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

Key Points
Net premiums written reached a quarterly record of $3.35 billion in Q2 2025, Net premiums written grew 7.2% year over year to a quarterly record of $3.35 billion.
Operating EPS (Non-GAAP) of $1.05 beat the analyst estimate, with record investment income.
Book value per share increased 6.8% before capital was returned to shareholders.
W. R. Berkley (NYSE:WRB), a specialist in commercial property and casualty insurance, reported second-quarter results on July 21, 2025, surpassing Wall Street’s forecasts. The company posted operating earnings per share (EPS) of $1.05 (Non-GAAP), outpacing the consensus non-GAAP EPS estimate of $1.03. Total revenue climbed to $3.67 billion, up sharply from $3.31 billion in Q2 2024. Results reflected growth in premium volume, and a new record in net investment income, though there was some modest increase in claims costs and catastrophe losses. Overall, the period showed robust operational and financial performance.
Metric
Q2 2025
Q2 2025 Estimate
Q2 2024
Y/Y Change
Adjusted EPS
$1.05
$1.03
$1.02
2.9%
Revenue
$3.67 billion
$3.10 billion
$3.31 billion
10.9%
Net Premiums Written
$3.35 billion
$3.13 billion
7.0%
Operating Return on Equity
20%
22%
(2.0 pp)
Combined Ratio
91.6%
91.1%
0.5 pp
Business Overview and Key Success Factors
W. R. Berkley is a global insurance holding company with a focus on property and casualty insurance and reinsurance. The business is organized into 58 specialized operating units, many of which focus on niche or hard-to-serve market segments. The company serves customers in over 87 countries, giving it broad geographic reach and the ability to balance risk across different regions and sectors.
In recent years, W. R. Berkley has focused on growing its specialized commercial insurance lines and maintaining a rigorous approach to pricing and risk selection. The company’s two main operating segments are Insurance, which makes up approximately 88% of gross premiums (GAAP), and Reinsurance & Monoline Excess. Key success factors include disciplined underwriting, effective investment of insurance premiums, and the ability to generate solid returns even as market conditions and claim costs fluctuate.
Quarterly Highlights and Financial Detail
The latest quarter marked continued momentum in the company’s growth strategy. Net premiums written set a new record at $3.35 billion (GAAP). Notably, growth emerged across several lines—particularly in "short-tail" insurance, which covers risks that pay out quickly, such as property damage and accident & health, as well as other liability coverage, auto, and workers’ compensation. For example, premiums in short-tail lines reached $706.3 million.
Underwriting profitability, measured by the combined ratio—a key insurance metric where results below 100% signal a profit—remained strong at 91.6% on a GAAP basis, though slightly higher than 91.1 % a year ago. The slight deterioration reflected elevated catastrophe (cat) losses at $99.2 million versus $89.7 million last year, as well as some modest adverse claims development in the Insurance segment. The Insurance segment combined ratio held stable at 92.1% on a GAAP basis, while Reinsurance & Monoline Excess improved to 87.4 %. Management attributed changes mainly to shifts in the mix of business and reinsurance purchases, underscoring a deliberate focus on profitability despite competitive pricing in segments like professional liability and cyber insurance.
Net investment income rose 1.9% year over year to $379.3 million, compared to $372.1 million in Q2 2024. This growth was powered by higher yields in a large, well-rated fixed income portfolio, with management highlighting yields on new investments of about 5.2 % compared to a portfolio average of roughly 4.7 %. The company notes that as it reinvests funds at today’s higher yields, income should continue to grow. Book value per share—a measure of shareholder equity—jumped 6.8% before accounting for dividends, reaching $24.50. Consolidated return on equity stood at 19.1%, and operating return on equity measured 20.0% (non-GAAP).
Total capital returned amounted to $223.8 million, split between regular and special dividends with no share repurchases this quarter. Cash and equivalents climbed to $2.08 billion. The company’s financial strength remains sound, underpinned by $9.29 billion in common stockholders’ equity and strong ratings last affirmed as A+ or A1 by major rating agencies.
Drivers of Performance and Strategic Trends
Segment growth was fueled by a strategic lean into lines and opportunities with superior margin potential. Management continued to focus on short-tail insurance products such as commercial property, as well as higher-hazard niches within workers’ compensation, helping drive top-line momentum. Rate increases in most business lines excluding workers’ compensation averaged 7.6%. These increases are viewed as necessary to keep pace with loss trends, particularly in areas like auto liability, umbrella, and other long-tail liability lines where social inflation—the rising cost of claims from legal and societal changes—remains a concern.
The expense ratio, another part of the combined ratio showing the percentage of premiums spent on operating costs, held well below the company’s 30% target (GAAP). Management noted that the improvement included a nonrecurring compensation-related benefit, along with ongoing investments in new business units and infrastructure. There was a modest increase in the group loss ratio, mainly attributed to changes in business mix and small adverse reserve development—essentially, setting aside extra funds for prior-year claims in the Insurance business, which amounted to $11 million, while Reinsurance & Monoline Excess enjoyed a $12 million reserve benefit. Catastrophe losses were also notably higher for reinsurance, reflecting active storm events across the industry.
