W.R. Berkley
Compare W.R. Berkley…Family-run specialty E&S compounder; decentralized operating-company structure; consistent underwriting margin through cycles; ~$13B 2024 revenue.
SectorsInsurance
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W.R. BerkleyFamily-run specialty E&S compounder; decentralized operating-company structure; consistent underwriting margin through cycles; ~$13B 2024 revenue.
Five-year combined ratio (lower is better) and operating return on equity. WRB has run sub-92 combined ratios for five straight years while compounding equity in the high-teens — the textbook specialty E&S underwriting model.
| Year | Combined Ratio (%) | Operating ROE (%) |
|---|---|---|
| 2020 | 93.6 | 11.4 |
| 2021 | 91.3 | 16.5 |
| 2022 | 89.5 | 19.8 |
| 2023 | 88.3 | 21.7 |
| 2024 | 89.9 | 23.1 |
| 2025 | 89.2 | 22.4 |
Source: W.R. Berkley annual reports / 10-K filings (Updated: 2025-FY)
Net premiums written, the top-line of a specialty E&S compounder. WRB has grown NWP at a 10%+ CAGR over the past decade by founding new operating units in narrow niches rather than acquisitions.
2014 — 2025
Source: W.R. Berkley annual reports / 10-K filings (Updated: 2025-FY)
Quarterly breakdown of revenue by product line and service category
2020-Q4 — 2025-Q3
Quarterly breakdown of revenue by geographic region
2020-Q4 — 2025-Q3
Data from SEC filings via FMP • 57 periods available