W.R. Berkley Corporation 5.10%

Strong Q3 operating performance; ROE at attractive levels - Annualized operating ROE 18.8% for Q3; 20%+ year-to-date. - Q3 operating earnings: $456m ($1.07/share) driven by underwriting + investments. - Underwriting profit: record $296m.

Underwriting quality improved (ex-cats), with manageable catastrophe impact - Accident-year loss ratio ex-cat: 59.5% (improved +40 bps YoY); expense ratio: 28.6%. - Accident-year combined ex-cats: 88.1%; calendar-year combined: 90.8%. - Cat losses: $86m (2.7 loss ratio points) despite almost twice as many storm events named by PCS vs prior quarter → cat losses up only $7m / +20 bps, a key resilience point.

Growth outlook: insurance expected mid-single digits; reinsurance to shrink - Insurance business forecast: continue to grow mid-single digits or better (assuming no unforeseen events). - Reinsurance expectation: likely continues to shrink 10% to 20% (company accepts this as “realities of the business”). - Demand/strategy noted: underwriting discipline remains tight; renewal retention ratio ~80% and book isn’t “churning.”