Investment returns provide critical income for insurers, and W. R. Berkley’s large portfolio is positioned to benefit from current market rates. The company’s $31.6 billion in net invested assets is allocated mostly to fixed income securities with strong credit quality (AA- average rating). This relatively short duration—about 2.8 years—helps manage interest rate risk. Net realized and unrealized gains (GAAP) rebounded from a loss last year, adding $30.5 million to results. The company continues to reinvest at rates above its current portfolio yield, suggesting that investment income could climb further with stable capital markets.
Key risks remain under close management. The company is also monitoring potential future impacts from new U.S. tariffs or sustained inflation, both of which could raise claims costs for property and auto lines (especially in areas like replacement costs and parts prices). Management has so far not reported any immediate quantified impact from these macro risks, but continues analytical work to assess loss picks and pricing needs as economic conditions shift. No major regulatory headwinds were identified for the quarter.
Looking Ahead
Turning to the company’s forward outlook, management has not provided explicit financial guidance for the rest of 2025 or for fiscal 2026. In recent commentary, leadership stated it remains confident in the company’s ability to maintain robust capital returns and to grow in target niches, with the flexibility to adapt exposure if market conditions shift.
Investors may want to watch for several key factors in the months ahead: the trend in underwriting margins, industry-wide catastrophe losses, continued rate adequacy amid rising claims costs, and the impact of macroeconomic developments like tariffs or inflation. The continued growth in net premiums and strong investment yields offer positive momentum, but there is increased attention on loss trends and competitive market forces, particularly for professional liability and property lines.
Note: Revenue and net income are presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool has positions in and recommends W. R. Berkley. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

W. R. Berkley Sees 7% Premium Growth

RenaissanceRe Holdings Ltd. RNR reported a second-quarter 2025 operating income of $12.29 per share, which beat the Zacks Consensus Estimate by 19.6%. However, the bottom line dipped 1% year over year.
Total operating revenues declined 4.2% year over year to $2.8 billion. The top line fell short of the consensus mark by 4.4%.
The quarterly results benefited on the back of strong underwriting performance, particularly in the Property segment, where improved combined ratios and favorable reserve development boosted profitability. Investment income growth and a declining expense level also contributed to the upside. However, the upside was partly offset by lower net premiums earned, underwriting losses in the Casualty & Specialty segment and elevated catastrophe losses.
RenaissanceRe Holdings Ltd. Price, Consensus and EPS Surprise
RenaissanceRe’s Quarterly Operational Update
Gross premiums written of $3.42 billion dipped marginally year over year but came slightly higher than our estimate of $3.41 billion.
Net premiums earned decreased 5.1% year over year to $2.4 billion. The metric missed the Zacks Consensus Estimate of $2.55 billion and our estimate of $2.52 billion.
Net investment income of $413.1 million inched up 0.6% year over year in the quarter under review on the back of an increase in average invested assets in the fixed-maturity investment portfolios. The figure surpassed the consensus mark of $408 million and our estimate of $411.2 million.
Total expenses were $1.9 billion, which declined 12% year over year and came lower than our estimate of $2.1 billion. The year-over-year decline was attributed to lower net claims and claim expenses incurred, acquisition costs and corporate expenses.
RenaissanceRe’s underwriting income climbed 25.5% year over year to $601.7 million in the second quarter. The combined ratio of 75.1% improved 600 basis points (bps) year over year.
Book value per share was $212.15 as of June 30, 2025, which increased 17.9% year over year. Annualized operating return on average common equity deteriorated 400 bps year over year to 24.2%.
RenaissanceRe’s Segmental Update
Property Segment
The segment’s gross premiums written slipped 1.2% year over year to $1.7 billion in the second quarter due to higher catastrophe losses and rate decreases in the excess and surplus business. The metric lagged our estimate of $1.8 billion.
Net premiums earned of $868 million tumbled 11.5% year over year, lower than the Zacks Consensus Estimate of $1.06 billion and our estimate of $1.02 billion.
It generated an underwriting income of $630.2 million, which advanced 39.5% year over year. The combined ratio improved 2,650 bps year over year to 27.4% on the back of a decline in current accident year net losses and higher prior accident year net favorable development.
Casualty & Specialty Segment
The unit recorded gross premiums written of $1.7 billion in the quarter under review, which inched up 1% year over year and beat our estimate of $1.6 billion. The metric was aided by higher premiums derived from the credit and specialty lines of business.
Net premiums earned dipped 1% year over year to $1.54 billion, which came marginally higher than the Zacks Consensus Estimate of $1.51 billion and our estimate of $1.49 billion.
The segment incurred an underwriting loss of $28.5 million against the prior-year quarter’s underwriting income of $27.6 million. The combined ratio deteriorated 360 bps year over year to 101.8%.
