WRB-PG · W.R. Berkley Corporation 4.125%

W. R. Berkley Corporation delivered strong Q1 2026 results, achieving a 21.2% return on beginning-of-year equity through balanced growth in underwriting and investments. Net income rose 23.4% to $515.2 million, with operating income reaching a record $514.3 million after excluding investment and foreign currency items. Gross premiums written increased 2.8% to $3.79 billion, reflecting 4.5% growth in the Insurance segment and a slight decline in Reinsurance & Monoline Excess. Average rate increases of 7.2% excluding workers' compensation supported premium expansion amid disciplined underwriting, evidenced by an 88.3% current accident year combined ratio before 2.4 points of catastrophe losses, and a reported 90.7% combined ratio. The Insurance segment maintained a stable 92.2% combined ratio, while Reinsurance improved to 78.6% due to a lower 48.3% loss ratio. Net investment income surged 12.2% to $404.3 million, fueled by higher invested assets, improved yields, and strong fund income, with the fixed-maturity portfolio at AA- rating and 3.1-year duration. Management highlighted the diversified operating model's stability, ongoing business growth where pricing supports returns, and effective capital allocation, repurchasing nearly 4.5 million shares. Total capital returned totaled $336.1 million. The company expressed confidence in exceeding its 15% after-tax ROE target long-term, underscoring resilience across cycles.