflected a fifth consecutive year of record underwriting revenue and net income, as well as a fourth year of record investment income. Book value per share increased 5.2% in the quarter and 26.7% for the full year, with final returns of $608 million provided to shareholders through dividends and stock repurchases, respectively. billion and US$971 million.
“For the full year, net written premiums increased to a record $12.7 billion. Our focus on profitable growth by maintaining rate adequacy and underwriting discipline resulted in a combined ratio of 89.4% for the quarter and 90.7% for the full year. We expect our margins to continue to be outstanding, with opportunities in select areas in 2026 Year-on-year continued growth. Investment income is expected to grow 13.3% in the quarter, with new funding rates above book yields and strong operating cash flow. Effective capital management is an important part of our responsibility in the current environment.
“In 2025, we repurchased more than 4 million shares, including 2.9 million shares in the fourth quarter, and paid the largest special dividend in our history. Our priority remains long-term value creation, and as strong earnings quickly generate additional excess capital, we will continue to return excess capital to shareholders in a disciplined and thoughtful manner. Our focus on long-term risk-adjusted returns will continue to drive superior performance throughout the market cycle. We remain confident that we can exceed the 15% after-tax return on equity at the beginning of the year.”
