The company said operating cash flow in 2023 rose to $2,929 million from $2,569 million in 2022. It cited higher premium receipts as the main factor, partially offset by increased loss and loss expense payments.

1. 01

   The company said operating cash flow in 2023 rose to $2,929 million from $2,569 million in 2022. It cited higher premium receipts as the main factor, partially offset by increased loss and loss expense payments.

2. 02

   WR Berkley said it repurchased 8,707,676 shares of its common stock in 2023 at an aggregate cost of $537 million. It said total dividends for the year came to $501 million, including regular quarterly dividends and special dividends of $0.50 per share in 1, 3 and Q4.

3. 03

   The company said prior year net loss reserve development for 2023, after additional and return premiums, was unfavorable by $19 million. The Insurance segment developed unfavorably by $24 million, and the company cited property catastrophe losses from U.S. winter storms in December 2022 as a key factor.

4. 04

   WR Berkley said net reserves for losses and loss expenses were approximately $15.7 billion as of December 31, 2023, of which approximately $3.1 billion (20%) was attributable to the Reinsurance & Monoline Excess segment.

Key figures

Fiscal year ended December 31, 2023

Revenue

$12.1B

Net income

$1.4B

EPS

$5.05

Operating cash flow

$2.9B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.