WR Berkley第二季淨收入4.52億美元勝去年同期 上半年每股賺2.46美元

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q 
(Mark one)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2026 
or

☐
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the Transition Period from                      to                     .

Commission File Number
1-15202

W. R. BERKLEY CORPORATION
(Exact name of registrant as specified in its charter)

Delaware22-1867895
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer Identification No.)

475 Steamboat RoadGreenwichConnecticut06830
(Address of principal executive offices)(Zip Code)

(203)629-3000

 
(Registrant’s telephone number, including area code)

None
Former name, former address and former fiscal year, if changed since last report.

Securities registered pursuant to Section 12(b) of the Act:

Title Trading SymbolName 

Common Stock, par value $.20 per shareWRBNew York Stock Exchange

5.700% Subordinated Debentures due 2058WRB-PENew York Stock Exchange
5.100% Subordinated Debentures due 2059WRB-PFNew York Stock Exchange
4.250% Subordinated Debentures due 2060WRB-PGNew York Stock Exchange
4.125% Subordinated Debentures due 2061WRB-PHNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒     No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒     No ☐
1

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒
Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒
Number of shares of common stock, $.20 par value, outstanding as of July 27, 2026: 371,227,529 

2

 

TABLE OF CONTENTS

Part I — FINANCIAL INFORMATION

Item 1. Financial Statements

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3. Quantitative and Qualitative Disclosure About Market Risk

Item 4. Controls and Procedures

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 5. Other Information

Item 6. Exhibits

SIGNATURES

EX-10.1

EX-31.1

EX-31.2

EX-32.1

EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

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Part I — FINANCIAL INFORMATION

Item 1.     Financial Statements

W. R. BERKLEY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

June 30,
2026December 31,
2025
(Unaudited)(Audited)
Assets
Investments:
Fixed maturity securities (amortized cost of $26,265,637 and $25,170,368; allowance for expected credit losses of $440 and $74 at June 30, 2026 and December 31, 2025, respectively)
$25,899,992 $25,047,662 
Investment funds1,431,427 1,361,802 
Real estate1,350,849 1,279,748 
Equity securities1,502,237 1,358,201 
Arbitrage trading account1,292,382 1,221,103 
Loans receivable (net of allowance for expected credit losses of $0 and $161 at June 30, 2026 and December 31, 2025, respectively)
265,644 418,913 

Total investments31,742,531 30,687,429 
Cash and cash equivalents2,606,530 2,539,938 
Premiums and fees receivable (net of allowance for expected credit losses of $41,421 and $42,006 at June 30, 2026 and December 31, 2025, respectively)
3,755,577 3,417,112 
Due from reinsurers (net of allowance for expected credit losses of $6,808 and $6,378 at June 30, 2026 and December 31, 2025, respectively)
3,643,933 3,543,013 
Deferred policy acquisition costs1,044,777 1,000,691 
Prepaid reinsurance premiums946,151 881,831 
Trading account receivables from brokers and clearing organizations3,139 11,669 
Property, furniture and equipment566,952 596,235 
Goodwill184,332 184,332 
Accrued investment income264,222 255,199 
Current and deferred federal and foreign income taxes64,670 — 

Other assets854,299 809,394 
Total assets$45,677,113 $43,926,843 

Liabilities and Equity
Liabilities:
Reserves for losses and loss expenses$23,182,240 $22,207,773 
Unearned premiums7,099,475 6,721,570 
Due to reinsurers646,261 615,781 
Trading account securities sold but not yet purchased6,576 66,285 

Current and deferred federal and foreign income taxes— 39,018 
Other liabilities2,059,148 1,724,797 
Subordinated debentures1,010,887 1,010,527 
Senior notes and other debt1,829,445 1,829,198 

Total liabilities35,834,032 34,214,949 
Equity:
Preferred stock, par value $.10 per share:

Authorized 5,000,000 shares; issued and outstanding - none
— — 
Common stock, par value $.20 per share:

Authorized 1,875,000,000 shares; issued and outstanding, net of treasury shares, 371,057,782 and 377,155,799 shares, respectively
158,705 158,705 
Additional paid-in capital1,015,222 987,708 
Retained earnings14,055,344 13,344,204 
Accumulated other comprehensive loss(640,007)(451,097)
Treasury stock, at cost, 422,464,027 and 416,366,010 shares, respectively
(4,756,025)(4,338,702)
Total stockholders’ equity9,833,239 9,700,818 
Noncontrolling interests9,842 11,076 
Total equity9,843,081 9,711,894 
Total liabilities and equity$45,677,113 $43,926,843 

See accompanying notes to interim consolidated financial statements.
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W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)

For the Three Months 
Ended June 30,For the Six Months 
Ended June 30,

2026202520262025
REVENUES:
Net premiums written$3,430,234 $3,351,439 $6,604,580 $6,484,742 
Change in net unearned premiums(242,845)(253,254)(302,019)(374,176)
Net premiums earned3,187,389 3,098,185 6,302,561 6,110,566 
Net investment income418,714 379,303 823,048 739,595 
Net investment (losses) gains:
Net realized and unrealized (losses) gains on investments(55,131)30,533 (70,760)46,244 

Change in allowance for expected credit losses on investments(59)440 (205)1,084 
Net investment (losses) gains(55,190)30,973 (70,965)47,328 
Revenues from non-insurance businesses134,427 128,839 290,978 257,748 
Insurance service fees30,620 32,757 58,849 61,686 
Other income159 751 1,982 1,284 
Total revenues3,716,119 3,670,808 7,406,453 7,218,207 

OPERATING COSTS AND EXPENSES:
Losses and loss expenses1,960,532 1,955,424 3,896,556 3,856,216 
Other operating costs and expenses1,025,920 1,039,307 1,996,579 1,989,217 
Expenses from non-insurance businesses122,741 122,437 258,583 248,801 
Interest expense31,728 31,777 63,438 63,504 
Total operating costs and expenses3,140,921 3,148,945 6,215,156 6,157,738 
Income before income taxes575,198 521,863 1,191,297 1,060,469 
Income tax expense(122,892)(121,155)(223,416)(242,411)
Net income before noncontrolling interests452,306 400,708 967,881 818,058 
Noncontrolling interests(45)580 (403)802 
Net income to common stockholders$452,261 $401,288 $967,478 $818,860 

NET INCOME PER SHARE:
Basic$1.16 $1.01 $2.48 $2.06 
Diluted$1.15 $1.00 $2.46 $2.05 

See accompanying notes to interim consolidated financial statements.

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W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)

For the Three Months 
Ended June 30,For the Six Months 
Ended June 30,

2026202520262025
Net income before noncontrolling interests$452,306 $400,708 $967,881 $818,058 
Other comprehensive (loss) income:
Change in unrealized currency translation adjustments9,039 69,418 3,815 93,348 
Change in unrealized investment (losses) gains, net of taxes(47,769)120,265 (192,725)268,538 

Other comprehensive (loss) income(38,730)189,683 (188,910)361,886 
Comprehensive income413,576 590,391 778,971 1,179,944 
Noncontrolling interests(45)580 (403)803 
Comprehensive income to common stockholders$413,531 $590,971 $778,568 $1,180,747 

See accompanying notes to interim consolidated financial statements.
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W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
(In thousands, except per share data)

For the Three Months 
Ended June 30,For the Six Months 
Ended June 30,

2026202520262025
COMMON STOCK:
Beginning and end of period$158,705 $158,705 $158,705 $158,705 
ADDITIONAL PAID-IN CAPITAL:
Beginning of period$1,000,375 $992,901 $987,708 $984,825 
Restricted stock units issued1,081 (538)514 (4,885)