RenaissanceRe’s Financial Position (As of June 30, 2025)
RenaissanceRe exited the second quarter with cash and cash equivalents of $1.4 billion, which fell 14.8% from the 2024-end level.
Total assets of $54.7 billion increased 7.9% from the figure at 2024-end.
Debt amounted to $2.3 billion, up 20% from the figure as of Dec. 31, 2024.
Total shareholders’ equity of $10.8 billion improved 2.1% from the 2024-end level.
RenaissanceRe’s Share Repurchase Update
RenaissanceRe bought back common shares worth $376.4 million in the second quarter. From July 1, 2025, to July 21, 2025, additional share repurchases of $70.2 million were made.
RNR’s Zacks Rank
RenaissanceRe 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
Of the insurance industry players that have reported second-quarter 2025 results so far, the bottom-line results of RLI Corp. RLI, W. R. Berkley Corporation WRB and The Travelers Companies, Inc. TRV beat the respective Zacks Consensus Estimate.
RLI reported second-quarter 2025 operating earnings of 84 cents per share, beating the Zacks Consensus Estimate by 12%. The bottom line, however, decreased 2.3% from the prior-year quarter. Operating revenues for the reported quarter were $441 million, up 6.9% year over year. The top line, however, missed the Zacks Consensus Estimate by 0.5%.
Gross premiums written remained flat at $562.3 million. Net investment income increased 16% year over year to $39.4 million. The investment portfolio’s total return was 2.9% in the quarter. Underwriting income of $62.2 million decreased 11.14% year over year. The combined ratio deteriorated 300 bps year over year to 84.5.
W.R. Berkley's second-quarter 2025 operating income of $1.05 per share beat the Zacks Consensus Estimate of $1.03. The bottom line increased about 1% year over year. W.R. Berkley’s net premiums written were $3.4 billion, up 9.9% year over year. Operating revenues were at $3.6 billion, up 7.9% year over year. The top line beat the consensus estimate by 1.8%.
Net investment income grew 1.9% to $379.3 million. The consolidated combined ratio (a measure of underwriting profitability) deteriorated 50 bps year over year to 92.1. Net premiums written at the Insurance segment increased 7.2% year over year to $3 billion in the quarter. The combined ratio deteriorated 30 bps to 92.1. Net premiums written in the Reinsurance & Monoline Excess segment increased 6.8% year over year to $337.7 million.
Travelers reported second-quarter 2025 core income of $6.51 per share, which beat the Zacks Consensus Estimate by 83.8%. Travelers’ total revenues increased 6.7% from the year-ago quarter to $12.1 billion. The top-line figure, however, missed the Zacks Consensus Estimate by 0.7%. Net written premiums increased 4% year over year to a record $11.5 billion.
Net investment income increased 6% year over year to $942 million. Travelers witnessed an underwriting profit of $1 billion against a loss of $65 million incurred in the year-ago quarter. The consolidated underlying combined ratio of 84.7 improved 300 bps year over year. In the Business Insurance segment, net written premiums increased 5% year over year to about $5.8 billion. The combined ratio improved 250 bps year over year to 93.6. Segment income of $813 million increased 24% year over year.
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RNR Q2 Earnings Beat on Strong Property Underwriting Results

First American Financial FAF reported a second-quarter 2025 operating income per share of $1.53, which beat the Zacks Consensus Estimate by 9.3%. The bottom line increased 20.5% year over year.
The insurer’s results reflect the benefits of the seasonal pick-up in demand despite challenging market conditions.
Behind the Headlines
Operating revenues of $1.8 billion increased 14.2% year over year due to higher direct premiums and escrow fees, agent premiums, as well as information and other and net investment income. The top line beat the Zacks Consensus Estimate by 5%.
First American Financial Corporation Price, Consensus and EPS Surprise
Investment income was $160 million in the second quarter, which increased 23% year over year. The figure was higher than our estimate of $157.3 million.
Expenses increased 6.7% year over year to $1.6 billion, in line with our estimate.
Segment Results
Title Insurance and Services: Total revenues increased 13.2% year over year to $1.7 billion. The figure was in line with our estimate. Investment income of $147 million, up 17% year over year. The improvement was primarily driven by higher interest income from the company's investment portfolio.
Adjusted pretax margin expanded 130 basis points (bps) year over year to 13.2%. Title open orders rose 5.8% year over year to 179,500. Title closed orders rose 5.1% year over year to 131,100.
The average revenue per direct title order increased 7.7% year over year to $4112, primarily due to an increase in the average revenue per order for commercial transactions, partially offset by a shift in the mix to lower premium refinance transactions.
Home Warranty: Total revenues grew 3.1% to $110.2 million. The figure was lower than our estimate of $114.6 million. Pretax income of $22 million jumped 35% year over year. The claim loss rate was 41% in the second quarter, improving 500 bps, primarily due to lower claim severity. The pretax margin was 20.7%, which expanded 550 bps year over year.
