W.R. Berkley Corp.
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+ FollowMarket Cap$27.57B
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Earnings Call Q3 2026
October 19, 2026 - AI Summary
Strong Q3 performance; ROE/earnings driven by underwriting + investments
- Annualized operating ROE: 18.8% for Q3; >20% year-to-date
- Record Q3 underwriting profit: $296M
- Operating earnings: $456M ($1.07/share)
- Underwriting: current accident-year loss ratio ex cats improved 40 bps to 59.5%, with expense ratio ~28.6%
- Accident-year combined ex cats: 88.1%; calendar-year combined: 90.8% (cat losses: $86M / 2.7 loss-ratio points)
Core claims/trend: signs of improvement, but auto (and some property) still a key swing factor
- Management said “auto-related” is the exception; otherwise loss trend is starting to quiet down
- Non-cat property and improving liability comfort from more recent years were cited as major drivers of the favorable underwriting outcome
- Caution/forward look: shorter-tail lines/property over “coming quarters and perhaps next couple of years” expected to be particularly challenging; liability lines viewed as having more staying power
Pricing/rate and growth outlook (mid-single digit)
- COMB rate ~4% mentioned; renewal retention stays ~80% (i.e., no “churning”; book not rotating aggressively)
- Premium growth: Insurance segment gross written +4.9% to a Q3 record $3.6B (net +3.2% to $2.9B)
- Management expectation: Insurance business to grow mid-single digits or better (subject to “unforeseen events”)
- They explicitly said growth was not contingent on giving up price in a way that changed vs prior view—rate adequacy is still being evaluated by product line/territory.
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$178.88
133.1% upside
Current Fair Value
133.1% upsideUndervalued by 133.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $27.57 Billion |
|---|---|
| Enterprise Value | $27.57 Billion |
| Annual dividend | $1.88 |
| Dividend yield | 2.55% |
| Earnings per Share | $4.48 |
| Beta | 0.27 |
| Outstanding Shares | 388,750,000 |
Return
| Return on Equity | NaN% |
|---|---|
| Return on Assets | 4.08% |
| Return on Invested Capital | 5.39% |
Valuation & Multiples
| P/E Ratio | 15.55 |
|---|---|
| PEG | -122.2 |
| Price to Sales | 1.67 |
| Price to Book Ratio | 0.66 |
| Enterprise Value to Revenue | 1.53 |
| Enterprise Value to EBIT | 11.2 |
| Enterprise Value to Net Income | 14 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | - |
Revenue Sources
No data
Last Earnings Call
Report Date
October 19, 2026
EPS Estimate
$1.15
Consensus analyst estimateRevenue Estimate
$3.82 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 25, 2027
EPS Estimate
$1.20
Consensus analyst estimateRevenue Estimate
$3.85 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 20.33% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.78%▼ 68.81% |
|---|---|
| Total Invested | $732.76M▼ 96.30% |
| Investors Holding | 326▼ 636.00% |
About W.R. Berkley Corp.
7,448 employees
CEO: William Robert Berkley
W.R. Berkley Corp. is an insurance holding company, which engages in the property casualty insurance business. It operates through the Insurance and Reinsurance & Monoline Excess segments. The Insurance segment includes excess and surplu...