W. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writers worldwide. It operates in two segments, Insurance and Reinsurance & Monoline Excess. The Insurance segment underwrites commercial insurance business, including excess and surplus lines, admitted lines, and specialty personal lines. This segment also provides accident and health insurance and reinsurance products; insurance for commercial risks; casualty and specialty environmental products; specialized insurance coverages for fine arts and jewelry exposures; excess liability and inland marine coverage for small to medium-sized insureds; and commercial general liability, umbrella, professional liability, directors and officers, commercial property, and surety products, as well as products for technology, and life sciences and travel industries. In addition, this segment offers cyber risk solutions; crime and fidelity insurance products; medical professional coverages; workers' compensation insurance products; general insurance; 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 and property and crime insurance products; at-risk and alternative risk insurance program management services; professional liability; energy and marine risks; and provides insurance products to the Lloyd's marketplace. The Reinsurance & Monoline Excess segment provides treaty and facultative reinsurance solutions; property and casualty reinsurance; facultative reinsurance products include automatic, semi-automatic and individual risk assumed reinsurance; and turnkey products such as cyber, employment practices liability insurance, liquor liability insurance and violent events. The company was founded in 1967 and is headquartered in Greenwich, Connecticut.

W.R. Berkley Corporation

Arch Capital Group Ltd. ACGL reported third-quarter 2025 operating income of $2.77 per share, which beat the Zacks Consensus Estimate by 26.5%. The bottom line increased 39.2% year over year.
The quarterly results of ACGL benefited from higher premiums at its Insurance segment, improved net investment income and a not-so-active cat environment.
Behind the Headlines
Gross premiums written declined 0.6% year over year to $5.4 billion.
Net premiums written declined 2.1% year over year to $4 billion on higher premiums written in its Insurance segment.
Pre-tax net investment income increased 2.3% year over year to $408 million. The uptick was driven by growth in average invested assets, due in part to strong operating cash flows. The Zacks Consensus Estimate was pegged at $413.5 million. Our estimate was $416.4 million.
Operating revenues of $4.7 billion rose 7.8% year over year, driven by higher net premiums earned, net investment income and other income. However, revenues missed the Zacks Consensus Estimate by 0.6%.
Arch Capital Group Ltd. Price, Consensus and EPS Surprise
Pre-tax current accident year catastrophic losses for the company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, were $72 million.
Arch Capital’s underwriting income increased 61.9% year over year to $871 million. The combined ratio, the percentage of premiums paid out as claims and expenses, improved 680 basis points (bps) to 79.8. The Zacks Consensus Estimate was pegged at 84.
Segmental Results
Insurance: Gross premiums written increased 9.7% year over year to $2.6 billion. Net premiums written climbed 7.3% year over year to $2 billion, primarily reflecting business related to the MCE Acquisition. Our estimate was $1.9 billion.
Underwriting income of $129 million was 7.5% higher than the year-ago number. Our estimate was $199.9 million.
The combined ratio deteriorated 30 bps to 93.4. The Zacks Consensus Estimate was pegged at 94.5.
Reinsurance: Gross premiums written declined 9% year over year to $2.5 billion. Net premiums written declined 10.7% year over year to $1.7 billion, primarily due to the impact of two transactions in the year-ago quarter in the specialty line of business and the lower level of reinstatement premiums in the reported quarter. Our estimate was $2.2 billion.
Underwriting income was $482 million, up 223.5% year over year. The combined ratio improved 1620 bps year over year to 76.1. The Zacks Consensus Estimate was pegged at 81.57.
Mortgage: Gross premiums written dipped 2.7% year over year to $330 million. Net premiums written decreased 2.8% year over year to $274 million and reflected lower U.S. monthly and single premium volume. Our estimate was $271.3 million.
Underwriting income decreased 3.3% year over year to $260 million. The combined ratio deteriorated 130 bps to 13.5. The Zacks Consensus Estimate was pegged at 23.22.
Financial Update
Arch Capital exited the quarter with cash of $1.1 billion, which increased 8.6% from 2024-end. Debt was $2.7 billion as of Sept. 30, 2025, which remained unchanged from the end of 2024.
As of Sept. 30, 2025, the book value per share was $62.32, up 17.3% from the 2024-end level.
Annualized operating return on average common equity expanded 70 bps year over year to 18.5%. Cash from operations of $2.2 billion increased 8.3% year over year.
ACGL repurchased $732 million worth of shares in the third quarter of 2025.
Zacks Rank
ACGL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Progressive Corporation’s PGR third-quarter 2025 earnings per share of $4.05 missed the Zacks Consensus Estimate by 20.3%. Operating revenues of $22.2 billion missed the Zacks Consensus Estimate by 0.6%. However, the bottom line increased 13.1% year over year while the top line increased 12.7%.
Net premiums written were $21.3 billion in the quarter, up 10% from $19.5 billion a year ago. Net premiums earned grew 14% to $20.8 billion, missing the Zacks Consensus Estimate of $21.1 billion.
The Travelers Companies TRV reported third-quarter 2025 core income of $8.14 per share, which beat the Zacks Consensus Estimate by 35.4%. The bottom line increased 55% year over year. Travelers’ total revenues increased 5% from the year-ago quarter to $12.44 billion, primarily driven by higher premiums, net investment income, fee income and other revenues. The top-line figure beat the Zacks Consensus Estimate by 0.7%.
Net written premiums increased 1% year over year to a record $11.47 billion. The underwriting gain doubled year over year to $1.4 billion. The consolidated underlying combined ratio of 83.9 improved 170 bps year over year. The combined ratio improved 590 bps year over year to 87.3 due to lower catastrophe losses and an improvement in the underlying combined ratio, partially offset by lower net favorable prior year reserve development.
W.R. Berkley Corporation's WRB third-quarter 2025 operating income of $1.10 per share beat the Zacks Consensus Estimate of $1.03 per share by 2.8%. The bottom line increased 18.3% year over year. Operating revenues came in at $3.6 billion, up 8.2% year over year, on the back of higher net premiums earned as well as improved net investment income and higher insurance service fees. The top line beat the consensus estimate by 0.4%.
W.R. Berkley’s net premiums written were $3.4 billion, up 5.5% year over year. Our estimate was $3.3 billion. The consolidated combined ratio (a measure of underwriting profitability) remained flat year over year at 90.9. The Zacks Consensus Estimate was pegged at 89.6.
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Arch Capital Q3 Earnings Beat, Revenues Miss Estimates