Corporate: Corporate pretax loss (excluding net investment losses primarily related to changes in the fair value of marketable securities) was $40 million in the reported quarter, up $17 million compared with the second quarter of 2024. The higher loss in the current quarter was largely driven by a $13 million one-time expense related to executive separation costs.
Financial Update
First American exited the quarter with cash and cash equivalents of $2 billion, up 18.2% from the end of 2024. Notes and contracts payable of $1.5 billion remained flat from the end of 2024.
Stockholders’ equity was $5.1 billion, up 4.4% from the 2024-end level. The debt-to-capital ratio was 32.1.
FAF bought back shares worth $61 million in the quarter. Its board approved a $300 million share buyback program in July. Through July 23, it repurchased an additional $32 million worth of shares.
Cash flow from operations was $355 million, up 33.4% year over year.
Zacks Rank
FAF currently carries a Zacks Rank #4 (Sell).
Performance of Other Insurers
RLI Corp. RLI reported second-quarter 2025 operating earnings of 84 cents per share, beating the Zacks Consensus Estimate by 12%. The bottom line, however, decreased 2.3% from the prior-year quarter. Operating revenues for the reported quarter were $441 million, up 6.9% year over year, driven by 6% higher net premiums earned and 16% higher net investment income. The top line, however, missed the Zacks Consensus Estimate by 0.5%. Net investment income increased 16% year over year to $39.4 million, which is in line with our estimate. The Zacks Consensus Estimate was pegged at $38.9 million. The investment portfolio’s total return was 2.9% in the quarter.
Chubb Limited CB reported second-quarter 2025 core operating income of $6.14 per share, which outpaced the Zacks Consensus Estimate by 4.2%. The bottom line increased 14.1% year over year. Net premiums written improved 6.3% year over year to $14.2 billion in the quarter, which is in line with the Zacks Consensus Estimate. Our estimate was pegged at $14 billion. Net investment income was $1.5 billion, up 6.8 % year over year. The Zacks Consensus Estimate was pegged at $1.8 billion, while our estimate for the same was $1.9 billion. Revenues of $14.8 million missed the Zacks Consensus Estimate by a whisker but improved 6.9% year over year.
W.R. Berkley's WRB second-quarter 2025 operating income of $1.05 per share beat the Zacks Consensus Estimate of $1.03 per share. The bottom line increased about 1% year over year. Operating revenues came in at $3.6 billion, up 7.9% year over year, on the back of higher net premiums earned as well as improved net investment income, higher insurance service fees and other income. The top line beat the consensus estimate by 1.8%.
Catastrophe losses of $99.2 million in the quarter were wider than $89.7 million incurred in the year-ago quarter. The consolidated combined ratio (a measure of underwriting profitability) deteriorated 50 bps year over year to 92.1. The Zacks Consensus Estimate was 91.
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FAF's Q2 Earnings Beat on Solid Commercial Business, Investment Income

Globe Life Inc.’s GL second-quarter 2025 net operating income of $3.27 per share beat the Zacks Consensus Estimate by 0.6%. The bottom line improved 10.1% year over year, primarily driven by higher Life insurance underwriting income.
Globe Life’s second-quarter results reflected higher Life and Health insurance premiums, increased underwriting income, partially offset by lower investment income, and elevated expenses.
Behind the Headlines
Globe Life reported total premium revenues of $1.2 billion, up 4% year over year. This upside was primarily driven by higher premiums from Life and Health insurance.
Net investment income decreased 1% year over year to $282.2 million.
The company reported operating revenues of $1.5 billion, up 3.2% from the year-ago quarter. The improvement was driven by growth in Life and Health insurance premiums. The top line missed the Zacks Consensus Estimate by 0.4%.
Globe Life Inc. Price, Consensus and EPS Surprise
Excess investment income, a measure of profitability, decreased 19% year over year to $34.8 million.
Total insurance underwriting income increased 4% year over year to $354.2 million. The increase was due to higher Life underwriting income.
Administrative expenses were up 4.7% year over year to $86 million.
Total benefits and expenses surged 89% year over year to $1.16 billion, primarily due to higher total policyholder benefits, amortization of deferred acquisition costs, commissions, premium taxes, and non-deferred acquisition costs, as well as other operating expenses and interest expenses.
Segmental Results
Premium revenues at Life increased 3.1% year over year to $840 million, driven by higher premiums written by distribution channels like American Income and Liberty National. American Income grew 5% and Liberty National gained 5% year over year.
Net sales of $154.8 million increased 1% year over year. Underwriting margins increased 6% year over year to $340 million.
Health insurance premium revenues rose 8% year over year to $378 million, primarily driven by higher premiums from United American, Family Heritage, American Income and Direct to Consumer.
Net health sales increased 19% year over year to $68.7 million. Underwriting margins decreased 2% year over year to $98.1 million.
Financial Update
Shareholders’ equity, excluding accumulated other comprehensive income (AOCI), as of June 30, 2025, decreased 0.2% year over year to $7.4 billion.
