Company profile

Ticker
WRB
Exchange
Website
Employees
Incorporated in
Location
Fiscal year end
SEC CIK
IRS number
221867895

Investment data

Data from SEC filings
Top 50 of 108 long holdings
End of quarter 31 Mar 20
Value
 
#Shares
 
Prev Q
 
Change
%, QoQ
$203.73M 3.91M 254.38K +1435.1
$30.93M 1.25M 1.25M 0
$27.74M 787.26K NEW
$27.11M 2.68M 1.24M +115.4
$20.78M 2M 1.8M +11.0
$19.1M 1.89M 741.09K +154.7
$17.8M 1.73M 976.21K +77.2
$17.61M 2M 2M 0
$14.83M 437.08K 437.08K 0
$14.67M 1.41M 1.41M +0.1
$14.03M 1.36M 493.69K +176.2
$13.52M 1.34M 433.23K +208.8
$12.8M 266.83K 266.83K 0
$12.21M 1.25M 396.88K +214.0
$12.08M 1.22M 198.44K +512.6
$12.06M 1.23M 347.03K +253.2
$12.05M 1.15M 1.05M +9.5
$11.8M 1.15M 259.26K +344.9
$11.72M 308.65K 308.65K 0
$11.68M 1.19M 347.27K +241.6
$10.51M 1.06M 248.05K +325.7
$10.06M 1.02M NEW
$9.77M 972.3K 74.42K +1206.6
$9.7M 954.85K 1.05M -9.3
$9.65M 948.86K 1.32M -28.3
$9.39M 946.36K 344.75K +174.5
$8.69M 855.82K 860.22K -0.5
$8.47M 157.67K 157.67K 0
$8.47M 822.92K 753.87K +9.2
$8.33M 819.8K 99.22K +726.2
$8.24M 820.08K 74.36K +1002.8
$8.15M 783.72K NEW
$7.64M 755.38K 754.29K +0.1
$7.51M 725.96K 457.42K +58.7
$7.47M 745.79K NEW
$7.45M 709.88K 709.88K 0
$7.32M 745.42K NEW
$7.3M 708.67K 942.14K -24.8
$6.78M 626.76K 567.78K +10.4
$6.72M 666.94K 486.8K +37.0
$6.64M 679.36K NEW
$6.55M 660.78K 99.15K +566.4
$6.42M 620.99K 703.11K -11.7
$6.2M 593.11K 593.11K 0
$6.13M 608.29K 297.03K +104.8
$5.53M 544.6K 544.6K 0
$4.54M 438.23K 929.38K -52.8
$4.32M 410.62K NEW
$3.5M 342.27K 192.44K +77.9
$3.43M 347.87K NEW
Holdings list only includes long positions. Only includes long positions.

Calendar

4 May 20
6 Jul 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 1.81B 1.98B 1.97B 2.02B
Net income -3.53M 119.79M 165.15M 217.43M
Diluted EPS -0.02 0.62 0.85 1.12
Net profit margin -0.19% 6.06% 8.40% 10.75%
Net change in cash -58.7M 211.16M -445.62M 320.75M
Cash on hand 965.01M 1.02B 812.55M 1.26B
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 7.9B 7.69B 7.68B 7.65B
Net income 683.99M 649.07M 553.34M 603.49M
Diluted EPS 3.52 3.33 2.84 4.68
Net profit margin 8.66% 8.44% 7.20% 7.88%
Net change in cash 206.11M -132.87M 155.19M 31.65M
Cash on hand 1.02B 817.6M 950.47M 795.29M

Financial data from Berkley W R earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
1 Jul 20 Leigh Ann Pusey Phantom Stock Common Stock Grant Aquire A No 57.395 65 3.73K 2,159
1 Jul 20 Mark Ellwood Brockbank Phantom Stock Common Stock Grant Aquire A No 57.395 130 7.46K 37,499
1 Jul 20 Christopher L Augostini Phantom Stock Common Stock Grant Aquire A No 57.395 148 8.49K 5,873
12 Jun 20 Berkley William R Common Stock Grant Aquire A No 0 3,483 0 7,309,045
12 Jun 19 Berkley William R JR Common Stock Grant Aquire A No 0 3,483 0 1,635,959
71.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 429 481 -10.8%
Opened positions 51 97 -47.4%
Closed positions 103 51 +102.0%
Increased positions 154 141 +9.2%
Reduced positions 152 168 -9.5%
13F shares
Current Prev Q Change
Total value 14.92B 8.94B +66.9%
Total shares 128.38M 129.35M -0.7%
Total puts 88K 26.3K +234.6%
Total calls 44.2K 24.4K +81.1%
Total put/call ratio 2.0 1.1 +84.7%
Largest owners
Shares Value Change
Vanguard 17.98M $937.84M +2.2%
BLK BlackRock 15.6M $813.77M -1.7%
Atlanta Capital Management Co L L C 9.65M $503.21M -5.5%
STT State Street 8.18M $426.66M -0.7%
JHG Janus Henderson 7.01M $365.58M -2.8%
First Eagle Investment Management 6.28M $327.5M -8.5%
WRB Berkley W R 3.91M $203.73M +1435.1%
APG Asset Management 3M $156.44M +57.2%
Geode Capital Management 2.8M $146.03M +2.5%
Victory Capital Management 2.5M $130.17M +3.9%
Largest transactions
Shares Bought/sold Change
WRB Berkley W R 3.91M +3.65M +1435.1%
Norges Bank 0 -1.4M EXIT
Millennium Management 264.67K -1.26M -82.7%
Boston Partners 0 -1.19M EXIT
APG Asset Management 3M +1.09M +57.2%
IVZ Invesco 2.24M +739.06K +49.1%
First Eagle Investment Management 6.28M -583.53K -8.5%
Atlanta Capital Management Co L L C 9.65M -557.89K -5.5%
Vanguard 17.98M +389.66K +2.2%
Wellington Management 2.14M -361.48K -14.5%