Cincinnati Financial Corporation CINF reported third-quarter 2025 operating income of $2.85 per share, which surpassed the Zacks Consensus Estimate by 41.8%. The bottom line increased 100.7% year over year.
The quarterly results of CINF were aided by premium growth initiatives, price increases and higher interest income from fixed-maturity securities.
Operational Update
Total operating revenues in the quarter under review were $2.9 billion, which improved 12.1% year over year. This improvement was driven by higher earned premiums, investment income and other revenues. The top line beat the consensus mark by 0.8%.
Cincinnati Financial Corporation Price, Consensus and EPS Surprise
Cincinnati Financial Corporation price-consensus-eps-surprise-chart | Cincinnati Financial Corporation Quote
Net written premiums climbed 9% year over year to $2.5 billion, driven by premium growth initiatives, price increases and a higher level of insured exposures, as well as contributions to growth from Cincinnati Re and Cincinnati Global.
Investment income, net of expenses, increased 14% year over year to $295 million and was higher than our estimate of $291.6 million. It was due to an increase in interest income from fixed-maturity securities and an increase in equity portfolio dividends. The Zacks Consensus Estimate was pegged at $300.3 million.
Total benefits and expenses of Cincinnati Financial increased 14.5% year over year to $2.3 billion, primarily due to higher underwriting, acquisition and insurance expenses. Our estimate was $2.5 billion.
In its property & casualty (P&C) insurance business, CINF witnessed an underwriting income of $293 million, which increased nearly fivefold from the year-ago period. The combined ratio, a measure of underwriting profitability, improved 920 basis points (bps) year over year to 88.2. Our estimate was pinned at 98.
Quarterly Segment Update
Commercial Lines Insurance: Total revenues of $1.2 billion increased 8% year over year, driven by an 8% rise in premiums earned. Our estimate was $1.3 billion and the Zacks Consensus Estimate was $1.2 billion.
Underwriting income was $111 million, which jumped nearly 37% year over year. The combined ratio improved 190 bps year over year to 91.9. Our estimate was pegged at 92.7.
Personal Lines Insurance: Total revenues of $839 million increased 23% year over year on account of a 24% rise in premiums earned. Our estimate was $900.9 million, while the Zacks Consensus Estimate was pegged at $852.6 million.
The company reported an underwriting profit of $99 million against an underwriting loss of $22 million incurred in the year-earlier period. The combined ratio improved 2210 bps year over year to 88.2.
Excess and Surplus Lines Insurance: Total revenues of $157 million grew 11% year over year, aided by 11% higher earned premiums. Our estimate was $168.7 million, while the Zacks Consensus Estimate was pegged at $178.8 million.
Underwriting profit jumped 138% year over year to $19 million. Our estimate was pinned at $14.2 million. The combined ratio improved 550 bps year over year to 98.8. Our estimate was 92.1.
Life Insurance: Total revenues were $135 million, up 5% year over year. The Zacks Consensus Estimate was pegged at $95.1 million. Our estimate was $83.5 million.
Total benefits and expenses decreased 4% year over year to $99 million due to lower contract holders’ benefits incurred and lower underwriting expenses incurred.
Financial Update
As of Sept. 30, 2025, Cincinnati Financial had total assets worth $40.6 billion, up 11.1% from the level at the end of 2024.
Total debt was $815 million as of Sept. 30, 2025, which remained unchanged from the 2024-end level.
The company’s debt-to-capital ratio was 5% as of Sept. 30, 2025, which improved 50 bps from the end of 2024.
As of Sept. 30, 2025, CINF’s book value per share was $98.76, up 12% from 2024-end.
Zacks Rank
CINF currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Progressive Corporation’s PGR third-quarter 2025 earnings per share of $4.05 missed the Zacks Consensus Estimate by 20.3%. Operating revenues of $22.2 billion missed the Zacks Consensus Estimate by 0.6%. However, the bottom line increased 13.1% year over year while the top line increased 12.7%.
Net premiums written were $21.3 billion in the quarter, up 10% from $19.5 billion a year ago. Net premiums earned grew 14% to $20.8 billion, missing the Zacks Consensus Estimate of $21.1 billion.
The Travelers Companies TRV reported third-quarter 2025 core income of $8.14 per share, which beat the Zacks Consensus Estimate by 35.4%. The bottom line increased 55% year over year. Travelers’ total revenues increased 5% from the year-ago quarter to $12.44 billion, primarily driven by higher premiums, net investment income, fee income and other revenues. The top-line figure beat the Zacks Consensus Estimate by 0.7%.
Net written premiums increased 1% year over year to a record $11.47 billion. The underwriting gain doubled year over year to $1.4 billion. The consolidated underlying combined ratio of 83.9 improved 170 bps year over year. The combined ratio improved 590 bps year over year to 87.3 due to lower catastrophe losses and an improvement in the underlying combined ratio, partially offset by lower net favorable prior year reserve development.
W.R. Berkley Corporation's WRB third-quarter 2025 operating income of $1.10 per share beat the Zacks Consensus Estimate of $1.03 per share by 2.8%. The bottom line increased 18.3% year over year. Operating revenues came in at $3.6 billion, up 8.2% year over year, on the back of higher net premiums earned as well as improved net investment income and higher insurance service fees. The top line beat the consensus estimate by 0.4%.
W.R. Berkley’s net premiums written were $3.4 billion, up 5.5% year over year. Our estimate was $3.3 billion. The consolidated combined ratio (a measure of underwriting profitability) remained flat year over year at 90.9. The Zacks Consensus Estimate was pegged at 89.6.
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Cincinnati Financial Q3 Earnings and Revenues Top, Premiums Rise Y/Y