As of June 30, 2025, Globe Life reported book value per share, excluding AOCI, of $90.26, up 9.6% year over year.
Operating return on equity, excluding AOCI, was 14.4% in the reported quarter, which contracted 10 basis points year over year.
Globe Life repurchased 1.9 million shares worth $226 million in the reported quarter.
2025 View
GL projects net operating income in the range of $14.25-$14.65 per share for the year ending Dec. 31, 2025.
Zacks Rank
Globe Life 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 Insurance Stocks
RLI Corp. RLI reported second-quarter 2025 operating earnings of 84 cents per share, beating the Zacks Consensus Estimate by 12%. The bottom line, however, decreased 2.3% from the prior-year quarter. Operating revenues for the reported quarter were $441 million, up 6.9% year over year, driven by 6% higher net premiums earned and 16% higher net investment income. The top line, however, missed the Zacks Consensus Estimate by 0.5%. Net investment income increased 16% year over year to $39.4 million, which is in line with our estimate. The Zacks Consensus Estimate was pegged at $38.9 million. The investment portfolio’s total return was 2.9% in the quarter.
Chubb Limited CB reported second-quarter 2025 core operating income of $6.14 per share, which outpaced the Zacks Consensus Estimate by 4.2%. The bottom line increased 14.1% year over year. Net premiums written improved 6.3% year over year to $14.2 billion in the quarter, which is in line with the Zacks Consensus Estimate. Our estimate was pegged at $14 billion. Net investment income was $1.5 billion, up 6.8 % year over year. The Zacks Consensus Estimate was pegged at $1.8 billion, while our estimate for the same was $1.9 billion. Revenues of $14.8 million missed the Zacks Consensus Estimate by a whisker but improved 6.9% year over year.
W.R. Berkley's WRB second-quarter 2025 operating income of $1.05 per share beat the Zacks Consensus Estimate of $1.03 per share. The bottom line increased about 1% year over year. Operating revenues came in at $3.6 billion, up 7.9% year over year, on the back of higher net premiums earned as well as improved net investment income, higher insurance service fees and other income. The top line beat the consensus estimate by 1.8%.
Catastrophe losses of $99.2 million in the quarter were wider than $89.7 million incurred in the year-ago quarter. The consolidated combined ratio (a measure of underwriting profitability) deteriorated 50 bps year over year to 92.1. The Zacks Consensus Estimate was 91.
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Globe Life Q2 Earnings & Revenues Top Estimates on Strong Underwriting

Chubb Limited CB reported second-quarter 2025 core operating income of $6.14 per share, which outpaced the Zacks Consensus Estimate by 4.2%. The bottom line increased 14.1% year over year.
The quarter benefited solid underwriting and strong investment income, and double-digit growth in life income.
Chubb Limited Price, Consensus and EPS Surprise
Quarter in Detail
Net premiums written improved 6.3% year over year to $14.2 billion in the quarter, which is in line with the Zacks Consensus Estimate. Our estimate was pegged at $14 billion.
Net investment income was $1.5 billion, up 6.8 % year over year. The Zacks Consensus Estimate was pegged at $1.8 billion, while our estimate for the same was $1.9 billion.
Revenues of $14.8 million missed the Zacks Consensus Estimate by a whisker but improved 6.9% year over year.
Property and casualty (P&C) underwriting income was $1.6 billion, up 15% year over year. Premium growth and underwriting margin improvement drove underwriting income. Global P&C underwriting income, excluding Agriculture, was $1.56 billion, up 13.2% year over year.
Chubb incurred a pre-tax P&C catastrophe loss, net of reinsurance and including reinstatement premiums of $630 million, which was wider than the year-ago catastrophe loss of $580 million.
The P&C combined ratio improved by 120 basis points (bps) on a year-over-year basis to 85.6% in the quarter under review. The Zacks Consensus Estimate for combined ratio was pegged at 85, while our estimate was 72.6.
Segmental Update
North America Commercial P&C Insurance: Net premiums written increased 4.1% year over year to $5.7 billion. Our estimate was $6 billion. The combined ratio deteriorated 60 bps to 83.5%, reflecting higher catastrophe losses. Our estimate was 68.1.
North America Personal P&C Insurance: Net premiums written climbed 9.1% year over year to $1.9 billion. Our estimate was $1.8 billion. The Zacks Consensus Estimate was pegged at $1.7 billion. The combined ratio improved 1000 bps to 73.5%, reflecting higher favorable prior period development and lower catastrophe losses. Our estimate was 82.5.
North America Agricultural Insurance: Net premiums written decreased 3.3% from the year-ago quarter to $733 million, primarily due to lower commodity prices. Our estimate was $773.9 million. The combined ratio improved 530 bps to 89.1%, reflecting lower catastrophe losses and higher favorable prior period development.
