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W.R. Berkley (WRB)

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess.

Company profile

Ticker
WRB, WRB-PE, WRB-PG, WRB-PF, WRB-PH
Exchange
Website
CEO
William Berkley
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
120dB Films Capital, LLC • 120dB Films Lending, LLC • 34 Leadenhall Street Limited • 52 Lime Street Management Limited • 860 Development Co LLC • 860 Washington Street LLC • Abercrombie Textiles, LLC • Acadia Insurance Company • Acadia Insurance Group, LLC • Admiral Indemnity Company ...
IRS number
221867895

WRB stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Top 50 of 573 long holdings
End of quarter 31 Mar 22
Value
 
#Shares
 
Prev Q
 
Change
%, QoQ
$122.92M 6.5M 6.36M +2.2
$110.52M 2.4M 2.3M +4.4
$104.36M 2.51M 2.44M +2.9
$92.79M 1.87M 1.68M +11.8
$83.18M 3.22M 2.55M +26.5
$69.33M 2.68M 2.05M +30.5
$47.88M 4.28M 3.16M +35.4
$45.45M 437.08K 437.08K 0
$40.44M 1.6M 1.6M 0
$25.49M 308.65K 308.65K 0
$16.32M 820.5K 297.6K +175.7
$15.43M 591.29K NEW
$13.67M 1.34M 1.09M +23.7
$12.1M 1.2K 871.42K -99.9
$11.72M 1.18M 1.16M +2.2
$11.56M 1.17M 501.61K +134.0
$10.32M 1.03M 1.03M 0
$10.08M 1M 1M 0
$9.97M 971.75K 971.75K 0
$9.74M 991.76K 891.76K +11.2
$9.53M 942.06K 23.53K +3904.3
$9.44M 920.43K 920.43K 0
$9.42M 950.69K 864.44K +10.0
$9.21M 926.2K 1.05M -11.6
$9.07M 911.5K 905.83K +0.6
$8.93M 893.13K 972.7K -8.2
$8.7M 850.7K 850.7K 0
$8.65M 862.56K 862.56K 0
$8.46M 834.96K 781.01K +6.9
$8.34M 834.06K 809.06K +3.1
$8.24M 831.83K 456.11K +82.4
$8.08M 808.42K 808.42K 0
$8.03M 157.67K 157.67K 0
$7.89M 767.69K 767.69K -0.0
$7.63M 786.93K 515.81K +52.6
$7.53M 752.51K 460.53K +63.4
$7.52M 757.68K 757.68K 0
$7.43M 754.71K 754.71K 0
$7.17M 720.62K 720.02K +0.1
$7.07M 717.44K 454.04K +58.0
$7.02M 706.92K 656.92K +7.6
$7M 700.43K 460.88K +52.0
$6.95M 682.24K 682.24K 0
$6.91M 673.94K 673.94K 0
$6.6M 656.73K 656.73K 0
$6.51M 656.02K 656.02K 0
$6.29M 614.47K 614.47K -0.0
$6.24M 619.31K 619.31K 0
$6.16M 612.68K 196.68K +211.5
$6.12M 593.39K 618.23K -4.0
Holdings list only includes long positions. Only includes long positions.

