W.R. Berkley Corporation reported record premium volume and stronger underwriting margins in Q2 2026, as insurance lines offset a reinsurance decline. Gross premiums written reached $4.1 billion, up from $3.98 billion a year earlier, and the consolidated combined ratio improved to 90.0% from 91.6%.
Pre-tax underwriting income rose 21.8% to $317.5 million. The current accident year combined ratio before catastrophe losses came in at 88.1%, with catastrophe losses adding 2.0 loss ratio points.
Net income to common stockholders grew 12.7% to $452.3 million, or $1.15 per diluted share. Operating income rose 18.2% to $497.1 million, or $1.27 per diluted share.
Chairman, CEO, and president W. Robert Berkley, Jr. said the company focused on "business that offers appropriate risk-adjusted returns and favorable pricing" and called cycle management a "hallmark" of the company's approach. He said fixed-maturity reinvestment rates continue to exceed the portfolio's annual book yield.
The insurance segment reported gross premiums written of $3.8 billion, up 5.4% from $3.61 billion, and net premiums written of $3.1 billion, up 3.7%. The segment's GAAP combined ratio improved to 91.4% from 92.1%, with the loss ratio tightening to 63.1% from 63.8%.
Professional liability net premiums written rose 11.6% to $333.4 million from $298.8 million. That growth came as US financial and professional lines rates fell 2% in Q1 2026, according to Marsh's Global Insurance Market Index.
Other liability remained the largest Insurance segment line at $1.25 billion in net premiums written. Workers' compensation held at $346.9 million, while auto grew to $461.9 million from $448.7 million.
Catastrophe losses in the insurance segment fell to $59.8 million from $77.6 million in Q2 2025.
The reinsurance and monoline excess segment's GAAP combined ratio improved to 79.3% from 87.4% in Q2 2025. Catastrophe losses in the segment fell to $2.6 million from $21.6 million a year earlier.
Gross premiums written for the segment fell to $341.2 million from $370.9 million. Net premiums written declined to $306.3 million from $337.7 million, with reinsurance casualty falling to $162.9 million from $188.9 million.
Net investment income rose 10.4% to a record $418.7 million for the quarter. The core portfolio contributed $370.9 million, up from $328.4 million in Q2 2025.
The fixed-maturity portfolio carried an average credit rating of AA- and a duration of 3.2 years at June 30, 2026. Net invested assets stood at $34.2 billion at quarter-end, up from $33.2 billion at December 31, 2025.
W.R. Berkley returned $334.1 million to shareholders in Q2. That total comprised $185.5 million in special dividends, $111.5 million in share repurchases, and $37.1 million in regular dividends.
The company repurchased 1.68 million shares in the quarter and 6.16 million shares in the first half of 2026 for $413.9 million. Book value per share rose to $26.50 at June 30, 2026, from $25.72 at December 31, 2025.
Operating return on equity for the quarter was 20.5%, up from 20.0% in Q2 2025. Return on equity was 18.6%.
For the six months ended June 30, gross premiums written reached $7.93 billion. Net income totaled $967.5 million and operating income came in at $1.01 billion. Cash flow from operations was $1.47 billion for the first half of the year.
