W.R. Berkley Q4 2025: record underwriting income, ROE 21.4%, EPS $1.13

BERKLEY W R CORP

2025-FY EPS reported $4.45 revenue$14,707,856,000

Q4 net income $449.5M ($1.13/diluted); operating income $449.6M ($1.13/diluted).
Pre-tax underwriting income record $338M (+14.9% YoY); combined ratio 89.4%.
Full-year net premiums written record $12.7B; net investment income record $1.4B (+7.2%).
Book value per share up 5.2% in Q4, 26.7% in 2025 (before dividends and buybacks).
Returned $608M to shareholders in Q4: $378M special dividends, $196M buybacks, $34M regular.

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