W. R. Berkley Corporation reported its financial results for the second quarter of 2025, highlighting growth in premiums, investment income, and return on equity.
The insurer posted a return on equity of 19.1% and an operating return on equity of 20.0% for the quarter. Net premiums written reached a record $3.4 billion. The current accident year combined ratio, excluding catastrophe losses, was 88.4%.
Reported catastrophe losses for the quarter totaled $99.2 million, contributing to an overall combined ratio of 91.6%.
The second-quarter results followed a first quarter that also saw notable financial activity. In Q1 2025, W. R. Berkley reported net premiums written of $3.1 billion and net investment income of $360.3 million, up 12.6% year-over-year.
The company reported a combined ratio of 90.9% in that period, which included $111.1 million in catastrophe losses.
Net investment income also set a quarterly record at $379.3 million. Book value per share increased 6.8% during the quarter before accounting for dividend distributions. The company returned a total of $223.8 million to shareholders, including $189.7 million in special dividends and $34.1 million in ordinary dividends.
W. R. Berkley’s average rate increases, excluding workers’ compensation, were approximately 7.6%.
Common stockholders’ equity stood at $9.3 billion at quarter-end, also a record for the company.
Company executives noted that net income improved on a year-over-year basis due to gains in underwriting performance and investment income.
The record net premiums written was driven by a focus on segments with the highest margin potential. Investment income benefited from higher yields in the company’s domestic fixed-maturity portfolio. Operating cash flow was described as a key contributor to expanding investable assets, with new money rates reportedly exceeding the company’s average book yield.
The company also said that it continues to monitor underwriting conditions across markets and said that its long-standing risk-adjusted return strategy supports reduced volatility over time. They expressed confidence in maintaining shareholder value through the remainder of 2025.
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