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• A commercial and specialty insurer, similar to the business segments of Chubb or Travelers.
• Like a smaller, more focused version of Berkshire Hathaway's insurance empire, concentrating on commercial lines and reinsurance.

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• Commercial Property and Casualty Insurance: Provides businesses with coverage for property damage, liability, and other operational risks across various industries.
• Specialty Insurance: Offers highly specialized and tailored insurance solutions for unique, complex, or niche risks often underserved by standard markets.
• Reinsurance: Provides insurance coverage to other insurance companies, helping them manage their own risk exposure and stabilize their financial performance.

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WR Berkley (WRB) primarily sells its insurance products and services to other companies.

Due to the nature of the insurance industry, WR Berkley, like other insurance carriers, does not publicly disclose the names of its specific policyholders or "major customer companies." Insurance companies typically serve a vast and diverse base of clients across numerous industries, and specific customer relationships are considered proprietary and confidential information. Therefore, it is not possible to list specific names of customer companies.

Instead, WR Berkley's customer base can be characterized by the broad categories of businesses and industries it serves through its various underwriting units, which include:

• Small to Medium-sized Businesses (SMBs) and Large Enterprises: Companies across a wide array of industries, such as manufacturing, retail, professional services (e.g., legal, accounting, architectural), healthcare providers, construction companies, real estate firms, technology companies, and transportation and logistics businesses. WRB provides various commercial coverages including property, general liability, workers' compensation, commercial auto, and umbrella liability.
• Specialty and Niche Market Businesses: Companies operating in specific industries or facing unique risks that require specialized underwriting expertise. This often includes businesses in sectors like marine and aviation, energy, entertainment, financial institutions, and those requiring specific professional liability segments (e.g., directors and officers liability, errors and omissions).
• Businesses Requiring Excess and Surplus Lines Coverage: Companies with unusual, emerging, or high-hazard risks that are typically not covered by standard insurance markets. These can range from complex construction projects and unique manufacturing operations to new technological risks and challenging liability exposures.

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William R. Berkley, Executive Chairman

William R. Berkley founded W. R. Berkley Corporation in 1967 while he was obtaining his MBA from Harvard. He took the company public in November 1973. Berkley has founded numerous public and private companies, which he continues to control or serves as chairman or director. He also holds positions on the boards of several banks and other financial institutions. He served as CEO until 2015 when his son, W. Robert Berkley, Jr., succeeded him, and he assumed the role of Executive Chairman.

W. Robert Berkley, Jr., President and Chief Executive Officer

W. Robert Berkley, Jr., also known as Rob, became President and CEO of W. R. Berkley Corporation on October 31, 2015. He joined W. R. Berkley Corporation in September 1997. Before that, from July 1995 to August 1997, he worked in the Corporate Finance Department of Merrill Lynch Investment Company. He has been a Director of W. R. Berkley Corporation since 2001 and Vice Chairman of Berkley International LLC since May 2002.

Richard M. Baio, Executive Vice President, Chief Financial Officer and Treasurer

Richard M. Baio has served as the Chief Financial Officer and Senior Vice President of W. R. Berkley Corporation since May 25, 2016, and as its Treasurer since May 2009. He has over 19 years of experience in the insurance and financial services industry, including a significant part of his career in public accounting, where he advised the insurance industry. He previously served as Vice President at W. R. Berkley Corporation from May 2009 to May 25, 2016.

Lucille T. Sgaglione, Executive Vice President

Lucille T. Sgaglione has been an Executive Vice President of W.R. Berkley Corporation since December 22, 2015. She has 11 years of service with the company.

James G. Shiel, Executive Vice President Investments

James G. Shiel has been Executive Vice President of Investments at W. R. Berkley Corporation since June 2, 2015. Prior to this, he served as Senior Vice President of Investments from January 1997 to June 2, 2015, and as Vice President of Investments since January 1992. Since February 1994, Mr. Shiel has also served as President of Berkley Dean & Company, Inc., a subsidiary of W. R. Berkley Corporation, which he joined in 1987.

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The key risks to WR Berkley's business operations include the cyclical nature of the insurance industry and broader economic and market volatility, exposure to catastrophic losses and emerging risks such as climate change and cybersecurity, and significant regulatory and legal challenges.

