On this page of StockholderLetter.com we present the 4/28/2023 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.
LOOK W. R . B e r k l e y C o r p o r a t i o n 2 0 2 2 A N N U A L R E P O R T IF YOU DON T LOOK, YOU WON T 1 W. R. Berkley Corpo r at io n SEE.
Evening Shadows, Maxfield Parrish W. R . B e r k l e y C o r p o r a t i o n 2 0 2 2 2 W. R. B erkley Corpo r at io n A N N U A L R E P O R T
CONTENTS 03 Financial Highlights 29 Segment Overview 05 Letter to Shareholders 30 Segment Data 10 Selected Financial Data 31 Investments 11 . R. Berkley Corporation W Performance vs. S&P 500 32 Form 10-K 165 Businesses 174 Board of Directors & Officers 176 Corporate Information 12 15 1 Relative Stock Price Performance Risk Before Return 19 Decentralization: A Competitive Advantage 23 Valuing Our People 27 Our Company 28 Our Business W. R. Berkley Co r p o r at io n
Evening Shadows, Maxfield Parrish Our clear objective has always been to maximize our long-term risk-adjusted return, which necessitates not only understanding our current exposures, but also anticipating what impacts the constantly changing environment can have on future exposures and maintaining a keen awareness of the risks from unforeseen events. IF YOU DON T LOOK, YOU WON T SEE. When you opened the cover, you may have thought you saw all there was to see a lovely mountain scene. Maybe you even noticed the little church nestled in the middle. But look more closely, and you ll see an entire village secluded behind the trees. Most people think insurance companies are all the same, but you have to really look closely at a company to see why it is different or special, or, conversely, why the risk is not as easy to assess as it appears on the surface. Look carefully at our Company and you will see some of the things that make us special. 2 W. R. B erkley Corpo r at io n As a specialty company with a decentralized structure, we are close to our customers and better able to understand their needs, provide customized, innovative solutions and make decisions quickly. We build our businesses around teams with knowledge and expertise and invest in their ongoing development. Many of our colleagues at our businesses have been with the Company for the majority of their careers or since the establishment of their operating unit. Our key incentive compensation plan, which requires managers to hold our stock as long as they are with the Company, means that management is in it for the long term and fully aligned with shareholders interests. Over the long term, we have focused on creating shareholder value by building outstanding teams of people and meeting the needs of our customers, all the while recognizing that we have an obligation to society. All of these activities are important contributors to our Company culture, which emphasizes that everything we do and every person who participates is important to our enterprise, and that always doing the right thing is the cornerstone of our success. 2 02 2 A n n u a l Repo rt 2
2022 FINANCIAL HIGHLIGHTS By taking advantage of challenging opportunities and bringing together talented people and capital, we feel confident that we will be able to continue to deliver outstanding long-term returns. 3 W. R. Berkley Co r p o r at io n
 • shareholder letter icon 4/28/2023 Letter Continued (Full PDF)
 • stockholder letter icon 4/26/2024 WRB Stockholder Letter
 • stockholder letter icon 4/25/2025 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 4/28/2023 Shareholder/Stockholder Letter Transcript:

LOOK
W. R . B e r k l e y C o r p o r a t i o n
2 0 2 2
A N N U A L
R E P O R T
IF YOU
DON   T
LOOK,
YOU
WON   T
1
W. R. Berkley Corpo r at io n
SEE.

Evening Shadows, Maxfield Parrish
W. R . B e r k l e y C o r p o r a t i o n
2 0 2 2
2
W. R. B erkley Corpo r at io n
A N N U A L
R E P O R T

CONTENTS
03
Financial Highlights
29
Segment Overview
05
Letter to Shareholders
30
Segment Data
10
Selected Financial Data
31
Investments
11
  . R. Berkley Corporation
W
 Performance vs. S&P 500
32
Form 10-K
165
Businesses
174
Board of
Directors & Officers
176
Corporate Information
12
15
1
Relative Stock
Price Performance
Risk Before Return
19
Decentralization:
A Competitive Advantage
23
Valuing Our People
27
Our Company
28
Our Business
W. R. Berkley Co r p o r at io n

Evening Shadows, Maxfield Parrish
    Our clear objective has always been to maximize
our long-term risk-adjusted return, which
necessitates not only understanding our current
exposures, but also anticipating what impacts
the constantly changing environment can have
on future exposures and maintaining a keen
awareness of the risks from unforeseen events.
IF YOU
DON   T LOOK,
YOU WON   T
SEE.
When you opened the cover, you may have
thought you saw all there was to see   a lovely
mountain scene. Maybe you even noticed the
little church nestled in the middle. But look more
closely, and you   ll see an entire village secluded
behind the trees.
Most people think insurance companies are all
the same, but you have to really look closely at a
company to see why it is different or special, or,
conversely, why the risk is not as easy to assess as
it appears on the surface.
Look carefully at our Company and you will see
some of the things that make us special.
2
W. R. B erkley Corpo r at io n
    As a specialty company with a decentralized
structure, we are close to our customers and
better able to understand their needs, provide
customized, innovative solutions and make
decisions quickly.
    We build our businesses around teams with
knowledge and expertise and invest in their
ongoing development. Many of our colleagues
at our businesses have been with the Company
for the majority of their careers or since the
establishment of their operating unit.
    Our key incentive compensation plan, which
requires managers to hold our stock as long as they
are with the Company, means that management
is in it for the long term and fully aligned with
shareholders    interests.
Over the long term, we have focused on creating
shareholder value by building outstanding
teams of people and meeting the needs of our
customers, all the while recognizing that we have
an obligation to society. All of these activities are
important contributors to our Company culture,
which emphasizes that everything we do and
every person who participates is important to our
enterprise, and that always doing the right thing is
the cornerstone of our success.
2 02 2 A n n u a l Repo rt
2

2022
FINANCIAL
HIGHLIGHTS
By taking advantage of challenging opportunities and bringing
together talented people and capital, we feel confident that we will
be able to continue to deliver outstanding long-term returns.
3
W. R. Berkley Co r p o r at io n


shareholder letter icon 4/28/2023 Letter Continued (Full PDF)
 

WRB Stockholder/Shareholder Letter (BERKLEY W R CORP) 4/28/2023 | www.StockholderLetter.com
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