Brown & Brown, Inc.’s BRO third-quarter 2025 adjusted earnings of $1.05 per share beat the Zacks Consensus Estimate by 16.6%. The bottom line increased 15.4% year over year.
The quarterly results reflected increased organic revenues, higher commission and fees, improved investment income and other income, and expanded EBITDAC margin, offset by higher expenses.
Brown & Brown, Inc. Price, Consensus and EPS Surprise
BRO’s Q3 Details
Total revenues of $1.6 billion beat the Zacks Consensus Estimate by 6.6%. The top line improved 35.4% year over year. The upside can be primarily attributed to commission and fees, which grew 34.2% year over year to $1.5 billion, as well as higher investment and other income. Our estimate for commission and fees growth was 21.9%. The Zacks Consensus Estimate is pegged at $1.4 billion.
Organic revenues improved 3.5% to $1.2 billion in the quarter under review.
Investment and other income increased 80.6% year over year to $56 million. Our estimate was $36.4 million.
Adjusted EBITDAC was $587 million, up 41.8% year over year. EBITDAC margin expanded 170 basis points (bps) year over year to 36.6%. Our estimate for adjusted EBITDAC was $483.7 million.
Total expenses increased 49% to $1.3 billion due to a rise in employee compensation and benefits, other operating expenses, amortization, depreciation, mark-to-market of escrow liability, and interest. Our estimate was $1.2 billion.
Financial Update of BRO
Brown & Brown exited the third quarter with cash and cash equivalents of $1.2 billion, which increased 76.2% from the 2024-end level.
Long-term debt was $7.6 billion as of Sept. 30, 2025, more than double from the 2024-end level.
Net cash provided by operating activities in the first nine months of 2025 was $1 billion, up 23.7% year over year.
Capital Deployment
The board of directors declared a 10% increase to its quarterly dividend to 16.5 cents per share. The dividend will be paid out on Nov. 12, 2025, to shareholders of record at the close of business on Nov. 5, 2025. The dividend hike marks Brown & Brown’s 32nd consecutive annual dividend increase.
The board has also authorized the purchase of up to an additional $1.25 billion of shares. With this authorization, Brown & Brown will have outstanding approval to purchase up to approximately $1.5 billion of BRO's outstanding common stock.
Zacks Rank
BRO carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
Chubb Limited CB reported third-quarter 2025 core operating income of $7.49 per share, which beat the Zacks Consensus Estimate by 26%. The bottom line increased 30.9% year over year. Net premiums written improved 7.5% year over year to $14.8 billion in the quarter. Our estimate was $14.4 billion while the Zacks Consensus Estimate was pegged at $14.5 billion.
Pre-tax net investment income was $1.65 billion, up 9.3% year over year. Our estimate and the Zacks Consensus Estimate were both pegged at $1.8 billion. Revenues of $16.1 billion beat the consensus estimate by 1.6% and improved 7.4% year over year. Property and casualty underwriting income was $2.2 billion, up 55% year over year. The Zacks Consensus Estimate was pegged at $1.4 billion.
The Travelers Companies, Inc. TRV reported third-quarter 2025 core income of $8.14 per share, which beat the Zacks Consensus Estimate by 35.4%. The bottom line increased 55% year over year. Travelers’ total revenues increased 5% from the year-ago quarter to $12.44 billion, primarily driven by higher premiums, net investment income, fee income and other revenues. The top-line figure beat the Zacks Consensus Estimate by 0.7%.
Net written premiums increased 1% year over year to a record $11.47 billion. The underwriting gain doubled year over year to $1.4 billion. The consolidated underlying combined ratio of 83.9 improved 170 bps year over year. The combined ratio improved 590 bps year over year to 87.3 due to lower catastrophe losses and an improvement in the underlying combined ratio, partially offset by lower net favorable prior year reserve development.
W.R. Berkley Corporation's WRB third-quarter 2025 operating income of $1.10 per share beat the Zacks Consensus Estimate of $1.03 by 2.8%. The bottom line increased 18.3% year over year. Operating revenues came in at $3.6 billion, up 8.2% year over year, on the back of higher net premiums earned as well as improved net investment income and higher insurance service fees. The top line beat the consensus estimate by 0.4%.
W.R. Berkley’s net premiums written were $3.4 billion, up 5.5% year over year. Our estimate was $3.3 billion. The consolidated combined ratio (a measure of underwriting profitability) remained flat year over year at 90.9. The Zacks Consensus Estimate was pegged at 89.6.
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Brown & Brown Q3 Earnings & Revenues Beat Estimates, Dividend Raised

