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
Industry (SIC)
SEC CIK
Corporate docs
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
News

Benzinga's Top Ratings Upgrades, Downgrades For August 3, 2022
3 Aug 22
Argus Research Initiates Coverage On WR Berkley with Buy Rating, Announces Price Target of $72
3 Aug 22
$1.5 Million Bet On Global Water Resources? 4 Stocks Insiders Are Buying
3 Aug 22
WR Berkley Q2 EPS $1.12 Beats $0.86 Estimate
21 Jul 22
Earnings Scheduled For July 21, 2022
21 Jul 22
Press releases
Coalition Appoints First Chief Financial Officer, General Counsel, Adds New Board Member to Support Rapid Company Growth and International Expansion
5 Aug 22
W. R. Berkley Corporation Reports Second Quarter Results
21 Jul 22
W. R. Berkley Corporation to Announce Second Quarter 2022 Earnings on July 21, 2022
22 Jun 22
W. R. Berkley Corporation Increases Regular Quarterly Dividend and Declares Special Cash Dividend
15 Jun 22
AM Best Affirms Credit Ratings of W. R. Berkley Corporation and Its Subsidiaries
8 Jun 22
Analyst ratings and price targets
Current price
Average target
$70.67
Low target
$70.00
High target
$72.00
Argus Research
Initiated
$72.00
Jefferies
Maintains
$70.00
Morgan Stanley
Maintains
$70.00
Investment data
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
Financial summary
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 |
Recent insider trades
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 |
Institutional ownership, Q1 2022
81.8% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 593 |
Opened positions | 98 |
Closed positions | 66 |
Increased positions | 451 |
Reduced positions | 39 |
13F shares | Current |
---|---|
Total value | 11.89B |
Total shares | 178.65M |
Total puts | 35.75K |
Total calls | 51.05K |
Total put/call ratio | 0.7 |
Largest owners | Shares | Value |
---|---|---|
Vanguard | 24.33M | $1.62B |
BLK Blackrock | 14.66M | $976.05M |
STT State Street | 11.94M | $795.14M |
JHG Janus Henderson | 10.48M | $698.03M |
Atlanta Capital Management Co L L C | 9.96M | $663.41M |
Kayne Anderson Rudnick Investment Management | 9.08M | $604.35M |
Victory Capital Management | 6.99M | $465.25M |
First Eagle Investment Management | 5.77M | $384.05M |
Geode Capital Management | 4.28M | $284.32M |
IVZ Invesco | 3.38M | $224.91M |
Financial report summary
?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
?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
Financial reports
Current reports
8-K
W. R. Berkley Corporation Reports Second Quarter Results
21 Jul 22
8-K
Submission of Matters to a Vote of Security Holders
16 Jun 22
8-K
W. R. Berkley Corporation Reports First Quarter Results
25 Apr 22
8-K
Entry into a Material Definitive Agreement
4 Apr 22
8-K
Departure of Directors or Certain Officers
4 Mar 22
8-K
W. R. Berkley Corporation Reports Fourth Quarter and Full Year Results
27 Jan 22
8-K
Departure of Directors or Certain Officers
12 Nov 21
8-K
W. R. Berkley Corporation Reports Third Quarter Results
21 Oct 21
8-K
Entry into a Material Definitive Agreement
15 Sep 21
8-K
Entry into a Material Definitive Agreement
9 Sep 21
Registration and prospectus
S-8 POS
Registration of securities for employees (post-effective amendment)
8 Mar 22
424B5
Prospectus supplement for primary offering
9 Sep 21
FWP
Free writing prospectus
8 Sep 21
424B5
Prospectus supplement for primary offering
8 Sep 21
25-NSE
Exchange delisting
1 Jun 21
424B5
Prospectus supplement for primary offering
11 Mar 21
FWP
Free writing prospectus
9 Mar 21
424B5
Prospectus supplement for primary offering
9 Mar 21
25-NSE
Exchange delisting
1 Mar 21
8-A12B
Registration of securities on exchange
10 Feb 21
Proxies
DEFA14A
Additional proxy soliciting materials
29 Apr 22
DEFA14A
Additional proxy soliciting materials
27 Apr 21
DEFA14A
Additional proxy soliciting materials
26 May 20
DEFA14A
Additional proxy soliciting materials
27 Apr 20
DEF 14A
Definitive proxy
27 Apr 20
PRE 14A
Preliminary proxy
17 Apr 20
DEFA14A
Additional proxy soliciting materials
26 Apr 19
Other
CERT
Certification of approval for exchange listing
16 Feb 21
CERT
Certification of approval for exchange listing
21 Sep 20
CERT
Certification of approval for exchange listing
16 Dec 19
CERT
Certification of approval for exchange listing
26 Mar 18
UPLOAD
Letter from SEC
10 Jul 17
CORRESP
Correspondence with SEC
22 Jun 17
CORRESP
Correspondence with SEC
17 May 17
UPLOAD
Letter from SEC
24 Apr 17
CERTNYS
Certification of approval for NYSE listing
24 May 16
CERTNYS
Certification of approval for NYSE listing
29 Feb 16
Ownership
4
BERKLEY W R / MARK ELLWOOD BROCKBANK ownership change
2 Aug 22
11-K
Annual report of employee stock purchases
29 Jun 22
4
BERKLEY W R / Jonathan Talisman ownership change
15 Jun 22
4
BERKLEY W R / MARK L SHAPIRO ownership change
15 Jun 22
4
BERKLEY W R / Maria Luisa Ferre ownership change
15 Jun 22
4
BERKLEY W R / Mary C Farrell ownership change
15 Jun 22
4
BERKLEY W R / MARK ELLWOOD BROCKBANK ownership change
15 Jun 22
4
BERKLEY W R / RONALD E BLAYLOCK ownership change
15 Jun 22
4
BERKLEY W R / Christopher L Augostini ownership change
15 Jun 22
4
BERKLEY W R / WILLIAM R BERKLEY JR ownership change
15 Jun 22
Patents
Utility
Data Management System and Method for General Ledger
27 Jan 22
A method of processing and harmonizing raw data to generate reports is disclosed herein.
Utility
Retail Card Package
14 Oct 21
A packaging assembly and a method for assembling a package include a sheet precut and folded along scored lines to form a protruding portion defining a cavity within which a product is received and a planar, sealed portion extending from the protruding portion.
Utility
Mail Assembly for Flats Transportation
10 Jun 21
A mail assembly and a method of packing an envelope with the mail assembly.
Utility
Machine Learning Risk Factor Identification and Mitigation System
2 Sep 20
A system performing machine learning to predict and identify claims that have a high likelihood of migrating across a predetermined risk threshold and to generate intervention strategies to mitigate the likelihood of migration.
Utility
Machine learning risk factor identification and mitigation system
8 Jun 20
A system performing machine learning to predict and identify claims that have a high likelihood of migrating across a predetermined risk threshold and to generate intervention strategies to mitigate the likelihood of migration.
Transcripts
2022 Q2
Earnings call transcript
21 Jul 22
2022 Q1
Earnings call transcript
26 Apr 22
2021 Q4
Earnings call transcript
28 Jan 22
2021 Q3
Earnings call transcript
22 Oct 21
2021 Q2
Earnings call transcript
23 Jul 21
2021 Q1
Earnings call transcript
21 Apr 21
2020 Q4
Earnings call transcript
27 Jan 21
2020 Q3
Earnings call transcript
20 Oct 20
2020 Q2
Earnings call transcript
21 Jul 20
2020 Q1
Earnings call transcript
21 Apr 20
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