Overseas General Insurance: Net premiums written climbed 8.5% year over year to $3.6 billion. Our estimate was $3.5 billion. The Zacks Consensus Estimate was pegged at $3.6 billion. The combined ratio deteriorated 210 bps to 90.3% due to higher catastrophe losses. Our estimate was 77.
Global Reinsurance: Net premiums written decreased 7.6% year over year to $380 million. Our estimate was $438.4 million. The Zacks Consensus Estimate was pegged at $445 million. The combined ratio improved 170 bps to 71%. Our estimate was 76.3.
Life Insurance: Net premiums written increased 14.1% year over year to $1.8 billion with growth of 17.8% in International Life and 18.1% in Combined Insurance North America. Our estimate was $1.5 billion. The Zacks Consensus Estimate was pegged at $1.7 billion.
The Life Insurance segment income was $305 million, up 10.4% year over year.
Financial Update
The cash and restricted cash balance of $2.4 billion, as of June 30, 2025, decreased 7% from the 2024-end level. Total shareholders’ equity grew 8.8% from the level at 2024-end to $74.4 billion as of June 30, 2025. Book value per share, as of June 30, 2025, was $174.07, up 8.9% from the figure as of Dec. 31, 2024.
Core operating return on tangible equity declined 10 bps year over year to 21%. Operating cash flow was $3.5 billion in the quarter under consideration, while adjusted operating cash flow was $3.2 billion.
Capital Deployment
In the quarter, Chubb bought back shares worth $676 million and paid $388 million in dividends.
Zacks Rank
Chubb currently carries a Zacks Rank #3 (Hold).
Performance of Other Insurers
W.R. Berkley's WRB second-quarter 2025 operating income of $1.05 per share beat the Zacks Consensus Estimate of $1.03 per share. The bottom line increased about 1% year over year. Operating revenues came in at $3.6 billion, up 7.9% year over year, on the back of higher net premiums earned as well as improved net investment income, higher insurance service fees and other income. The top line beat the consensus estimate by 1.8%.
Catastrophe losses of $99.2 million in the quarter were wider than $89.7 million incurred in the year-ago quarter. The consolidated combined ratio (a measure of underwriting profitability) deteriorated 50 bps year over year to 92.1. The Zacks Consensus Estimate was 91.
RLI Corp. RLI reported second-quarter 2025 operating earnings of 84 cents per share, beating the Zacks Consensus Estimate by 12%. The bottom line, however, decreased 2.3% from the prior-year quarter. Operating revenues for the reported quarter were $441 million, up 6.9% year over year, driven by 6% higher net premiums earned and 16% higher net investment income. The top line, however, missed the Zacks Consensus Estimate by 0.5%. Net investment income increased 16% year over year to $39.4 million, which is in line with our estimate. The Zacks Consensus Estimate was pegged at $38.9 million. The investment portfolio’s total return was 2.9% in the quarter.
The Progressive Corporation’s PGR second-quarter 2025 earnings per share of $4.88 beat the Zacks Consensus Estimate by 10.1%. The bottom line increased 84.1% year over year.Operating revenues increased 19.5% year over year to $42.2 billion, driven by 19% higher net premiums earned, a 29.3% increase in net investment income, an 18.9% rise in fees and 28% higher service revenues. The top line beat the Zacks Consensus Estimate by 96.4%.Net premiums written were $20 billion in the quarter, up 12% from $17.9 billion a year ago.
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Chubb Q2 Earnings, Revenues Top Estimates on Strong Underwriting

W. R. Berkley Corporation (NYSE:WRB) reported results on July 21, 2025, with net income per diluted share (GAAP) rose 8.7% year-over-year to $1.00 and annualized ROE of 19.1%. Net premiums written set a new record at $3.4 billion, while operating earnings reached $420 million.
Management updated its annual growth outlook to 8%-12%, down from the prior 10%-15% range, and highlighted ongoing discipline in underwriting and investment allocation amid evolving macro risks.
WRB achieves record net premiums and investment income
Net premiums written rose to $3.4 billion, setting a new company high and reflecting growth across all business lines, while net investment income increased to a record $379 million due to higher fixed-maturity yields and substantial cash flows.
The combined ratio before catastrophe losses was 88.4%, with the total calendar year combined ratio at 91.6%, demonstrating operational resilience despite elevated industry storm activity.
"Net premiums earned...was a quarterly record of $3.1 billion. In addition, net premiums written increased to a record $3.4 billion in the quarter with growth in all lines of business in both segments. Record net investment income of $379 million benefited from the ongoing growth in the invested assets from strong operating cash flow and new money rates on fixed maturity securities that remain comfortably above our average book yield."
— Rich Baio, Chief Financial Officer
This diversified premium and investment income expansion, alongside disciplined underwriting execution, bolsters long-term shareholder value and supports continued growth in book value per share.
WRB maintains underwriting discipline as market cycles diverge
Management indicated a decoupling of insurance product cycles, with property markets showing heightened competition, especially in large accounts, and casualty lines exhibiting sustained rate opportunities; the private client and high-hazard workers' compensation segments continue to contribute above-average performance.