Principal Financial Group, Inc.’s PFG third-quarter 2025 operating net income of $2.10 per share missed the Zacks Consensus Estimate by 3.6%. Also, the bottom line increased 19% year over year.
Operating revenues increased 6.2% year over year to $3.8 billion due to increased premiums and other considerations, fees, and other revenues and net investment income. The metric missed the Zacks Consensus Estimate by 4.1%.
Principal Financial witnessed solid performance across the Retirement and Income Solution, Investment Management, Specialty Benefits segments and improved assets under management (AUM) and mixed performances in the other segments, offset by higher expenses.
Principal Financial Group, Inc. Price, Consensus and EPS Surprise
Behind the Headlines
Total expenses increased 3.8% year over year to $3.4 billion due to higher benefits, claims and settlement expenses, dividends to policyholders and operating expenses. The figure was lower than our estimate of $3.6 billion.
As of Sept. 30, 2025, Principal Financial’s AUM amounted to $784.3 billion, which included $0.4 billion of net cash flow and assets under administration of $1.8 trillion. AUM improved 10.1% from 2024-end.
Segment Update
Retirement and Income Solution: Revenues increased 11.8% year over year to $1.9 billion because of higher premiums and other considerations, fees, and other revenues and net investment income. The figure beat our estimate of $1.8 billion.
Pre-tax operating earnings increased 26% year over year to $310.3 million due to higher net revenue and disciplined expense management. The figure missed our estimate of $319 million.
Investment Management: Revenues rose 3.7% year over year to $483.9 million in the quarter due to higher fees and other revenues. The figure was higher than our estimate of $482.4 million.
Pre-tax operating earnings increased 9% year over year to $173.5 million, primarily driven by higher operating revenues less pass-through expenses and disciplined expense management. The figure was higher than our estimate of $157.1 million.
International Pension: Revenues decreased 10.5% year over year to $248 million, owing to lower premiums and other considerations, and net investment income. The figure was higher than our estimate of $245.4 million.
Pre-Tax operating earnings of $101.2 million declined 8% year over year. The metric beat our estimate of $76.4 million.
Specialty Benefits: Revenues increased 3.2% year over year to $896.5 million, owing to higher premiums and other considerations, fees and other revenues and net investment income. The metric missed our estimate of $939.2 million.
Pre-tax operating earnings of $155.5 million increased 53% year over year due to more favorable underwriting experience, along with growth in the business. The metric missed our estimate of $205.3 million.
Life Insurance: Revenues increased 5.6% year over year to $364.2 million owing to higher premiums and other considerations, fees and other revenues and net investment income. The metric missed our estimate of $422.9 million.
Pre-tax operating losses were $69 million, which was wider than the year-ago quarter’s loss of $37.3 million due to less favorable mortality. The figure was against our estimate of earnings of $107.3 million.
Corporate: Pre-tax operating losses of $91.6 million were wider than the loss of $79.4 million incurred a year ago. This increase was primarily due to lower interest income and higher operating expenses. The figure was wider than our estimate of a loss of $69.8 million.
Financial Update
As of Sept. 30, 2025, cash and cash equivalents were $5.1 billion, which increased 22% from 2024-end.
At the third-quarter end, long-term debt was $3.9 billion, which declined 0.7% from the 2024-end. As of Sept. 30, 2025, book value per share (excluding cumulative change in fair value of funds withheld, embedded derivative, and AOCI other than foreign currency translation adjustment) was $55.93, up 4.2% from 2024-end.
Dividend and Share Repurchase Update
Principal Financial returned $398 million of capital to shareholders, which included $225 million of share repurchases and $173 million of dividends in the third quarter.
The board of directors declared a fourth-quarter dividend of 79 cents per share, an 8% increase from the fourth quarter of 2024. The dividend will be paid out on Dec. 19, 2025, to shareholders of record as of Dec. 3.
Zacks Rank
Principal Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
Chubb Limited CB reported third-quarter 2025 core operating income of $7.49 per share, which beat the Zacks Consensus Estimate by 26%. The bottom line increased 30.9% year over year. Net premiums written improved 7.5% year over year to $14.8 billion in the quarter. Our estimate was $14.4 billion while the Zacks Consensus Estimate was pegged at $14.5 billion.
Pre-tax net investment income was $1.65 billion, up 9.3% year over year. Our estimate and the Zacks Consensus Estimate were both pegged at $1.8 billion. Revenues of $16.1 billion beat the consensus estimate by 1.6% and improved 7.4% year over year. Property and casualty (P&C) underwriting income was $2.2 billion, up 55% year over year. The Zacks Consensus Estimate was pegged at $1.4 billion.
The Travelers Companies, Inc. TRV reported third-quarter 2025 core income of $8.14 per share, which beat the Zacks Consensus Estimate by 35.4%. The bottom line increased 55% year over year. Travelers’ total revenues increased 5% from the year-ago quarter to $12.44 billion, primarily driven by higher premiums, net investment income, fee income and other revenues. The top-line figure beat the Zacks Consensus Estimate by 0.7%.
Net written premiums increased 1% year over year to a record $11.47 billion. The underwriting gain doubled year over year to $1.4 billion. The consolidated underlying combined ratio of 83.9 improved 170 bps year over year. The combined ratio improved 590 bps year over year to 87.3 due to lower catastrophe losses and an improvement in the underlying combined ratio, partially offset by lower net favorable prior year reserve development.
W.R. Berkley Corporation's WRB third-quarter 2025 operating income of $1.10 per share beat the Zacks Consensus Estimate of $1.03 by 2.8%. The bottom line increased 18.3% year over year. Operating revenues came in at $3.6 billion, up 8.2% year over year, on the back of higher net premiums earned as well as improved net investment income and higher insurance service fees. The top line beat the consensus estimate by 0.4%.
W.R. Berkley’s net premiums written were $3.4 billion, up 5.5% year over year. Our estimate was $3.3 billion. The consolidated combined ratio (a measure of underwriting profitability) remained flat year over year at 90.9. The Zacks Consensus Estimate was pegged at 89.6.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Principal Financial Q3 Earnings & Revenues Lag Estimates, Dividend Up