Financial report summary

?
Competition
Berkshire HathawayMunich ReSwiss Re
Risks
  • Our results may fluctuate as a result of many factors, including cyclical changes in the insurance and reinsurance industry.
  • Changing climate conditions may increase the frequency and severity of catastrophic events and thereby adversely affect our financial condition and results.
  • Our international operations expose us to investment, political and economic risks, including foreign currency and credit risk.
  • The United Kingdom leaving the EU could adversely affect our business.
  • We may be unable to attract and retain key personnel and qualified employees.
  • We are subject to credit risk relating to our policyholders, independent agents and brokers.
  • We are rated by A.M. Best, Standard & Poor's, Moody's, and Fitch, and a decline in these ratings could affect our standing in the insurance industry and cause our sales and earnings to decrease.
  • If market conditions cause reinsurance to be more costly or unavailable, we may be required to bear increased risks or reduce the level of our underwriting commitments.
  • Depending on conditions in the financial markets and the general economy, we may be unable to raise debt or equity capital if needed.
  • We may not find suitable acquisition candidates or new insurance ventures and even if we do, we may not successfully integrate any such acquired companies or successfully invest in such ventures.
  • We could be adversely affected by recent and future changes in U.S. Federal income tax laws.
  • We have invested a portion of our assets in equity securities, merger arbitrage securities, investment funds, private equity, loans and real estate related assets, which are subject to significant volatility and may decline in value.
  • We are an insurance holding company and, therefore, may not be able to receive dividends in needed amounts.
  • Laws and regulations of the jurisdictions in which we conduct business could delay, deter or prevent an attempt to acquire control of us that stockholders might consider to be desirable, and may restrict a stockholder's ability to purchase our common stock.
  • Certain provisions in our organizational documents may have the effect of hindering, delaying or preventing third party takeovers and thus may prevent our stockholders from receiving premium prices for their shares in an unsolicited takeover or make it more difficult for third parties to replace our current management.
Management Discussion
  • Following is a summary of gross and net premiums written, net premiums earned, loss ratios (losses and loss expenses incurred expressed as a percentage of net premiums earned), expense ratios (underwriting expenses expressed as a percentage of net premiums earned) and GAAP combined ratios (sum of loss ratio and expense ratio) for each of our business segments for the years ended December 31, 2018 and 2017. The GAAP combined ratio represents a measure of underwriting profitability, excluding investment income. A GAAP combined ratio in excess of 100 indicates an underwriting loss; a number below 100 indicates an underwriting profit. 
  • The Company reported net income of $641 million in 2018 compared to $549 million in 2017. The 17% increase in net income was primarily due to an after-tax increase in net investment income of $79 million, mainly driven by growth in the fixed maturity security portfolio, higher interest rates and an increase in investment funds, an after-tax increase in underwriting income of $72 million, a $34 million increase in after-tax foreign currency gains, an after-tax increase in income from non-insurance businesses of $6 million, and a $60 million decrease in tax expense primarily due to the reduction of the federal corporate tax rate from 35% to 21%, partially offset by a decrease in after-tax net investment gains of $145 million, an after-tax increase in interest expense of $8 million, an after-tax reduction in insurance service fee income of $4 million, and an after-tax increase in corporate expenses of $2 million. The number of weighted average diluted shares decreased slightly primarily due to share repurchases.
  • Premiums. Gross premiums written were $7,702 million in 2018, an increase of 3% from $7,477 million in 2017. The increase was due to growth in the Insurance segment of $281 million, partially offset by a decrease in the Reinsurance & Monoline Excess segment of $56 million. Approximately 78% of policies expiring in 2018 were renewed, and 79% of policies expiring in 2017 were renewed.
Content analysis ?
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Legalese
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H.S. freshman Bad
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Removed: April, arrangement, assessed, charge, collateralized, collect, commencing, conform, dividend, effected, expedient, February, fee, half, impaired, met, mortgage, originally, OTTI, performed, practical, presentation, prospectively, reclassified, recognizing, record, recover, renamed, rent, repurchase, residential, separate, split, structured, subsidiary, sustained, transition