# W. R. Berkley Corporation (WRB)

> Source: Nexqual · https://nexqual.com/WRB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, W. R. Berkley Corporation (WRB), nexqual.com/WRB" · informational, not investment advice.

**Price:** USD 75.55 (+1.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 74.34 · day 74.62–75.88 · 52w 62.87–78.96 · market cap $28.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $14.9B, net income $1.93B (12.9% margin) (SEC filings).
- Valuation: P/E 14.5x (avg 14.4x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold WRB (13F, Q2 2026): 0 new, 0 added, 0 reduced, 2 unchanged.
- Analysts: Hold (mean 3.44 on a 1–5 scale) (18 analysts), mean target USD 69.24 (range 51–83).
- Total return with dividends: 1Y +3.2% vs S&P 500 +14.9%; 5Y +132.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-19, EPS estimate USD 1.2, revenue estimate $3.23B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.46B | $11.2B | $12.1B | $13.6B | $14.7B | $14.9B |
| Net income | $1.02B | $1.38B | $1.38B | $1.76B | $1.78B | $1.93B |
| EPS (diluted) | $2.44 | $3.29 | $3.37 | $4.36 | $4.45 | — |
| Net margin | 10.8% | 12.4% | 11.4% | 12.9% | 12.1% | 12.9% |
| Revenue growth | +16.7% | +18.1% | +8.7% | +12.3% | +7.8% | — |
| Cash + short-term investments | $1.57B | $1.45B | $1.36B | $1.97B | $2.54B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.5x · P/S 1.9x · P/B 2.9x · Earnings yield 6.87% · Dividend yield (paid, TTM) 1.71% · Buyback yield (TTM) 2.26%
P/E at fiscal year-ends: Dec 2025 15.8x, Dec 2024 13.4x, Dec 2023 14.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold WRB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bruce Berkowitz | Fairholme Capital | 1.21% | $18.1M | Unchanged |
| Thomas Gayner | Markel Group | 0.03% | $4.3M | Unchanged |

## Analysts
Consensus Hold (mean 3.44 on a 1–5 scale), 18 analysts; mean target USD 69.24 (low 51, high 83).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Wells Fargo | Target raised | Underweight | $65 → $68 |
| 2026-10-20 | Evercore ISI Group | Target lowered | Underperform | $70 → $69 |
| 2026-10-20 | Mizuho | Target raised | Neutral | $70 → $73 |
| 2026-10-12 | Wells Fargo | Target lowered | Underweight | $68 → $65 |
| 2026-10-07 | Mizuho | Target lowered | Neutral | $72 → $70 |
| 2026-10-07 | Cantor Fitzgerald | Target raised | Neutral | $73 → $74 |
| 2026-10-06 | Morgan Stanley | Target lowered | Equal-Weight | $75 → $70 |
| 2026-09-16 | Mizuho | Target lowered | Neutral | $74 → $72 |
| 2026-07-27 | UBS | Target raised | Neutral | $71 → $77 |
| 2026-07-21 | Wells Fargo | Target raised | Underweight | $67 → $68 |
| 2026-07-21 | Truist Securities | Target raised | Buy | $78 → $83 |
| 2026-07-21 | Mizuho | Target raised | Neutral | $72 → $74 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.2% | +132.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.2% | +18.4% |
| Volatility (annualized) | 22.4% | 22.0% |
| Max drawdown | -17.2% (Nov 2025→May 2026) | -25.1% (Nov 2022→May 2023) |

## Peers (Insurance - Property & Casualty)
CINF (Cincinnati Financial Corporatio) USD 178.28 +2.68% · MKL (Markel Group Inc.) USD 1,905.39 +1.79% · L (Loews Corporation) USD 113.68 +1.75% · AIZ (Assurant, Inc.) USD 288.85 +1.60% · CNA (CNA Financial Corporation) USD 49.39 +2.21% · AFG (American Financial Group, Inc.) USD 153.46 +2.53%

## More
Full page: https://nexqual.com/WRB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Insurance | $3.17B | 85.4% | +4.5% |
| Reinsurance & Monoline Excess | $432.1M | 11.6% | -4.0% |
| Total revenue | $3.72B | 100% | — |
The lines above cover 97% of total revenue.

## Company outlook (8-K filed 2026-10-19)

- "Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2026 and beyond, are based upon the Company's historical performance and on current plans, estimates and expectations."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.20 | $1.20 | +0.2% | $3.23B | 15 |
| Next quarter (ends 2027-03-31) | $1.21 | $1.21 | +0.1% | $3.24B | 14 |
| Current fiscal year (ends 2026-12-31) | $4.96 | $4.83 | +2.7% | $12.77B | 14 |
| Next fiscal year (ends 2027-12-31) | $4.86 | $4.81 | +1.1% | $13.17B | 17 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 24.7% | ±6.3% |
| 2026-12-18 | 56 | 23.1% | ±7.4% |
| 2027-01-15 | 84 | 21.1% | ±8.6% |
| 2027-04-16 | 175 | 22.5% | ±12.6% |