The S&P 500 Index ($SPX) (SPY) today is down -0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.18%. December E-mini S&P futures (ESZ25) are down -0.01%, and December E-mini Nasdaq futures (NQZ25) are down -0.16%.
Stock indexes are posting modest losses today, led by losses in chipmakers after Texas Instruments forecasted Q4 revenue that was below expectations. Other corporate earnings results today are mixed for stocks. Intuitive Surgical is up more than +16% after boosting its worldwide Da Vinci procedure growth forecast for the whole year. Also, Capital One Financial is up more than +3% after reporting better-than-expected Q3 adjusted EPS. Conversely, Netflix is down more than -7% after reporting weaker-than-expected Q3 EPS.
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US MBA mortgage applications fell -0.3% in the week ended October 17, with the purchase mortgage sub-index down -5.2% and the refinancing sub-index up +4.0%. The average 30-year fixed rate mortgage fell -5 bp to 6.37% from 6.42% in the prior week.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods "if there isn't a deal" by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last three weeks of weekly initial unemployment claims and the Sep payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don't align with President Trump's priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts' expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 97% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.19%. China's Shanghai Composite closed down -0.07%. Japan's Nikkei Stock 225 closed down -0.02%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down -2 ticks. The 10-year T-note yield is up +0.8 bp to 3.963%. Supply pressures are weighing on T-notes as the Treasury will auction $13 billion of 20-year T-bonds later today. Losses in T-notes are contained due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are mixed today. The 10-year German bund yield is up +0.9 bp to 2.561%. The 10-year UK gilt yield dropped to a 6.5-month low of 4.369% and is down -7.7 bp to 4.401%.
UK Sep CPI rose +3.8% y/y, unchanged from Aug and weaker than expectations of +4.0% y/y. Sep core CPI unexpectedly eased to +3.5% y/y from +3.6% y/y in Aug, weaker than expectations of +3.7% y/y.
Swaps are discounting a 2% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Netflix (NFLX) is down more than -7% to lead losers in the S&P 500 after reporting Q3 EPS of $5.87, well below the consensus of $6.94.
Texas Instruments (TXN) is down more than -7% to lead chipmakers lower after forecasting Q4 revenue of $4.22 billion to $4.58 billion, with the midpoint below the consensus of $4.50 billion. Also, Microchip Technology (MCHP) is down more than -4% and Analog Devices (ADI) is down more than -3%. In addition, NXP Semiconductors NV (NXPI) and ON Semiconductor (ON) are down more than -2%, and Marvell Technology (MRVL), GlobalFoundries (GFS), Qualcomm (QCOM), and Intel (INTC) are down more than -1%.
Cryptocurrency-exposed stocks are sliding today, with the price of Bitcoin down more than -2%. As a result, Coinbase Global (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Strategy (MSTR) are down more than -1%.
AST SpaceMobile (ASTS) is down more than -9% after announcing a private offering of $850 million of convertible senior notes due 2036.
Manhattan Associates (MANH) is down more than -6% after reporting Q3 remaining performance obligations (RPOs) amounted to $2.077 billion, below the consensus of $2.088 billion.
Mattel (MAT) is down more than -5% after reporting Q3 net sales of $1.74 billion, weaker than the consensus of $1.84 billion.
W R Berkley (WRB) is down by more than -1% after BMO Capital Markets downgraded the stock to underperform from market perform with a price target of $64.
Commercial Metals (CMC) is down more than -2% after Jeffries downgraded the stock to hold from buy.
Intuitive Surgical (ISRG) is up more than +16% to lead gainers in the S&P 500 and Nasdaq 100 after boosting its worldwide Da Vinci procedure growth forecast for the whole year.
Pegasystems (PEGA) is up more than +15% after reporting Q3 revenue of $381.4 million, well above the consensus of $351.8 million.
Amphenol (APH) is up more than +8% after reporting Q3 Ebitda of $1.93 billion, stronger than the consensus of $1.64 billion.
Hilton Worldwide Holdings (HLT) is up more than +4% after raising its full-year adjusted Ebitda to $3.69 billion-$3.72 billion from a previous forecast of $3.65 billion-$3.71 billion, above the consensus of $3.68 billion.
Capital One Financial (COF) is up more than +3% after reporting Q3 adjusted EPS of $5.95, well above the consensus of $4.39.
Avadel Pharmaceuticals (AVDL) is up more than +3% after Alkermes agreed to acquire the company for about $2.1 billion, or $20 per share.
Vertiv Holdings (VRT) is up more than +2% after raising its full-year adjusted EPS forecast to $4.07-$4.13 from a previous estimate of $3.75-$3.85, stronger than the consensus of $3.83.
Alphabet (GOOGL) is up more than +1% on news that Anthropic PBC is in discussions with Google about a deal for cloud computing services valued in the high tens of billions of dollars.
Earnings Reports(10/22/2025)
Alcoa Corp (AA), Amphenol Corp (APH), Annaly Capital Management Inc (NLY), AT&T Inc (T), Avery Dennison Corp (AVY), Boston Scientific Corp (BSX), CACI International Inc (CACI), Churchill Downs Inc (CHDN), CME Group Inc (CME), Crown Castle Inc (CCI), Equity LifeStyle Properties In (ELS), First American Financial Corp (FAF), FirstEnergy Corp (FE), GE Vernova Inc (GEV), Globe Life Inc (GL), Graco Inc (GGG), Hexcel Corp (HXL), Hilton Worldwide Holdings Inc (HLT), International Business Machine (IBM), Kinder Morgan Inc (KMI), Knight-Swift Transportation Holdings Inc (KNX), Lam Research Corp (LRCX), Las Vegas Sands Corp (LVS), Lennox International Inc (LII), Lithia Motors Inc (LAD), Medpace Holdings Inc (MEDP), Molina Healthcare Inc (MOH), Moody's Corp (MCO), Northern Trust Corp (NTRS), NVR Inc (NVR), O'Reilly Automotive Inc (ORLY), Packaging Corp of America (PKG), QuantumScape Corp (QS), Raymond James Financial Inc (RJF), Reliance Inc (RS), Robert Half Inc (RHI), SEI Investments Co (SEIC), Sonoco Products Co (SON), Southern Copper Corp (SCCO), SOUTHSTATE BANK CORP (SSB), Southwest Airlines Co (LUV), Stifel Financial Corp (SF), Teledyne Technologies Inc (TDY), Tesla Inc (TSLA), Thermo Fisher Scientific Inc (TMO), Travel + Leisure Co (TNL), United Rentals Inc (URI), Vertiv Holdings Co (VRT), Viking Therapeutics Inc (VKTX), Westinghouse Air Brake Technol (WAB), Wyndham Hotels & Resorts Inc (WH).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Pressured as Texas Instruments Drags Chipmakers Lower

