W. R. Berkley (WRB) 10-K Summaries & Annual Filing History
Review W. R. Berkley Corporation (WRB) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
W. R. Berkley Corporation filed its annual report, reporting increased revenue compared to the prior year. The company specializes in property and casualty insurance, with financial results showing positive net income and strong operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$14.7B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$1.8B
Net income reported for the year.
Operating cash flow
$3.6B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $11.2B | +18.1% |
| Dec 31, 2023 | $12.1B | +8.7% |
| Dec 31, 2024 | $13.6B | +12.3% |
| Dec 31, 2025 | $14.7B | +7.8% |
Business overview
W. R. Berkley is a property and casualty insurance holding company. Its domestic insurance subsidiaries are subject to state laws governing trade practices, investments, and solvency. The company also participates in the federal terrorism risk insurance program.
Financial performance
Revenue grew year over year. Net income and operating cash flow were positive, indicating profitable operations and strong cash generation.
Material risks
The company faces regulatory risks from state insurance laws, including those governing trade practices, investment restrictions, and market conduct examinations. Additionally, exposure to terrorism losses is partially mitigated by the federal backstop under TRIPRA, which is set to expire at the end of 2027.
Liquidity and capital
The company's liquidity and capital resources are affected by state insurance regulations that prescribe the quality and concentration of investments. Compliance with these regulations is necessary to maintain statutory capital and surplus.
What to watch
The expiration of the Terrorism Risk Insurance Program Reauthorization Act at the end of 2027 should be monitored, as it could impact the company's risk management and capital planning.