W. R. Berkley Corp Stock Research

Market Summary

USD56.15+0.05

Delayed

0.09%

WRB Alerts

Big fall in earnings (Y/Y)

WRB Stock Price

WRB RSI Chart

WRB Valuation

Market Cap

14.7B

Price/Earnings (Trailing)

13.59

Price/Sales (Trailing)

1.32

EV/EBITDA

8.81

Price/Free Cashflow

5.81

WRB Price/Sales (Trailing)

WRB Profitability

EBT Margin

15.40%

Return on Equity

20.47%

Return on Assets

4.08%

Free Cashflow Yield

17.2%

WRB Fundamentals

WRB Revenue

Revenue (TTM)

11.1B

Revenue Y/Y

-0.7%

Revenue Q/Q

-3.94%

WRB Earnings

Earnings (TTM)

1.1B

Earnings Y/Y

-50.2%

Earnings Q/Q

-23.05%

Price Action

52 Week Range

55.5076.99

(Low)(High)

Last 7 days

-2.6%

Last 30 days

-2.1%

Last 90 days

-15.4%

Trailing 12 Months

-19.2%

WRB Financial Health

WRB Investor Care

Dividend Yield

2.49%

Dividend/Share (TTM)

1.4

Buy Backs (1Y)

1.00%

Diluted EPS (TTM)

3.89

Peers (Alternatives to W R Berkley)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PGR	80.9B	52.1B	-4.00%	10.00%	112.13	1.63	6.08%	-60.84%
TRV	39.8B	37.8B	-2.45%	0.63%	14.22	1.05	6.99%	-29.09%
AIG	39.6B	51.6B	6.42%	-4.08%	3.86	0.7	-3.37%	-38.13%
ALL	28.8B	52.9B	-3.97%	-15.88%	-12.04	0.54	4.73%	-167.90%
RE	24.5B	12.4B	-5.12%	26.78%	41.05	1.97	3.58%	-56.71%
HIG	23.3B	22.9B	0.31%	-2.34%	11.93	1.05	1.76%	-25.56%
Y	11.4B	-	0.57%	29.95%	32.11	0.97	-	-
AFG	9.7B	7.2B	-4.93%	-11.85%	11.83	1.35	8.46%	-56.06%
MID-CAP
RNR	8.3B	6.5B	-8.64%	24.01%	-80.86	1.27	18.12%	27.70%
ESGR	3.9B	1.6B	3.06%	6.01%	-21.91	2.4	-	-308.14%
SMALL-CAP
HMN	1.4B	1.4B	-0.16%	-25.99%	-529.92	1	2.59%	-108.90%
PLMR	1.2B	338.2M	-4.28%	-23.19%	21.71	3.53	22.24%	25.58%
PRA	990.7M	1.1B	-31.02%	-46.30%	-2.5K	0.9	-7.68%	-102.27%
JRVR	758.8M	847.3M	6.72%	-22.00%	24.98	0.9	7.01%	151.37%

Financials for W R Berkley

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	-0.2%	11,146	11,166	10,731	10,431	10,214
Operating Expenses	3.6%	9,783	9,447	9,135	8,789	8,495
EBITDA	5.5%	1,906	1,806	1,877	1,986	-
EBITDA Margin	1.4%	0.17*	0.17*	0.18*	0.19*	-
Earnings Before Taxes	-20.7%	1,363	1,720	1,596	1,642	1,719
EBT Margin	3.6%	0.15*	0.15*	0.16*	0.17*	-
Interest Expenses	-2.4%	127	130	136	139	146
Net Income	-21.5%	1,085	1,381	1,293	1,326	1,384
Net Income Margin	2.6%	0.12*	0.12*	0.13*	0.14*	-
Free Cahsflow	5.6%	2,569	2,433	2,494	2,351	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	1.3%	34,296	33,861	33,077	32,692	32,251
Cash Equivalents	-14.3%	1,242	1,449	1,131	1,317	2,115
Net PPE	-0.5%	421	423	414	415	418
Goodwill	0%	186	186	170	170	170
Liabilities	0.9%	27,330	27,093	26,707	26,156	25,363
Shareholder's Equity	2.9%	6,944	6,748	6,346	6,514	6,865
Retained Earnings	1.3%	10,297	10,161	9,805	9,603	9,583
Additional Paid-In Capital	1.1%	1,008	998	985	1,001	992
Shares Outstanding	-0.8%	263	265	266	265	265
Minority Interest	9.0%	22.00	20.00	24.00	22.00	23.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	-1.3%	2,536	2,569	2,433	2,494	2,351
Share Based Compensation	0.7%	50.00	49.00	46.00	48.00	46.00
Cashflow From Investing	-46.4%	-2,769	-1,891	-2,498	-2,377	-1,275
Cashflow From Financing	20.2%	-616	-771	-851	-568	-973
Dividend Payments	57.7%	371	235	382	357	357
Buy Backs	143.6%	229	94.00	7.00	93.00	93.00

Risks for WRB

What is the probability of a big loss on WRB?