The following are the top rated Financial stocks according to Validea's P/E/Growth Investor model based on the published strategy of Peter Lynch. This strategy looks for stocks trading at a reasonable price relative to earnings growth that also possess strong balance sheets.
BAIN CAPITAL SPECIALTY FINANCE INC (BCSF) is a small-cap value stock in the Investment Services industry. The rating according to our strategy based on Peter Lynch is 93% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. Its primary focus is capitalizing on opportunities within Bain Capital Credit's Senior Direct Lending Strategy, which seeks to provide risk-adjusted returns and current income to investors by investing primarily in middle-market direct lending opportunities across North America, Europe and Australia and also in other geographic markets. It may also invest in mezzanine debt and other junior securities, including common and preferred equity and in secondary purchases of assets or portfolios. It is managed by BCSF Advisors, LP.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of BAIN CAPITAL SPECIALTY FINANCE INC
CARLYLE SECURED LENDING INC (CGBD) is a small-cap value stock in the Misc. Financial Services industry. The rating according to our strategy based on Peter Lynch is 93% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Carlyle Secured Lending, Inc. is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. The Company's investment objective is to generate current income and capital appreciation primarily through assembling a portfolio of secured debt investments in United States middle market companies. The Company seeks to achieve its investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and unitranche loans) and second lien senior secured loans (collectively, Middle Market Senior Loans), with a minority of its assets invested in higher yielding investments (which may include unsecured debt, subordinated debt and investments in equities and structured products). The Company is externally managed by its investment adviser, Carlyle Global Credit Investment Management L.L.C.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of CARLYLE SECURED LENDING INC
PROGRESSIVE CORP (PGR) is a large-cap value stock in the Insurance (Prop. & Casualty) industry. The rating according to our strategy based on Peter Lynch is 93% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: The Progressive Corporation is an insurance holding company, which has insurance and non-insurance subsidiaries and affiliates. The Companys segments include Personal Lines, Commercial Lines and Other indemnity. The Personal Lines segment writes insurance for personal autos and special lines products. Its special lines of products include recreational vehicles, such as motorcycles, RVs, and watercraft. Its Personal Lines products are sold through both the agency and direct channels. The Commercial Lines segment writes auto-related liability and physical damage insurance, business-related general liability and commercial property insurance predominately for small businesses, and workers compensation insurance primarily for the transportation industry. Its reinsurance activity includes both transactions which are regulated and those that are non-regulated. It offers shopping tools and services, such as Name Your Price, Snapshot, and HomeQuote Explorer.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
NET CASH POSITION:
NEUTRAL
Detailed Analysis of PROGRESSIVE CORP
W R BERKLEY CORP (WRB) is a large-cap growth stock in the Insurance (Prop. & Casualty) industry. The rating according to our strategy based on Peter Lynch is 91% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: W. R. Berkley Corporation is an insurance holding company. It operates through two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess. Its Insurance businesses underwrite commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom. Its Insurance segment consists of business units, including Acadia Insurance, Admiral Insurance, Berkley Accident and Health, Berkley Agribusiness and others. It provides professional liability and casualty insurance for small to mid-sized businesses though the business unit Berkley Edge. Its Reinsurance & Monoline Excess offers reinsurance business on a facultative and treaty basis in the United States, United Kingdom, Continental Europe, Australia, the Asia-Pacific region and South Africa.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of W R BERKLEY CORP
HARTFORD INSURANCE GROUP INC (HIG) is a large-cap value stock in the Insurance (Prop. & Casualty) industry. The rating according to our strategy based on Peter Lynch is 91% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: The Hartford Insurance Group, Inc., formerly The Hartford Financial Services Group, Inc., is a holding company. The Company's segments include Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits and Hartford Funds. Business Insurance segment provides a variety of insurance products and risk management services in the United States and internationally. Personal Insurance segment provides automobile, homeowners and personal umbrella coverage to individuals across the United States. Property & Casualty Other Operations segment includes certain property and casualty operations. The Employee Benefits segment provides employers and associations with group life, accident and disability coverage, along with other products and services, including voluntary benefits, and group retiree health. Hartford Funds segment offers investment products for retail and retirement accounts and provides investment management, distribution and administrative services.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of HARTFORD INSURANCE GROUP INC
About Peter Lynch: Perhaps the greatest mutual fund manager of all-time, Lynch guided Fidelity Investment's Magellan Fund to a 29.2 percent average annual return from 1977 until his retirement in 1990, almost doubling the S&P 500's 15.8 percent yearly return over that time. Lynch's common sense approach and quick wit made him one of the most quoted investors on Wall Street. ("Go for a business that any idiot can run -- because sooner or later, any idiot probably is going to run it," is one of his many pearls of wisdom.) Lynch's bestseller One Up on Wall Street is something of a "stocks for the everyman/everywoman", breaking his approach down into easy-to-understand concepts.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Financial Stocks Based On Peter Lynch - 10/22/2025