1. Cyclical Nature of the Insurance Industry and Economic/Market Volatility: WR Berkley's financial performance is significantly influenced by the inherent cyclicality of the insurance and reinsurance industry, which can lead to fluctuations in supply, demand, and pricing, affecting profitability and growth prospects. Economic factors such as inflation, interest rates, and volatility in credit and capital markets directly impact investment returns, underwriting profitability, and demand for insurance products. Specifically, rising loss costs from social and economic inflation pose a substantial risk to underwriting margins.
2. Exposure to Catastrophic Losses and Emerging Risks: The company is susceptible to natural and man-made catastrophic losses, including terrorism and events influenced by climate change, which can alter the frequency and severity of such occurrences and increase the potential for significant financial losses. Additionally, emerging claim and coverage issues, including cybersecurity-related risks, present uncertainties and potential for substantial losses, liability, and harm to the business operations and information technology systems. The potential for new pandemics also poses risks to operations and financial stability.
3. Regulatory and Legal Challenges: The insurance industry is subject to extensive governmental regulation both in the U.S. and internationally. Changes in legislative or regulatory frameworks, such as the Dodd-Frank Act, Solvency II in the EU, or climate disclosure and financial risk reporting requirements (e.g., in California and New York), can increase operational costs, impose additional compliance requirements, and potentially restrict business conduct, thereby adversely affecting the company's financial condition and results. The risk of actual claims losses exceeding established reserves, particularly due to economic volatility and inflation, also represents a notable challenge.

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The accelerating and increasingly unpredictable nature of climate-related catastrophic events, challenging traditional underwriting models, increasing volatility, and leading to higher claims costs and potential uninsurability for certain lines and geographies.

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• Commercial Lines Property & Casualty Insurance: The U.S. commercial lines property/casualty insurance market was sized at $729.8 billion in 2023.
• Specialty Insurance: The specialty insurance market in the U.S. was projected to reach approximately $119 billion by 2024.
• Reinsurance: The global reinsurance market size was valued at $699.96 billion in 2023.

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W. R. Berkley Corporation (WRB) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Continued Focus on Specialty and Excess & Surplus (E&S) Lines: W. R. Berkley has a strategic emphasis on specialty and small account markets, leveraging technical underwriting expertise to maintain margins and pricing power. The company is scaling its excess & surplus and professional/specialty casualty segments, which saw low-to-mid-teens net premium written growth in 2024 due to rate adequacy. The recent launch of Berkley Edge, a new business focused on professional liability and casualty insurance for small to mid-sized businesses and hard-to-place risks, further solidifies its commitment to expanding offerings in underserved segments of the E&S market.
2. Disciplined Underwriting and Rate Increases, particularly in Casualty Lines: The company consistently prioritizes disciplined rate-taking and selective underwriting. Management has indicated ongoing opportunities for adequate rate adjustments in casualty lines, driven by social and economic inflation. W. R. Berkley reported average rate increases, excluding workers' compensation, of approximately 7.6% in Q3 2025, 7.6% in Q2 2025, and 8.3% in Q1 2025.
3. Growth in Net Investment Income: W. R. Berkley anticipates continued growth in net investment income, supported by strong operating cash flows and favorable new money rates. The company's current reinvestment rates are consistently exceeding its average book yield, and its invested assets have expanded due to record operating cash flow, positioning it for further investment income growth. Net investment income increased by 9.4% in Q3 2025, 1.9% in Q2 2025, and 12.6% in Q1 2025.
4. Targeted Product and Geographic Expansion: Future growth will also be driven by selective product and geographic expansions, coupled with underwriting innovation and strategic capital deployment. The company is expanding its affluent personal lines by offering bespoke underwriting and ancillary services. W. R. Berkley is also focusing on targeted verticals such as construction, life sciences, cyber, marine, energy, and environmental lines with tailored products. Internationally, it is leveraging its Lloyd's platform, EU licenses, and Latin America distribution to broaden global access. New product initiatives in 2024-2025 include enhanced middle-market cyber offerings, parametric weather solutions, and specialized renewable energy project coverages.

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Share Repurchases

• W.R. Berkley made approximately $371 million in share repurchases during 2024-2025.
• In 2024, the company repurchased $303.7 million of its common stock.
• The Board of Directors increased the share repurchase authorization to 15 million shares of common stock on June 14, 2023.

Share Issuance

• W.R. Berkley effected a 3-for-2 common stock split on July 10, 2024.
• Starting in 2023, a 1% excise tax is imposed on common share repurchase activity, net of common share issuances.

Inbound Investments

• A unit of Japan's MS&AD Insurance Group Holdings Inc. agreed to acquire up to 15% of W.R. Berkley Corp.'s common stock, valued at $3.8 billion, in a deal announced on March 28, 2025.
• This acquisition is being conducted through purchases from third parties, rather than direct share issuance from W.R. Berkley.

Outbound Investments

• Berkley Capital, the private equity investment vehicle of W.R. Berkley, pursues middle market buyout and growth equity opportunities.
• W.R. Berkley continuously evaluates the startup of new ventures and the acquisition of complementary businesses.
• Net acquisitions/divestitures were negative in 2022 and 2023, indicating no significant net outbound acquisitions during those years.

Capital Expenditures

• W.R. Berkley's capital expenditures demonstrated an 11.8% Compound Annual Growth Rate (CAGR) over five years.
• The company has made investments in technology to achieve operational efficiencies.