The company adapts its portfolio in response to changing reinsurance discipline and views larger account competition, particularly from MGAs (managing general agents), as a temporary but intensifying dynamic.
"As we have discussed in the past, though, one of the changes that has happened over the past, I don't know, five to ten years is a decoupling of product lines as to where they are in the cycle. So the cyclical nature still exists, but where different major product lines are on the cycle, they are certainly no longer in lockstep. The property market … is becoming more competitive. The larger accounts, particularly shared and layered, is where greater competition is. The smaller accounts, it's not that there isn't competition, but it pales in comparison to the larger end of town. As far as the casualty lines, clearly, there's opportunity to get the rate that the product line needs. It is pronounced both in the primary casualty as well as the umbrella and excess."
— Rob Berkley, Chief Executive Officer
This nuanced cycle management positions the company to selectively pursue profitable growth while avoiding underwriting indiscipline common during inflection points in property and delegated authority (MGA) markets.
Capital deployment remains flexible amid shifting market dynamics
Although WRB did not repurchase shares, it returned $224 million to shareholders through ordinary and special dividends, and book value per share grew 6.8% quarter-over-quarter before dividends. The company's leverage ratio of 23.4% remains historically low.
It has over $2 billion in cash and equivalents on its balance sheet, providing ample capacity for opportunistic repurchases or acquisitions as market conditions evolve. Among those developments include a potential influx of MGA acquisition targets, as private equity sellers seek liquidity.
"We have a view as to how much capital we have and what type of surplus we have at any moment in time. It just seemed at that moment in time that the most efficient and effective way to return the money to people that belong was through a special dividend. I would strongly encourage you and others not to lead to the assumption that we are out of the repurchase market because that is not the case. We evaluate that tool along with other tools every day. We also have a view on the earnings power of the business going forward, which I would add we are quite optimistic about."
— Rob Berkley, Chief Executive Officer
This disciplined yet adaptable capital allocation approach signals readiness to take advantage of shifting valuations, particularly as indications point to a softening MGA market and greater opportunities for thoughtful deployment of excess capital.
Looking Ahead
Management projects organizational growth in the 8%-12% range for the near term, adjusting down from the prior 10%-15% expectation due to increased competition in property lines and selective underwriting, as discussed on the recent earnings call.
The outlook calls for continued high-teens to low-twenties return on equity (ROE) for the foreseeable future, reflecting confidence in both underwriting and investment portfolio positioning.
Forward guidance emphasizes maintaining disciplined rate-taking, ongoing vigilance on macro risks such as tariffs and labor costs, and a focus on profitable expansion, particularly in casualty and liability markets.
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This article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends W. R. Berkley. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

W R Berkley Sets Record Q2 Premiums

RLI Corp. RLI reported second-quarter 2025 operating earnings of 84cents per share, beating the Zacks Consensus Estimate by 12%. The bottom line, however, decreased 2.3% from the prior-year quarter.
The quarterly results reflect higher net premiums earned and higher net investment income, partially offset by higher loss and settlement expenses.
Operational Performance
Operating revenues for the reported quarter were $441 million, up 6.9% year over year, driven by 6% higher net premiums earned and 16% higher net investment income. The top line, however, missed the Zacks Consensus Estimate by 0.5%.
RLI Corp. Price, Consensus and EPS Surprise
Gross premiums written remained flat at $562.3 million. The improvement in the performance of the Casualty and Property segments was offset by the decline in the Surety segment. Our estimate was $662 million.
Net investment income increased 16% year over year to $39.4 million, which is in line with our estimate. The Zacks Consensus Estimate was pegged at $38.9 million. The investment portfolio’s total return was 2.9% in the quarter.
Total expenses rose 9.8% year over year to $345.8 million, primarily due to higher loss and settlement expenses and policy acquisition costs. Our estimate was $366.7 million.
Underwriting income of $62.2 million decreased 11.14% year over year. The combined ratio deteriorated 300 basis points (bps) year over year to 84.5. The Zacks Consensus Estimate for the metric was pegged at 88, while our estimate was 42.9
Financial Update
RLI exited the quarter with total investments and cash of $4.4 billion, up 8.4% from 2024-end.
Book value was $18.89 per share, up 13.9% from the figure as of Dec. 31, 2024.
Net cash flow from operations was $174.7 million, up 23.2% year over year.
The statutory surplus increased 2.3% from the end of 2024 to $1.8 billion as of June 30, 2025.
Return on equity was 23.5%, down 180 bps from the year-ago period.
Dividend Update
On June 20, 2025, RLI paid a dividend of 16 cents, an increase of 1 cent from the last payout. RLI’s cumulative dividends total more than $971 million in the last five years.
Zacks Rank
RLI currently has a Zacks Rank #4 (Sell).