23.5%

Probability that W R Berkley stock will be more than 20% underwater in next one year

18.5%

Probability that W R Berkley stock will be more than 30% underwater in next one year.

18.1%

Probability that W R Berkley stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does WRB drawdown profile look like?

Y-axis is the maximum loss one would have experienced if W R Berkley was unfortunately bought at previous high price.

Drawdowns

Returns for WRB

Cumulative Returns on WRB

14.1%

10-Year Cumulative Returns

14.5%

7-Year Cumulative Returns

12.6%

5-Year Cumulative Returns

15.2%

3-Year Cumulative Returns

What are the long-term rolling returns for WRB?

FIve years rolling returns for W R Berkley.

Annualized Returns

Which funds bought or sold WRB recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-23	Capital Impact Advisors, LLC	sold off	-100	-216,476	-	-%
2023-05-23	MOUNTAIN PACIFIC INVESTMENT ADVISERS INC/ID	sold off	-100	-205,736	-	-%
2023-05-23	Toroso Investments, LLC	added	128	1,047,000	2,138,000	0.04%
2023-05-23	Brookfield Corp /ON/	added	93.97	7,212,370	18,072,800	0.07%
2023-05-22	Raleigh Capital Management Inc.	reduced	-25.1	-6,350	11,302	0.01%
2023-05-22	AMERIPRISE FINANCIAL INC	reduced	-1.63	-3,515,430	19,025,600	0.01%
2023-05-22	American Trust	reduced	-24.58	-147,028	269,524	0.02%
2023-05-22	PUTNAM INVESTMENTS LLC	reduced	-9.84	-762,850	2,605,270	-%
2023-05-22	FDx Advisors, Inc.	unchanged	-	-	1,683,000	0.07%
2023-05-19	AMI INVESTMENT MANAGEMENT INC	reduced	-24.17	-109,528	203,901	0.10%

Latest Funds Activity

Are funds buying WRB calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own WRB

No. of Funds

WRB Alerts

Big fall in earnings (Y/Y)

W R Berkley News

Schedule 13G FIlings of W R Berkley

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	9.57%	25,400,556	SC 13G/A
Feb 01, 2023	blackrock inc.	5.4%	14,366,687	SC 13G/A
Feb 10, 2022	morgan stanley	5.3%	9,317,556	SC 13G/A
Feb 01, 2022	blackrock inc.	5.4%	9,574,474	SC 13G/A
Dec 10, 2021	morgan stanley	5.5%	9,630,829	SC 13G/A
Feb 12, 2021	eaton vance management	6.06%	10,805,964	SC 13G/A
Feb 12, 2021	eaton vance management	6.06%	10,805,964	SC 13G/A
Feb 10, 2021	vanguard group inc	8.82%	15,723,551	SC 13G/A
Feb 01, 2021	blackrock inc.	5.4%	9,542,523	SC 13G/A
Feb 13, 2020	eaton vance management	5.80%	10,289,640	SC 13G/A

WRB Fair Value

W R Berkley fair value in different scenarios

The table shows the Fair Value estimates for W R Berkley for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	55.39 -1.35%	65.52 16.69%	87.42 55.69%	154.59 175.32%	202.10 259.93%
Current Inflation	51.22 -8.78%	59.83 6.55%	78.35 39.54%	134.78 140.04%	174.37 210.54%
Very High Inflation	46.03 -18.02%	52.90 -5.79%	67.57 20.34%	111.93 99.34%	142.73 154.19%

Historical W R Berkley Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of W R Berkley

View All Filings

Date Filed	Form Type	Document
May 15, 2023	13F-HR	Fund Holdings Report
May 04, 2023	10-Q	Quarterly Report
Apr 28, 2023	DEFA14A	DEFA14A
Apr 28, 2023	DEF 14A	DEF 14A
Apr 28, 2023	ARS	ARS
Apr 25, 2023	4	Insider Trading
Apr 20, 2023	8-K	Current Report
Mar 01, 2023	8-K	Current Report
Feb 24, 2023	10-K	Annual Report

Latest Insider Trading transactions for WRB

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-04-21	Baio Richard Mark	acquired	99,750	57.00	1,750	evp & cfo
2023-01-20	Talisman Jonathan	acquired	276	69.24	4.00	-
2022-12-23	Talisman Jonathan	acquired	73.28	73.28	1.00	-
2022-09-29	Talisman Jonathan	acquired	63.82	63.82	1.00	-
2022-08-15	BERKLEY WILLIAM R JR	acquired	-	-	99,374	president and ceo
2022-08-15	Baio Richard Mark	acquired	-	-	11,914	evp & cfo
2022-08-15	Baio Richard Mark	sold (taxes)	-35,981	65.78	-547	evp & cfo
2022-08-15	Sgaglione Lucille T	acquired	-	-	14,526	evp
2022-08-15	Sgaglione Lucille T	sold (taxes)	-42,428	65.78	-645	evp
2022-08-15	Welt Philip S	sold (taxes)	-27,430	65.78	-417	evp, gc & secretary

