W. R. Berkley reports Q1 operating EPS $1.30, consensus $1.14

Reports Q1 revenue $3.69B, consensus $3.19B. Management commented: “The Company continued to deliver outstanding results in the first quarter of 2026 with an annualized 21.2% return on beginning-of-year stockholders’ equity, reflecting ongoing growth in underwriting and investment income. We returned total capital of $336 million in the quarter through regular dividends and share repurchases. Our 88.3% accident year combined ratio excluding catastrophe losses demonstrated the stability of underwriting earnings generated through our diversified operating model. We are growing our business where pricing, terms, and conditions support attractive risk adjusted returns. Our teams continue to execute across a wide range of market conditions, with gross and net premiums written in the insurance segment increasing by 4.5% and 3.2%, respectively. Net investment income grew by 12.2%, driven by a higher level of invested assets from continued strong operating cash flow, improved portfolio yields, and strong investment fund income, enhancing overall profitability. The credit quality of the fixed-maturity portfolio remains high with an average rating of AA- and a 3.1 year duration. Our balance sheet remains a source of strength, and we prioritized effective capital management in the first quarter by repurchasing nearly 4.5 million shares. Our disciplined focus on long-term risk-adjusted return continues to drive superior performance across market cycles and create long term value for our shareholders. We remain confident in our ability to exceed our 15% target after-tax return on equity for the foreseeable future.”