W. R. Berkley third-quarter net income falls to $446 million from $511 million

W. R. Berkley Corporation (WRB) reported third-quarter 2026 net income of $446.0 million, or $1.14 per diluted share, down from $511.0 million, or $1.28 per diluted share, a year earlier.

The company said in a regulatory filing on Oct. 19 that the results were detailed in a press release. Operating income, a non-GAAP measure that excludes after-tax investment gains and losses and currency gains and losses, grew 6.4% on a per share basis to $1.17.

Here's how the company did:

• Net income per diluted share: $1.14 vs. $1.28 a year earlier
• Operating income per diluted share: $1.17 vs. $1.10 a year earlier
• Total revenues: $3.74 billion vs. $3.77 billion a year earlier
• Return on equity: 18.4% vs. 24.3% a year earlier

Net premiums earned were $3.21 billion, up from $3.16 billion a year earlier. Net investment income grew to $383.5 million from $351.2 million, and the core portfolio increased 12.0%.

Income from fixed-maturity securities increased 10.3% over the same period a year earlier. Net investment losses were $18.3 million, compared with gains of $79.0 million a year earlier.

Revenues from non-insurance businesses fell to $130.8 million from $150.3 million. Pre-tax underwriting income for the Insurance segment grew 10.6% to $237.7 million.

Gross premiums written for the segment grew 4.9%, and net premiums written grew 3.2%.

Here's how the company's segments did during the quarter:

• Insurance pre-tax income: $523.4 million vs. $474.5 million a year earlier; GAAP combined ratio 91.7% vs. 92.3%
• Reinsurance & Monoline Excess pre-tax income: $133.3 million vs. $144.0 million a year earlier; GAAP combined ratio 83.4% vs. 81.1%
• Corporate and Eliminations pre-tax loss: $82.3 million vs. pre-tax income of $29.6 million a year earlier

The consolidated GAAP combined ratio was 90.8%, against 90.9% a year earlier. The loss ratio was 62.2%, compared with 62.4%, and the expense ratio was 28.6%, up from 28.5%.

Current accident year catastrophe losses were $85.9 million, up from $78.5 million a year earlier. The current accident year combined ratio before catastrophe losses was 88.1%, the company said.

Average rate increases excluding workers' compensation were approximately 4.0%, the company said.

W. Robert Berkley, Jr., chairman, chief executive officer, and president, said: "The Company delivered another excellent quarter, generating an annualized 18.8% operating return on beginning-of-year stockholders' equity."

On the investment portfolio, Berkley said: "Our investment portfolio continues to be a great contributor to our economic model, with the domestic fixed-maturity portfolio serving as the primary driver."

Total fixed-maturity securities had an average rating of AA- and an average duration of 3.3 years, including cash and cash equivalents and the arbitrage trading account.

The company repurchased 309,508 shares for $21.1 million in the third quarter. For the first nine months, it repurchased 6,465,878 shares for $435.1 million, and it returned a total of $728.6 million to shareholders year to date.

Berkley said: "Our disciplined approach to capital management remains unchanged."

Common stockholders' equity was $9.61 billion at Sept. 30, compared with $9.70 billion at Dec. 31, 2025. Book value per share increased to $25.87 from $25.72.

After-tax unrealized investment losses of $928 million were reflected in equity, up from $125 million at year-end.

For the first nine months, net income to common stockholders was $1.41 billion, or $3.60 per diluted share, compared with $1.33 billion, or $3.32, a year earlier. Operating income was $1.47 billion, up from $1.28 billion.

Cash flow from operations was $731.3 million in the quarter, compared with $1.14 billion a year earlier.

The release gave no updated guidance figures.

W. R. Berkley Corporation is an insurance holding company founded in 1967. It operates in two segments, Insurance and Reinsurance & Monoline Excess, and has 60 specialty businesses.