About W R Berkley

William R. Berkley

www.wrberkley.com

7680

W. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writer in the United States and internationally. It operates in two segments, Insurance and Reinsurance & Monoline Excess. The Insurance segment underwrites commercial insurance business, including premises operations, commercial automobile, property, products liability, and general and professional liability lines. It also provides workers' compensation insurance products; accident and health insurance and reinsurance products; insurance for commercial risks; specialty environmental products for contractors, consultants, and property owners and facilities operators; specialized insurance coverages for fine arts and jewelry exposures; umbrella and excess liability coverage products; and liquor liability and inland marine coverage for small to medium-sized insureds. In addition, this segment offers directors and officers, and surety risk products, as well as products for technology, and life sciences and travel industries; cyber risk solutions; casualty, group life, and crime and fidelity related insurance products; personal lines insurance solutions, including home, condo/co-op, auto, and collectibles; automobile, law enforcement, public officials and educator's legal, and employment practices liability, as well as incidental medical insurance products; and at-risk and alternative risk insurance program management services. The Reinsurance & Monoline Excess segment provides other insurance companies and self-insureds with assistance in managing their net risk through reinsurance on a portfolio basis through treaty reinsurance or on an individual basis through facultative reinsurance. W. R. Berkley Corporation was founded in 1967 and is based in Greenwich, Connecticut.

WRB Income Statement

2023-03-31

Consolidated Statements Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES:
Net premiums written	$ 2,574,824	$ 2,413,254
Change in net unearned premiums	(83,392)	(164,167)
Net premiums earned	2,491,432	2,249,087
Net investment income	223,398	173,512
Net realized and unrealized gains on investments	22,611	369,882
Change in allowance for expected credit losses on investments	399	(3,617)
Net investment gains	23,010	366,265
Revenues from non-insurance businesses	124,200	97,776
Insurance service fees	32,857	27,951
Other income	107	818
Total revenues	2,895,004	2,915,409
OPERATING COSTS AND EXPENSES:
Losses and loss expenses	1,538,755	1,339,252
Other operating costs and expenses	825,575	713,899
Expenses from non-insurance businesses	122,767	94,855
Interest expense	31,836	34,970
Total operating costs and expenses	2,518,933	2,182,976
Income before income taxes	376,071	732,433
Income tax expense	(80,342)	(139,403)
Net income before noncontrolling interests	295,729	593,030
Noncontrolling interests	(1,603)	(2,392)
Net income to common stockholders	$ 294,126	$ 590,638
NET INCOME PER SHARE:
Basic (in dollar per share)	$ 1.07	$ 2.13
Diluted (in dollar per share)	$ 1.06	$ 2.12

WRB Balance Sheet

2023-03-31

Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities (amortized cost of $18,988,459 and $18,715,483; allowance for expected credit losses of $37,249 and $37,466 at March 31, 2023 and December 31, 2022, respectively)	$ 18,091,113	$ 17,587,349
Investment funds	1,601,567	1,608,548
Real estate	1,338,504	1,340,622
Equity securities	1,279,955	1,185,894
Arbitrage trading account	609,001	944,230
Loans receivable (net of allowance for expected credit losses of $1,609 and $1,791 at March 31, 2023 and December 31, 2022, respectively)	194,944	193,002
Total investments	23,115,084	22,859,645
Cash and cash equivalents	1,242,357	1,449,346
Premiums and fees receivable (net of allowance for expected credit losses of $32,353 and $30,660 at March 31, 2023 and December 31, 2022, respectively)	2,814,504	2,779,244
Due from reinsurers (net of allowance for expected credit losses of $8,703 and $8,064 at March 31, 2023 and December 31, 2022, respectively)	3,282,288	3,187,730
Deferred policy acquisition costs	786,502	763,486
Prepaid reinsurance premiums	701,295	696,468
Trading account receivables from brokers and clearing organizations	583,970	233,863
Property, furniture and equipment	421,102	423,232
Goodwill	185,509	185,509
Accrued investment income	181,342	166,784
Current and deferred federal and foreign income taxes	205,291	333,774
Other assets	776,820	736,022
Total assets	34,296,064	33,815,103
Liabilities:
Reserves for losses and loss expenses	17,431,635	17,011,223
Unearned premiums	5,385,886	5,297,654
Due to reinsurers	539,333	523,131
Other liabilities	1,137,055	1,377,740
Senior notes and other debt	1,827,981	1,828,823
Subordinated debentures	1,008,551	1,008,371
Total liabilities	27,330,441	27,046,942
Equity:
Perferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none	0	0
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,930,502 and 183,411,907 shares, respectively	105,803	105,803
Additional paid-in capital	1,008,128	997,534
Retained earnings	10,296,539	10,161,005
Accumulated other comprehensive loss	(1,078,917)	(1,264,581)
Treasury stock, at cost, 266,478,098 and 264,468,528 shares, respectively	(3,387,538)	(3,251,429)
Total stockholders’ equity	6,944,015	6,748,332
Noncontrolling interests	21,608	19,829
Total equity	6,965,623	6,768,161
Total liabilities and equity	$ 34,296,064	$ 33,815,103