W. R. Berkley said losses and loss expenses in 2025 increased to $1,901 million from $1,664 million in 2024, and the consolidated loss ratio was 63.1% in 2024 compared with 60.2%. Catastrophe losses, net of reinsurance recoveries, were $111 million in 2024, down from $31 million, and the company cited California wildfire losses as the main factor.

1. 01

   W. R. Berkley said losses and loss expenses in 2025 increased to $1,901 million from $1,664 million in 2024, and the consolidated loss ratio was 63.1% in 2024 compared with 60.2%. Catastrophe losses, net of reinsurance recoveries, were $111 million in 2024, down from $31 million, and the company cited California wildfire losses as the main factor.

2. 02

   The company said net favorable prior year reserve development for Q1 2025 was $1 million, with favorable development of $12 million in the Reinsurance & Monoline Excess segment largely offsetting adverse development of $11 million in the Insurance segment. The company said adverse development in the Insurance segment was driven primarily by excess other liability, including umbrella, in accident years 2018 through 2022, and it believes auto-related claims are being particularly impacted by social inflation.

3. 03

   W. R. Berkley said the expense ratio in 2025 was 27.8%, down 0.8 points from 28.6% in 2024, and cited growth in net premiums earned and a non-recurring benefit associated with compensation costs as factors. The effective income tax rate for the 3 months ended March 31, 2025 was 22.5% compared with 23.0% in 2024, and the company attributed this to an improved geographical mix of earnings.

4. 04

   The company said cash flow from operating activities for the 3 months ended March 31, 2025 was $744 million, down slightly from $746 million in the same period of 2024. During the 3 months, it repurchased 850,000 shares of common stock for $49 million, and common shareholders' equity as of March 31, 2025 was $8.9 billion.

Key figures

Quarter ended March 31, 2025

Revenue

$3.5B

Net income

$418M

EPS

$1.04

Operating cash flow

$744M

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.