Chubb Limited CB reported third-quarter 2025 core operating income of $7.49 per share, which beat the Zacks Consensus Estimate by 26%. The bottom line increased 30.9% year over year.
The quarterly results reflect strong performance across most of the segments, solid underwriting income, improved investment income, and a lower level of catastrophe.
Chubb Limited Price, Consensus and EPS Surprise
Quarter in Detail
Net premiums written improved 7.5% year over year to $14.8 billion in the quarter. Our estimate was $14.4 billion while the Zacks Consensus Estimate was pegged at $14.5 billion.
Pre-tax net investment income was $1.65 billion, up 9.3% year over year. Our estimate and the Zacks Consensus Estimate were both pegged at $1.8 billion.
Revenues of $16.1 billion beat the consensus estimate by 1.6% and improved 7.4% year over year.
Property and casualty (P&C) underwriting income was $2.2 billion, up 55% year over year. The Zacks Consensus Estimate was pegged at $1.4 billion. Current accident year underwriting income, excluding catastrophe losses, was $2.2 billion, up 10.3%.
Chubb Limited incurred a pre-tax P&C catastrophe loss, net of reinsurance and including reinstatement premiums of $285 million, which was narrower than the year-ago catastrophe loss of $765 million.
The P&C combined ratio improved 590 basis points (bps) on a year-over-year basis to 81.8% in the quarter under review. The Zacks Consensus Estimate for the combined ratio was pegged at 88.
Segmental Update
North America Commercial P&C Insurance: Net premiums written increased 2.9% year over year to $5.6 billion. Our estimate was $5.4 billion. The combined ratio improved 500 bps to 81.5%. Our estimate was 85.9.
North America Personal P&C Insurance: Net premiums written climbed 8.1% year over year to $1.8 billion. Our estimate was $1.7 billion. The combined ratio improved 1,620 bps to 65.1%, reflecting lower catastrophe losses and higher favorable prior period development. Our estimate was 85.9.
North America Agricultural Insurance: Net premiums written increased 5.6% from the year-ago quarter to $1.4 billion, primarily due to an increase in exposure in the company’s crop insurance business, which more than offset year-over-year declines in commodity prices. The figure matched our estimate. The combined ratio improved 240 bps to 88%. Our estimate was 96.4%.
Overseas General Insurance: Net premiums written jumped 9.7% year over year to $3.6 billion. The figure matched both the Zacks Consensus Estimate and our estimate. The combined ratio improved 270 bps to 83.3%. Our estimate was 88.4.
Global Reinsurance: Net premiums written declined 13.5% year over year to $304 million. Our estimate was $408.4 million. The combined ratio improved 1,700 bps to 77.4%. Our estimate was 127.9.
Life Insurance: Net premiums written increased 24.6% year over year to $1.93 billion, with growth of 26.5% in International Life. Our estimate was $1.8 billion.
The Life Insurance segment income was $324 million, up 13.9% in constant dollars. The Zacks Consensus Estimate was pegged at $278 million.
Financial Update
The cash balance of $2.4 billion, as of Sept. 30, 2025, decreased 3.7% from the 2024-end level. Total shareholders’ equity grew 13.7% from the level at 2024-end to $77.8 billion as of Sept. 30, 2025. Book value per share, as of Sept. 30, 2024, was $182.22, up 14% from the figure as of Dec. 31, 2024.
Core operating return on tangible equity expanded 280 bps year over year to 24.5%. Operating cash flow was $3.64 billion in the quarter under consideration, while adjusted operating cash flow was $4.51 billion.
Capital Deployment
In the quarter, Chubb Limited bought back shares worth $1.23 billion and paid $385 million in dividends.
Zacks Rank
Chubb Limited currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other P&C Insurers
The Progressive Corporation’s PGR third-quarter 2025 earnings per share of $4.05 missed the Zacks Consensus Estimate by 20.3%. Operating revenues of $22.2 billion missed the Zacks Consensus Estimate by 0.6%. However, the bottom line increased 13.1% year over year and the top line rose 12.7%.
Net premiums written were $21.3 billion in the quarter, up 10% from $19.5 billion a year ago. Net premiums earned grew 14% to $20.8 billion, missing the Zacks Consensus Estimate of $21.1 billion.
The Travelers Companies, Inc. TRV reported third-quarter 2025 core income of $8.14 per share, which beat the Zacks Consensus Estimate by 35.4%. The bottom line increased 55% year over year. Travelers’ total revenues increased 5% from the year-ago quarter to $12.44 billion, primarily driven by higher premiums, net investment income, fee income and other revenues. The top-line figure beat the Zacks Consensus Estimate by 0.7%.
Net written premiums increased 1% year over year to a record $11.47 billion. The underwriting gain doubled year over year to $1.4 billion. The consolidated underlying combined ratio of 83.9 improved 170 bps year over year. The combined ratio improved 590 bps year over year to 87.3 due to lower catastrophe losses and an improvement in the underlying combined ratio, partially offset by lower net favorable prior year reserve development.
W.R. Berkley Corporation's WRB third-quarter 2025 operating income of $1.10 per share beat the Zacks Consensus Estimate of $1.03 by 2.8%. The bottom line increased 18.3% year over year. Operating revenues came in at $3.6 billion, up 8.2% year over year, on the back of higher net premiums earned as well as improved net investment income and higher insurance service fees. The top line beat the consensus estimate by 0.4%.
W.R. Berkley’s net premiums written were $3.4 billion, up 5.5% year over year. Our estimate was $3.3 billion. The consolidated combined ratio (a measure of underwriting profitability) remained flat year over year at 90.9. The Zacks Consensus Estimate was pegged at 89.6.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Chubb Limited Q3 Earnings & Revenues Beat Estimates, Premiums Rise Y/Y

Fintel reports that on October 21, 2025, Wells Fargo maintained coverage of W. R. Berkley (NYSE:WRB) with a Equal-Weight recommendation.
Analyst Price Forecast Suggests 1.35% Downside
As of September 30, 2025, the average one-year price target for W. R. Berkley is $73.95/share. The forecasts range from a low of $52.99 to a high of $90.30. The average price target represents a decrease of 1.35% from its latest reported closing price of $74.96 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for W. R. Berkley is 13,442MM, a decrease of 8.27%. The projected annual non-GAAP EPS is 6.29.
What is the Fund Sentiment?
There are 1,606 funds or institutions reporting positions in W. R. Berkley. This is an increase of 12 owner(s) or 0.75% in the last quarter. Average portfolio weight of all funds dedicated to WRB is 0.27%, an increase of 6.07%. Total shares owned by institutions decreased in the last three months by 2.76% to 303,214K shares. The put/call ratio of WRB is 0.28, indicating a bullish outlook.
What are Other Shareholders Doing?
Kayne Anderson Rudnick Investment Management holds 11,096K shares representing 2.93% ownership of the company. In its prior filing, the firm reported owning 11,788K shares , representing a decrease of 6.23%. The firm decreased its portfolio allocation in WRB by 5.23% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 9,166K shares representing 2.42% ownership of the company. In its prior filing, the firm reported owning 9,011K shares , representing an increase of 1.69%. The firm decreased its portfolio allocation in WRB by 6.30% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 8,508K shares representing 2.24% ownership of the company. In its prior filing, the firm reported owning 8,344K shares , representing an increase of 1.94%. The firm decreased its portfolio allocation in WRB by 6.46% over the last quarter.
Geode Capital Management holds 8,189K shares representing 2.16% ownership of the company. In its prior filing, the firm reported owning 7,900K shares , representing an increase of 3.53%. The firm decreased its portfolio allocation in WRB by 4.66% over the last quarter.
Janus Henderson Group holds 8,121K shares representing 2.14% ownership of the company. In its prior filing, the firm reported owning 8,688K shares , representing a decrease of 6.98%. The firm decreased its portfolio allocation in WRB by 13.83% over the last quarter.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Wells Fargo Maintains W. R. Berkley (WRB) Equal-Weight Recommendation

