W. R. Berkley Corporation reported its third quarter 2025 financial results, with net income rising 39.8% to $511 million. The company posted a return on equity of 24.3% and an operating return on equity of 21.0% for the quarter.
Gross premiums written reached $3.8 billion, while net premiums written totaled $3.2 billion. Average rate increases, excluding workers’ compensation, were approximately 7.6%. The current accident year combined ratio, before catastrophe losses, was 88.4%. The reported combined ratio stood at 90.9%, which includes $78.5 million in current accident year catastrophe losses.
Net investment income for the quarter was $351.2 million, reflecting a 9.4% increase in the core portfolio. Fixed-maturity investment income rose 9.8% compared to the same period in 2024. The company noted that its new money rate continues to exceed the book yield of its fixed-maturity securities.
Book value per share increased 5.8% before dividends and share repurchases. Common stockholders’ equity reached a record $9.8 billion at the end of the quarter.
The third quarter results build on the company’s performance earlier in the year. In the second quarter of 2025, W. R. Berkley reported net premiums written reached a record $3.4 billion, with a return on equity of 19.1% and an operating return on equity of 20.0%. The company also reported net premiums written of $3.1 billion and net investment income of $360.3 million in the first quarter, an increase of 12.6% year-over-year.
“Our decentralized structure and focus on specialty niche markets continue to differentiate us, enabling growth while maintaining rate adequacy and underwriting discipline,” the company said. This approach contributed to the combined ratio of 90.9% for the quarter.
The company also highlighted the strength of its operating cash flow and its positive impact on investable assets and investment income. “The strength of our operating cash flow continues to grow our investable assets and will continue to make a positive contribution to investment income.”
W. R. Berkley also emphasized its commitment to disciplined underwriting and long-term risk-adjusted returns. “Our disciplined underwriting, anchored in our focus on long-term risk-adjusted return, continues to drive superior performance across market cycles,” the company said.
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