On this page of StockholderLetter.com we present the latest annual shareholder letter from BERKLEY W R CORP — ticker symbol WRB. Reading current and past WRB letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT 2024 W. R . B e r k l e y C o r p o r a t i o n
The Cheese Vendor by Edouard-Jean Dambourgez ANNUAL REPORT 2024 W. R . B e r k l e y C o r p o r a t i o n
Table of Contents 3 Financial Highlights 4 Selected Financial Data 5 Letter to Shareholders 8 W. R. Berkley Corporation Performance vs. S&P 500 2 9 Cumulative Total Return & Growth in Book Value Per Share 10 A Recipe for Success 14 The Proof is in the Pudding 18 The Magic is in the Mix 22 The Secret is in the Sauce 26 Our Company 27 Our Business 28 Segment Overview and Data 30 Investments 31 Form 10-K 165 Businesses 173 Board of Directors & Officers 175 Corporate Information
By the Numbers 2024 Financial Highlights COMBINED RATIO 90.3 TOTAL REVENUES 13.6B Averaged 90.8% over Increased by 72.6% over the past 5 years the past 5 years BOOK VALUE PER SHARE RETURN ON STOCKHOLDERS' EQUITY Grew 86.5% before dividends Averaged 17.9% over and share repurchases over the past 5 years 22.09 23.6 the past 5 years W. R. Berkley Corporation 2024 Annual Report 3
Selected Financial Data In thousands, except per share data YEARS ENDED DECEMBER 31, 2020 2021 2022 2023 2024 $8,098,932 $9,455,486 $11,166,498 $12,142,938 $13,638,752 7,262,437 8,862,867 10,004,070 10,954,467 11,972,096 Net Investment Income 583,821 671,618 779,185 1,052,835 1,333,161 Net Investment Gains 103,000 90,632 202,397 47,042 117,708 Insurance Service Fees 88,777 93,857 110,544 106,485 108,935 Net Income to Common Stockholders 530,670 1,022,490 1,381,062 1,381,359 1,756,115 $1.26 $2.46 $3.33 $3.40 $4.39 Diluted 1.25 2.44 3.29 3.37 4.36 Return on Equity 8.7% 16.2% 20.8% 20.5% 23.6% $28,606,913 $32,086,414 $33,861,099 $37,202,015 $40,567,268 Total Investments 18,481,767 22,171,814 22,859,646 25,279,504 27,889,406 Reserves for Losses & Loss Expenses 13,784,430 15,390,888 17,011,223 18,739,652 20,368,030 6,310,802 6,653,011 6,748,332 7,455,431 8,395,111 400,106 397,757 396,819 384,817 380,066 15.77 16.73 17.01 19.37 22.09 Total Revenues Net Premiums Written NET INCOME PER COMMON SHARE Basic AT YEAR END Total Assets Common Stockholders Equity Common Shares Outstanding Common Stockholders Equity Per Share Per share data and common shares outstanding have been adjusted for the 3-for-2 common stock splits effected on March 23, 2022 and July 10, 2024. 4
 • shareholder letter icon 4/25/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2023 WRB Stockholder Letter
 • stockholder letter icon 4/26/2024 WRB Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon WRB Benford's Law Stock Score = 94


WRB Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
2024
W. R . B e r k l e y C o r p o r a t i o n

The Cheese Vendor
by Edouard-Jean Dambourgez
ANNUAL REPORT
2024
W. R . B e r k l e y C o r p o r a t i o n

Table of Contents
3   
Financial Highlights       
4   
Selected Financial Data       
5   
Letter to Shareholders       
8   
W. R. Berkley Corporation Performance vs. S&P 500
2
9   
Cumulative Total Return & Growth in Book Value Per Share
10   
A Recipe for Success       
14   
The Proof is in the Pudding      
18   
The Magic is in the Mix       
22   
The Secret is in the Sauce      
26   
Our Company        
27   
Our Business        
28   
Segment Overview and Data      
30  
Investments      
31  
Form 10-K
165  
Businesses
173   
Board of Directors & Officers  
175  
Corporate Information

By the Numbers
2024 Financial
Highlights
COMBINED RATIO
90.3

TOTAL REVENUES
13.6B

Averaged 90.8% over
Increased by 72.6% over
the past 5 years
the past 5 years
BOOK VALUE PER SHARE
RETURN ON STOCKHOLDERS' EQUITY
Grew 86.5% before dividends
Averaged 17.9% over
and share repurchases over
the past 5 years
22.09 23.6


the past 5 years
W. R. Berkley Corporation 2024 Annual Report
3

Selected Financial Data
In thousands, except per share data
YEARS
ENDED DECEMBER 31,
2020
2021
2022
2023
2024
$8,098,932
$9,455,486
$11,166,498
$12,142,938
$13,638,752
7,262,437
8,862,867
10,004,070
10,954,467
11,972,096
Net Investment Income
583,821
671,618
779,185
1,052,835
1,333,161
Net Investment Gains
103,000
90,632
202,397
47,042
117,708
Insurance Service Fees
88,777
93,857
110,544
106,485
108,935
Net Income to Common
Stockholders
530,670
1,022,490
1,381,062
1,381,359
1,756,115
$1.26
$2.46
$3.33
$3.40
$4.39
Diluted
1.25
2.44
3.29
3.37
4.36
Return on Equity
8.7%
16.2%
20.8%
20.5%
23.6%
$28,606,913
$32,086,414
$33,861,099
$37,202,015
$40,567,268
Total Investments
18,481,767
22,171,814
22,859,646
25,279,504
27,889,406
Reserves for Losses
& Loss Expenses
13,784,430
15,390,888
17,011,223
18,739,652
20,368,030
6,310,802
6,653,011
6,748,332
7,455,431
8,395,111
400,106
397,757
396,819
384,817
380,066
15.77
16.73
17.01
19.37
22.09
Total Revenues
Net Premiums Written
NET INCOME
PER COMMON SHARE
Basic
AT YEAR END
Total Assets
Common Stockholders    Equity
Common Shares Outstanding
Common Stockholders   
Equity Per Share
Per share data and common shares outstanding have been adjusted for the 3-for-2 common stock splits
effected on March 23, 2022 and July 10, 2024.
4



shareholder letter icon 4/25/2025 Letter Continued (Full PDF)
 

WRB Stockholder/Shareholder Letter (BERKLEY W R CORP) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.