Fintel reports that on October 21, 2025, Truist Securities maintained coverage of W. R. Berkley (NYSE:WRB) with a Buy recommendation.
Analyst Price Forecast Suggests 1.35% Downside
As of September 30, 2025, the average one-year price target for W. R. Berkley is $73.95/share. The forecasts range from a low of $52.99 to a high of $90.30. The average price target represents a decrease of 1.35% from its latest reported closing price of $74.96 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for W. R. Berkley is 13,442MM, a decrease of 8.27%. The projected annual non-GAAP EPS is 6.29.
What is the Fund Sentiment?
There are 1,606 funds or institutions reporting positions in W. R. Berkley. This is an increase of 12 owner(s) or 0.75% in the last quarter. Average portfolio weight of all funds dedicated to WRB is 0.27%, an increase of 6.07%. Total shares owned by institutions decreased in the last three months by 2.76% to 303,214K shares. The put/call ratio of WRB is 0.28, indicating a bullish outlook.
What are Other Shareholders Doing?
Kayne Anderson Rudnick Investment Management holds 11,096K shares representing 2.93% ownership of the company. In its prior filing, the firm reported owning 11,788K shares , representing a decrease of 6.23%. The firm decreased its portfolio allocation in WRB by 5.23% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 9,166K shares representing 2.42% ownership of the company. In its prior filing, the firm reported owning 9,011K shares , representing an increase of 1.69%. The firm decreased its portfolio allocation in WRB by 6.30% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 8,508K shares representing 2.24% ownership of the company. In its prior filing, the firm reported owning 8,344K shares , representing an increase of 1.94%. The firm decreased its portfolio allocation in WRB by 6.46% over the last quarter.
Geode Capital Management holds 8,189K shares representing 2.16% ownership of the company. In its prior filing, the firm reported owning 7,900K shares , representing an increase of 3.53%. The firm decreased its portfolio allocation in WRB by 4.66% over the last quarter.
Janus Henderson Group holds 8,121K shares representing 2.14% ownership of the company. In its prior filing, the firm reported owning 8,688K shares , representing a decrease of 6.98%. The firm decreased its portfolio allocation in WRB by 13.83% over the last quarter.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Truist Securities Maintains W. R. Berkley (WRB) Buy Recommendation

RLI Corp. RLI reported third-quarter 2025 operating earnings of 83 cents per share, which beat the Zacks Consensus Estimate by 33.9%. The bottom line increased 27.7% from the prior-year quarter.
The quarterly results reflect higher net premiums earned and higher net investment income, as well as lower loss and settlement expenses.
Operational Performance
Operating revenues in the reported quarter were $449 million, up 5.3% year over year, driven by 4.7% higher net premiums earned and 12.5% higher net investment income. The top line beat the Zacks Consensus Estimate by 0.5%.
RLI Corp. Price, Consensus and EPS Surprise
Gross premiums written of $562.3 million increased 0.5% year over year. The improvement in the performance of the Casualty segment was offset by a decline in Property and the Surety segment. Our estimate gross premiums written was $584.7 million.
Net investment income increased 12% year over year to $41.3 million. Our estimate was $42.4 million. The Zacks Consensus Estimate was pegged at $42.5 million. The investment portfolio’s total return was 3% in the quarter.
Total expenses declined 0.2% year over year to $353.6 million, primarily due to lower loss and settlement expenses. Our estimate was $399 million.
Underwriting income of $60.5 million increased 48.6% year over year. The combined ratio improved 450 basis points (bps) year over year to 85.1. Our estimate was 97.8.
Financial Update
RLI exited the quarter with total investments and cash of $4.7 billion, up 14.8% from 2024-end.
Book value was $20.41 per share, up 26% from the figure as of Dec. 31, 2024.
Net cash flow from operations was $179.2 million, down 18.3% year over year.
The statutory surplus increased 5.6% from the end of 2024 to $1.9 billion as of Sept. 30, 2025.
Return on equity was 20.8%, down 690 bps from the year-ago period.
Dividend Update
On Sept. 19, 2025, RLI paid a dividend of 16 cents, an increase of 1 cent from the last payout. RLI’s cumulative dividends total more than $975 million in the last five years.
Zacks Rank
RLI currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Progressive Corporation’s PGR third-quarter 2025 earnings per share of $4.05 missed the Zacks Consensus Estimate by 20.3%. Operating revenues of $22.2 billion missed the Zacks Consensus Estimate by 0.6%. However, the bottom line increased 13.1% year over year while the top line increased 12.7%.
Net premiums written were $21.3 billion in the quarter, up 10% from $19.5 billion a year ago. Net premiums earned grew 14% to $20.8 billion, missing the Zacks Consensus Estimate of $21.1 billion.
The Travelers Companies TRV reported third-quarter 2025 core income of $8.14 per share, which beat the Zacks Consensus Estimate by 35.4%. The bottom line increased 55% year over year. Travelers’ total revenues increased 5% from the year-ago quarter to $12.44 billion, primarily driven by higher premiums, net investment income, fee income and other revenues. The top-line figure beat the Zacks Consensus Estimate by 0.7%.
Net written premiums increased 1% year over year to a record $11.47 billion. The underwriting gain doubled year over year to $1.4 billion. The consolidated underlying combined ratio of 83.9 improved 170 bps year over year. The combined ratio improved 590 bps year over year to 87.3 due to lower catastrophe losses and an improvement in the underlying combined ratio, partially offset by lower net favorable prior year reserve development.
W.R. Berkley Corporation's WRB third-quarter 2025 operating income of $1.10 per share beat the Zacks Consensus Estimate of $1.03 per share by 2.8%. The bottom line increased 18.3% year over year. Operating revenues came in at $3.6 billion, up 8.2% year over year, on the back of higher net premiums earned as well as improved net investment income and higher insurance service fees. The top line beat the consensus estimate by 0.4%.
W.R. Berkley’s net premiums written were $3.4 billion, up 5.5% year over year. Our estimate was $3.3 billion. The consolidated combined ratio (a measure of underwriting profitability) remained flat year over year at 90.9. The Zacks Consensus Estimate was pegged at 89.6.
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RLI Corp. (RLI) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	15.44 13.37
Price/Sales	1.99 1.92
P/B	3.04 1.10
P/FCF	7.74 10.25

Indicator	TTM Median
ROE	21.66 10.06
ROA	4.45 1.13
ROI	16.04 6.38
Net Worth	27.15 0.99
Quick Ratio	0.00 1.40
Current Ratio	0.32 0.96

Indicator	TTM Median
Net Profit Margin	12.87 15.86
Operating Margin	17.53 21.72
Gross Margin	47.70 68.17
Return on tangible equity	22.15 12.03

Indicator	TTM Median
EPS	1.01 0.60
EPS Forecast	1.01 0.61
Revenue	3.67B 85.50M
Gross Profit	1.81B —
EBITDA	746.00M —

W.R. Berkley Corporation

TTM metrics for the latest quarter under IFRS and their historical dynamics

Valuation

Debts

Efficiency

Other ratios

Revenue