W. R. Berkley (WRB) Q2 2026 earnings summary

Executive summary

• Operating earnings per diluted share rose 21% year-over-year to $1.27, with annualized ROE at 20.5%.

• Net income to common stockholders rose to $967 million for the first half of 2026, up from $819 million in 2025, driven by higher investment income, lower catastrophe losses, and favorable foreign currency movements.

• Gross premiums written reached a record $4.1 billion in Q2 2026, up 4.2% year-over-year, with growth in the Insurance segment offsetting a decline in Reinsurance & Monoline Excess.

• Second-best quarterly pretax underwriting income and record net investment income drove strong results.

• Capital returned to shareholders totaled $334 million through dividends and share repurchases.

Financial highlights

• Pretax underwriting income reached $318 million; pretax net investment income hit a record $419 million.

• Net premiums written grew to $3.43 billion, up 2.3% year-over-year; net invested assets totaled $34.2 billion.

• Book value per share rose to $26.50; tangible book value per share to $25.89.

• Cash flow from operations was $800 million for the quarter; operating cash flow for the first half was $1.47 billion.

• Diluted EPS was $2.46 for the first half of 2026, up from $2.05 in 2025.

Outlook and guidance

• Management expects to maintain an expense ratio at or below 30%, despite ongoing investments in technology and data.

• Top-line growth is expected to remain solid, with no significant rate deterioration anticipated in the near term.

• The company remains focused on specialty business niches and international expansion, leveraging its decentralized structure.

• Renewal retention ratio remains stable at approximately 80%, indicating a steady book of business.

• Attractive opportunities continue in select liability lines, with a focus on risk-adjusted returns and favorable pricing.