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US specialty insurer writing commercial property-casualty coverage through decentralized operating units for niche industries.
US specialty insurer writing commercial property-casualty coverage through decentralized operating units for niche industries.
Prices and underwrites each specialty niche through separate small operating units run by their own managers, and earns underwriting profit plus income from investing the premiums. William R. Berkley, the founder, remains executive chairman and a large shareholder, and Japan's Mitsui Sumitomo Insurance began building a stake in 2025.
Moat: narrow (underwriting discipline, process know-how). Dozens of autonomous units give deep niche expertise and fast pricing discipline in specialty risk.
Headquarters: Greenwich, Connecticut, US · Founded: 1967 · Employees: 8,804
Size W. R. Berkley (WRB) is a United States Financials company (Multi-Line Insurance) with a market value of $27.9B, the 386th largest of 3,117 United States companies the cockpit tracks. Shares closed at $75.23 on 6 Nov 2026.
Performance Over six months the shares gained 15.6%, against +13.6% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 1.4% over the last twelve months (peer median +9.6%); the operating margin is 16.5% (peer median 15.5%).
Valuation It trades at 2.91× book value against a peer median of 1.60× (2nd most expensive of 21).
Price implies The share price implies a return on equity of about 12.8%; W. R. Berkley delivers 19.2%, so the price asks less than the business earns today.
Credit W. R. Berkley has 4 bonds outstanding ($1.42B), rated A- by the agencies and trading like BBB at a weighted spread of 114 bp.
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $14.9B | $14.7B | $13.6B | $12.1B | $11.2B |
| Revenue growth | — | +8% | +12% | +9% | — |
| Net income | $1.86B | $1.78B | $1.76B | $1.38B | $1.38B |
| Free cash flow | $3.35B | $3.47B | $3.45B | $2.93B | $2.59B |
| Capital expenditure | $116M | $170M | $106M | $53.1M | $52.7M |
| Total debt | $3.10B | $3.10B | $3.06B | $3.06B | $3.04B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| W. R. Berkley WRB | $27.9B | +16% | +1% | 19% | 2.91× | 12.8% |
| Arch Capital ACGL | $36.6B | +14% | -5% | 19% | 1.58× | 8.3% |
| Markel MKL | $23.7B | +7% | -1% | 10% | 1.28× | 9.2% |
| RLI RLI | $6.27B | +39% | +6% | 22% | 3.70× | 15.4% |
| Axis Capital AXS | $7.60B | +7% | +10% | 16% | 1.33× | 8.1% |
| Old Republic International ORI | $9.50B | +1% | +11% | 18% | 1.62× | 10.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WRB | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.4% | +2.9% | 9th highest of 21 |
| 6-month return | +15.6% | +13.6% | 7th highest of 21 |
| Return on equity | 19.2% | 15.6% | 6th highest of 21 |
| Price / book | 2.91× | 1.60× | 2nd most expensive of 21 |
| Trailing P/E | 15.9× | 10.6× | 6th most expensive of 20 |
| ROE the price implies | 12.8% | 10.0% | 8th most demanding of 21 |
| ROE delivered | 19.2% | 15.6% | 6th highest of 21 |
| Bond spread | 114 bp | 70 bp | 2nd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| W. R. Berkley WRB | United States | $27.9B | +16% | +1% | 19% | 2.91× | 12.8% | 19.2% |
| Cincinnati Financial CINF | United States | $28.5B | +15% | +10% | 17% | 1.76× | 10.6% | 16.9% |
| Helvetia Baloise HBAN.SW | Switzerland | $27.0B | +5% | +54% | 4% | 1.80× | 4.8% | 4.0% |
| Aviva AV..L | United Kingdom | $29.5B | +18% | +86% | 7% | 2.46× | 23.8% | 6.8% |
| Prudential 2378.HK | Hong Kong | $30.8B | -24% | +30% | 19% | 1.54× | 11.3% | 19.3% |
| Prudential plc Sponsored ADR PUK | United States | $31.7B | -21% | +39% | 19% | 1.56× | 11.4% | 19.2% |
| Unipol Assicurazioni UNI.MI | Italy | $23.8B | +13% | +7% | 17% | 1.62× | 14.9% | 16.9% |
| Legal & General LGEN.L | United Kingdom | $21.9B | +24% | +137% | 26% | 7.73× | 70.7% | 26.2% |
| New China Life Insurance 601336.SS | China | $21.7B | -19% | +19% | 22% | 1.27× | 13.6% | 22.4% |
| Arch Capital ACGL | United States | $36.6B | +14% | -5% | 19% | 1.58× | 8.3% | 18.7% |
| Sompo 8630.T | Japan | $39.6B | +17% | +41% | 15% | 1.14× | 6.2% | 14.6% |
| Sun Life Financial SLF.TO | Canada | $40.1B | +7% | -1% | 13% | 2.38× | 13.7% | 13.5% |
| American International AIG | United States | $40.7B | +2% | +1% | 8% | 1.04× | 7.5% | 8.2% |
| Power Corporation of Canada POW.TO | Canada | $40.7B | +16% | +10% | 11% | 2.42× | 15.9% | 11.0% |
| China Pacific Insurance (Group) 2601.HK | Hong Kong | $42.5B | -22% | +9% | 14% | 0.69× | 8.4% | 14.4% |
| Ms&ad Ins Gp Hldgs 8725.T | Japan | $44.4B | +22% | +21% | 17% | 1.07× | 6.9% | 16.6% |
| People's Insurance Co. (Group) of China 601319.SS | China | $44.4B | +1% | +4% | 10% | 0.96× | 6.0% | 9.7% |
| ASR Nederland ASRNL.AS | Netherlands | $17.3B | +14% | +6% | 13% | 1.74× | 8.3% | 13.1% |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna PZU.WA | Poland | $16.1B | +15% | +1% | 20% | 1.83× | 19.5% | 19.5% |
| Swiss Re SREN.SW | Switzerland | $50.6B | +27% | -12% | 20% | 2.27× | 6.1% | 20.4% |
| Brookfield Wealth Solutions BNT.TO | Canada | $14.9B | -8% | -18% | 1% | 0.70× | 9.4% | 0.7% |
W. R. Berkley has 4 bonds outstanding with $1.42B face value. The agencies rate it A-; its bonds trade like BBB. Weighted yield 6.30%, a spread of 114 bp over government bonds.