W. R. Berkley (WRB) 10-K Summary — Year Ended Dec 31, 2023
W. R. Berkley Corporation is a property and casualty insurance holding company. The filing reports revenue growth and strong cash flow generation.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
W. R. Berkley Corporation is a property and casualty insurance holding company. The filing reports revenue growth and strong cash flow generation.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$12.1B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$1.4B
Net income reported for the year.
Operating cash flow
$2.9B
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, 2021 | $9.5B | n/a |
| Dec 31, 2022 | $11.2B | +18.1% |
| Dec 31, 2023 | $12.1B | +8.7% |
Business overview
The company operates as a holding company for property and casualty insurance subsidiaries. These subsidiaries underwrite various insurance lines and are subject to state insurance regulations and investment laws.
Financial performance
Revenue increased over the reported period. Net income was positive and operating cash flow was robust.
Material risks
The company faces risks from state insurance regulations governing trade practices and investments. Additionally, the Terrorism Risk Insurance Program Reauthorization Act provides a federal backstop but also introduces exposure to terrorism-related losses.
Liquidity and capital
The company manages liquidity by complying with insurance investment regulations and participating in the federal terrorism insurance program.
What to watch
Readers should monitor the company's revenue growth trajectory in the next filing.