BERKLEY W R CORP WRB
W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business:
•Insurance - Our Insurance businesses underwrite predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom.
•Reinsurance & Monoline Excess - Our Reinsurance businesses provide facultative and treaty reinsurance in the United States, the Asia Pacific region, Australia, Continental Europe, South Africa and the United Kingdom, as well as operations that solely retain risk on an excess basis and certain program management business.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $555.8M | $505.8M | $471.8M | $477.4M | $449.7M | $358.3M | $314.2M | $268.0M | $242.0M | $7.65B |
| Interest expense | $126.9M | $126.9M | $127.5M | $130.4M | $147.2M | $150.5M | $153.4M | $157.2M | $147.3M | $140.9M |
| Pre-tax income | $2.28B | $2.26B | $1.75B | $1.72B | $1.28B | $704.8M | $852.9M | $812.1M | $772.8M | $896.4M |
| Income tax | $495.8M | $509.9M | $370.6M | $334.7M | $251.9M | $171.8M | $168.9M | $163.0M | $219.4M | $293.0M |
| Net income | $1.78B | $1.76B | $1.38B | $1.38B | $1.02B | $530.7M | $681.9M | $640.7M | $549.1M | $601.9M |
| EPS, basic | 4.48 | 4.39 | 3.40 | 3.33 | 3.69 | 1.89 | 3.58 | 3.37 | 2.93 | 4.91 |
| EPS, diluted | 4.45 | 4.36 | 3.37 | 3.29 | 3.66 | 1.87 | 3.52 | 3.33 | 2.84 | 4.68 |
| Shares, diluted (wtd. avg.) | $399.9M | $403.2M | $409.9M | $419.2K | $279.7K | $283.1K | $193.5K | $192.4K | $193.5K | $128.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.54B | $1.97B | $1.36B | $1.45B | $1.57B | $2.37B | $1.02B | $817.6M | $950.5M | $795.3M |
| Property, plant and equipment | $596.2M | $478.5M | $426.8M | $423.2M | $419.9M | $405.9M | $422.1M | $416.4M | $423.0M | $349.4M |
| Goodwill | $184.3M | $184.3M | $174.6M | $185.5M | $169.7M | $169.7M | $169.7M | $173.0M | $178.9M | $144.5M |
| Other intangibles | $86.0M | $97.0M | — | — | — | — | — | — | — | — |
| Total assets | $44.07B | $40.57B | $37.20B | $33.86B | $32.09B | $28.61B | $26.66B | $24.90B | $24.30B | $23.36B |
| Total liabilities | $34.36B | $32.16B | $29.73B | $27.09B | $25.42B | $22.28B | $20.54B | $19.42B | $18.85B | $18.28B |
| Retained earnings | $13.34B | $12.27B | $11.04B | $10.16B | $9.02B | $8.35B | $7.93B | $7.56B | $6.96B | $6.60B |
| Total equity | $9.70B | $8.40B | $7.46B | $6.75B | $6.65B | $6.31B | $6.07B | $5.44B | $5.41B | $5.05B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.58B | $3.68B | $2.93B | $2.57B | $2.18B | $1.62B | $1.14B | $620.2M | $710.9M | $848.4M |
| Depreciation and amortisation | -$48.1M | -$170.6M | -$20.9M | $55.9M | $129.7M | $53.0M | $54.0M | $54.0M | $50.0M | $47.0M |
| Stock-based compensation | $54.5M | $54.4M | $51.0M | $49.4M | $46.7M | $49.7M | $49.3M | $36.6M | $40.5M | $37.2M |
| Capital expenditure | — | — | — | — | — | — | $60.5M | $49.9M | $115.7M | $50.8M |
| Investing cash flow | -$2.03B | -$2.18B | -$1.96B | -$1.89B | -$2.99B | $119.7M | -$424.9M | -$714.2M | -$333.5M | -$794.5M |
| Financing cash flow | -$1.03B | -$852.5M | -$1.06B | -$772.0M | $5.8M | -$397.8M | -$513.2M | -$7.4M | -$235.1M | -$6.9M |
| Dividends paid | $700.3M | $532.0M | $501.5M | $235.2M | $355.7M | $84.1M | $308.2M | $255.0M | $188.2M | $184.0M |
| Buybacks | $270.2M | $303.7M | $537.2M | $94.1M | $122.4M | $346.4M | $18.2M | $24.8M | $47.8M | $132.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170583.
Others in SIC 6331
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| CINF | CINCINNATI FINANCIAL CORP | $26.26B | 11.3x | 11.4% |