Peer Performances
The Travelers Companies TRV reported second-quarter 2025 core income of $6.51 per share, which beat the Zacks Consensus Estimate by 83.8%.Travelers’ total revenues increased 6.7% from the year-ago quarter to $12.1 billion, primarily driven by higher premiums, improved net investment income, higher fee income and other revenues. The top-line figure, however, missed the Zacks Consensus Estimate by 0.7%. Net written premiums increased 4% year over year to a record $11.5 billion, driven by strong growth across all three segments. The figure was higher than our estimate of $10.9 billion.
The Progressive Corporation’s PGR second-quarter 2025 earnings per share of $4.88 beat the Zacks Consensus Estimate by 10.1%. The bottom line increased 84.1% year over year.Operating revenues increased 19.5% year over year to $42.2 billion, driven by 19% higher net premiums earned, a 29.3% increase in net investment income, an 18.9% rise in fees and 28% higher service revenues. The top line beat the Zacks Consensus Estimate by 96.4%.Net premiums written were $20 billion in the quarter, up 12% from $17.9 billion a year ago.
W.R. Berkley's WRB second-quarter 2025 operating income of $1.05 per share beat the Zacks Consensus Estimate of $1.03 per share. The bottom line increased about 1% year over year. Operating revenues came in at $3.6 billion, up 7.9% year over year, on the back of higher net premiums earned as well as improved net investment income, higher insurance service fees and other income. The top line beat the consensus estimate by 1.8%.
Catastrophe losses of $99.2 million in the quarter were wider than $89.7 million incurred in the year-ago quarter. The consolidated combined ratio (a measure of underwriting profitability) deteriorated 50 bps year over year to 92.1. The Zacks Consensus Estimate was 91.
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RLI's Q2 Earnings Beat Estimates on Strong Net Investment Income

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W R Berkley (WRB) Q2 2025 Earnings Call Transcript

W.R. Berkley (WRB) reported $3.64 billion in revenue for the quarter ended June 2025, representing a year-over-year increase of 7.9%. EPS of $1.05 for the same period compares to $1.04 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $3.57 billion, representing a surprise of +1.83%. The company delivered an EPS surprise of +1.94%, with the consensus EPS estimate being $1.03.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how W.R. Berkley performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Expense Ratio - Total: 28.5% compared to the 28.4% average estimate based on four analysts.
Loss ratio - Total: 63.1% compared to the 63.1% average estimate based on four analysts.
Combined Ratio - Total: 91.6% compared to the 91.4% average estimate based on four analysts.
Loss ratio - Reinsurance & Monoline Excess: 57.7% versus 53.1% estimated by two analysts on average.
Net investment income: $379.3 million versus $358.42 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +1.9% change.
Revenues from non-insurance businesses: $128.84 million versus the four-analyst average estimate of $131.58 million. The reported number represents a year-over-year change of +2.5%.
Net premiums earned: $3.1 billion compared to the $3.07 billion average estimate based on four analysts. The reported number represents a change of +8.9% year over year.
Insurance service fees: $32.76 million compared to the $28.05 million average estimate based on three analysts. The reported number represents a change of +18.7% year over year.
Net premiums earned- Reinsurance & Monoline Excess: $369.4 million versus the three-analyst average estimate of $384.7 million. The reported number represents a year-over-year change of +2.1%.
Net premiums earned- Insurance: $2.73 billion compared to the $2.67 billion average estimate based on three analysts. The reported number represents a change of +9.8% year over year.
Net investment gains (losses)- Net realized gains on investment sales: $30.53 million versus $-39.15 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -150.6% change.
Other income (loss): $0.75 million versus the two-analyst average estimate of $0.66 million. The reported number represents a year-over-year change of +7.6%.
Shares of W.R. Berkley have returned -6.8% over the past month versus the Zacks S&P 500 composite's +5.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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W.R. Berkley (WRB) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates

W.R. Berkley (WRB) came out with quarterly earnings of $1.05 per share, beating the Zacks Consensus Estimate of $1.03 per share. This compares to earnings of $1.04 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +1.94%. A quarter ago, it was expected that this insurance company would post earnings of $1.01 per share when it actually produced earnings of $1.01, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
W.R. Berkley, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $3.64 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.83%. This compares to year-ago revenues of $3.37 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
W.R. Berkley shares have added about 17.5% since the beginning of the year versus the S&P 500's gain of 7.1%.
What's Next for W.R. Berkley?
While W.R. Berkley has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for W.R. Berkley was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.06 on $3.68 billion in revenues for the coming quarter and $4.24 on $14.56 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, American Financial Group (AFG), is yet to report results for the quarter ended June 2025. The results are expected to be released on August 5.
This property and casualty insurer is expected to post quarterly earnings of $2.08 per share in its upcoming report, which represents a year-over-year change of -18.8%. The consensus EPS estimate for the quarter has been revised 12.2% lower over the last 30 days to the current level.
American Financial Group's revenues are expected to be $2.05 billion, up 13.7% from the year-ago quarter.
Should You Invest in W.R. Berkley Corporation (WRB)?
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