Calendar

2 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.32B 1.32B 1.32B 1.32B 1.32B 1.32B
Cash burn (monthly) 266.08M 39.47M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 382.1M 56.67M n/a n/a n/a n/a
Cash remaining 934.5M 1.26B n/a n/a n/a n/a
Runway (months of cash) 3.5 31.9 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Aug 22 Mark Ellwood Brockbank Common Stock Buy Acquire P Yes No 61.8495 1,434 88.69K 6,000
29 Jul 22 Mark Ellwood Brockbank Common Stock Buy Acquire P Yes No 62 4,566 283.09K 4,566
15 Jun 22 Berkley William R JR Common Stock Grant Acquire A No No 0 2,995 0 2,698,002
15 Jun 22 Berkley William R Common Stock Grant Acquire A No No 0 2,995 0 11,237,042
15 Jun 22 Blaylock Ronald E Common Stock Grant Acquire A No No 0 2,995 0 71,404
15 Jun 22 Christopher L Augostini Common Stock Grant Acquire A No No 0 2,995 0 63,316
81.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 593 561 +5.7%
Opened positions 98 108 -9.3%
Closed positions 66 41 +61.0%
Increased positions 451 176 +156.3%
Reduced positions 39 167 -76.6%
13F shares Current Prev Q Change
Total value 11.89B 10.09B +17.9%
Total shares 178.65M 122.49M +45.9%
Total puts 35.75K 61K -41.4%
Total calls 51.05K 32.3K +58.0%
Total put/call ratio 0.7 1.9 -62.9%
Largest owners Shares Value Change
Vanguard 24.33M $1.62B +55.3%
BLK Blackrock 14.66M $976.05M +53.1%
STT State Street 11.94M $795.14M +65.6%
JHG Janus Henderson 10.48M $698.03M +55.4%
Atlanta Capital Management Co L L C 9.96M $663.41M +16.5%
Kayne Anderson Rudnick Investment Management 9.08M $604.35M +59.5%
Victory Capital Management 6.99M $465.25M +32.3%
First Eagle Investment Management 5.77M $384.05M +19.1%
Geode Capital Management 4.28M $284.32M +41.4%
IVZ Invesco 3.38M $224.91M +119.7%
Largest transactions Shares Bought/sold Change
Vanguard 24.33M +8.66M +55.3%
BLK Blackrock 14.66M +5.08M +53.1%
STT State Street 11.94M +4.73M +65.6%
JHG Janus Henderson 10.48M +3.74M +55.4%
Kayne Anderson Rudnick Investment Management 9.08M +3.38M +59.5%
IVZ Invesco 3.38M +1.84M +119.7%
Victory Capital Management 6.99M +1.71M +32.3%
Atlanta Capital Management Co L L C 9.96M +1.41M +16.5%
Geode Capital Management 4.28M +1.25M +41.4%
APG Asset Management 2.75M +1.24M +82.7%

Financial report summary

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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 alter the frequency and increase the severity of catastrophic events and thereby adversely affect our financial condition and results.
  • Our expanding international operations expose us to increased investment, political, legal/regulatory, 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.
  • Limitations in risk management and loss limitation methods may adversely impact our business.
  • Increased scrutiny on social responsibility and the efforts we take to implement related measures, or the failure to take such measures, may adversely impact our business.
  • 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 six months ended June 30, 2022 and 2021. 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 to common stockholders of $770 million in 2022 compared to $467 million in 2021. The $303 million increase in net income was primarily due to an after-tax increase in underwriting income of $128 million mainly due to the growth in premium rates and exposure as well as reductions in loss ratio and expense ratio driven by net earned premium growth outpacing expense growth, an after-tax increase in net investment gains of $110 million primarily due to sale of a real estate investment in London partly offset by the loss from change in market value on equity securities, an after-tax increase in foreign currency gains of $30 million as the U.S. dollar strengthened against the majority of other currencies in 2022, an after-tax increase in net investment income of $15 million primarily due to rising interest rates on fixed maturity securities, a reduction of $13 million in tax expense due to a change in the effective tax rate, an after-tax reduction on debt extinguishment expense of $9 million for debt redeemed in 2021, an after-tax reduction in interest expense of $6 million due to debt repayments at maturity and refinancings, an after-tax increase in profits from non-insurance businesses of $4 million and an after-tax increase in insurance service income of $2 million, partially offset by an after-tax increase in corporate expenses of $14 million mainly due to increased performance-based compensation costs. The number of weighted average diluted shares decreased by 1.2 million for 2022 compared to 2021, mainly reflecting shares repurchased in 2021.
  •     Premiums. Gross premiums written were $5,912 million in 2022, an increase of 15% from $5,146 million in 2021. The increase was due to a $694 million increase in the Insurance segment and a $72 million increase in the Reinsurance & Monoline Excess segment. Approximately 82% of premiums expiring in 2022 were renewed, and 81% of premiums expiring in 2021 were renewed.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Bad
New words: bar, erosion, infrastructure, July, life, move, newly, public, sentiment, slightly, tort
Removed: Argentine, forward, peso