W.R. Berkley Q3 net income up 39.8% to $511M; ROE 24.3%, combined ratio 90.9%

BERKLEY W R CORP

2025-Q3 EPS reported $3.32 revenue$10,986,443,000

Net income $511.0 million ($1.28 diluted EPS), up 39.8% from $365.6 million ($0.91) YoY; operating income $440.2 million ($1.10 per share).
Gross premiums written $3.84 billion (+5.6% YoY); net premiums written $3.23 billion (+5.5% YoY).
Combined ratio 90.9% (including $78.5 million catastrophe losses); current accident year combined ratio before cats 88.4%.
Net investment income $351.2 million, up 9.8% from Q3 2024; average rate increase ex-workers' comp ~7.6%.
Record common stockholders' equity $9.8 billion; book value per share grew 5.8% before dividends and share repurchases.

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