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W. R. Berkley Corporation Reports Third Quarter Results

Operating Return on Equity of 16.9% and Return on Equity of 13.8%;

Core Net Investment Income Up 51.0% and Pre-Tax Underwriting Income of $192 Million

W. R. Berkley Corporation (NYSE: WRB) today reported its third quarter 2022 results.

Summary Financial Data

 

(Amounts in thousands, except per share data)

 

 

Third Quarter

 

Nine Months

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

Gross premiums written

$

3,081,938

 

 

$

2,787,499

 

 

$

8,994,175

 

 

$

7,933,446

 

Net premiums written

 

2,577,274

 

 

 

2,325,138

 

 

 

7,576,163

 

 

 

6,587,357

 

 

 

 

 

 

 

 

 

Net income to common stockholders

 

228,879

 

 

 

261,297

 

 

 

998,839

 

 

 

728,060

 

Net income per diluted share (2)

 

0.82

 

 

 

0.93

 

 

 

3.57

 

 

 

2.59

 

 

 

 

 

 

 

 

 

Operating income (1)

 

281,833

 

 

 

246,699

 

 

 

901,436

 

 

 

667,539

 

Operating income per diluted share (2)

 

1.01

 

 

 

0.88

 

 

 

3.22

 

 

 

2.38

 

 

 

 

 

 

 

 

 

Return on equity (3)

 

13.8

%

 

 

16.6

%

 

 

20.0

%

 

 

15.4

%

Operating return on equity (1) (3)

 

16.9

%

 

 

15.6

%

 

 

18.1

%

 

 

14.1

%

(1) Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and related expenses.

(2) The 2021 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on March 23, 2022.

(3) Return on equity and operating return on equity represent net income and operating income, respectively, expressed on an annualized basis as a percentage of beginning of year common stockholders’ equity.

Third quarter highlights included:

  • Operating return on equity of 16.9%.
  • Average rate increases excluding workers' compensation were approximately 7.3%.
  • Pre-tax underwriting income of $192.1 million.
  • The current accident year combined ratio before catastrophe losses of 3.9 loss ratio points was 86.6%.
  • The reported combined ratio was 92.1%, including catastrophe losses of $94.1 million.
  • Net investment income for the core portfolio grew 51.0%, driving record quarterly net investment income.
  • Operating income increased 14.2% to $281.8 million.
  • Record gross premiums written grew 10.6% to $3.1 billion and net premiums written grew 10.8% to $2.6 billion.

The Company commented:

Results for the third quarter of 2022 were excellent, with strong underwriting performance and net investment income driving a 16.9% annualized operating return on beginning stockholders’ equity. Net premiums written grew 10.8%. The short duration and high quality of our fixed-maturity securities tempered the market value impact on the Company’s book value and allowed us to quickly invest more funds at higher interest rates and grow core net investment income by 51%.

Growth in net premiums written reflected the continuation of favorable market conditions for many of our products. After several years of compounding rate, the majority of our businesses are achieving or exceeding our target return on equity. As a result, we continue to expand our business, while maintaining our focus on rate adequacy in this inflationary environment.

We manage the business for lower relative volatility, which was again demonstrated in our results during another quarter of significant industry-wide catastrophe losses. We continue to evaluate the changing market conditions and the opportunities available to deploy capital where we believe adequate risk-adjusted returns can be achieved.

The uncertainties and challenges of today’s environment provide many opportunities. Our knowledge, expertise and experience allow us to navigate the risks and embrace opportunities in our underwriting and investing activities. The Company continues to perform exceptionally well, delivering superior long-term risk-adjusted returns and creating value for shareholders. We remain optimistic about the future.

Webcast Conference Call

The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on October 24, 2022, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at https://ir.berkley.com/events-and-presentations/default.aspx. Please log on at least ten minutes early to register and download and install any necessary software. A replay of the webcast will be available on the Company's website approximately two hours after the end of the conference call. Additional financial information can be found on the Company's website at https://ir.berkley.com/investor-relations/financial-information/quarterly-results/default.aspx.

About W. R. Berkley Corporation

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance & Monoline Excess.

Forward Looking Information

This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2022 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to: the cyclical nature of the property casualty industry; the impact of significant competition, including new entrants to the industry; the long-tail and potentially volatile nature of the insurance and reinsurance business; product demand and pricing; claims development and the process of estimating reserves; investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, municipal bonds, mortgage-backed securities, loans receivable, investment funds, including real estate, merger arbitrage, energy related and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts, including claims for cybersecurity-related risks; natural and man-made catastrophic losses, including as a result of terrorist activities; the ongoing COVID-19 pandemic; the impact of climate change, which may alter the frequency and increase the severity of catastrophe events; general economic and market activities, including inflation, interest rates, and volatility in the credit and capital markets; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response, on our results and financial condition; foreign currency and political risks (including those associated with the United Kingdom's withdrawal from the European Union, or "Brexit") relating to our international operations; our ability to attract and retain key personnel and qualified employees; continued availability of capital and financing; the success of our new ventures or acquisitions and the availability of other opportunities; the availability of reinsurance; our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2019; the ability or willingness of our reinsurers to pay reinsurance recoverables owed to us; other legislative and regulatory developments, including those related to business practices in the insurance industry; credit risk related to our policyholders, independent agents and brokers; changes in the ratings assigned to us or our insurance company subsidiaries by rating agencies; the availability of dividends from our insurance company subsidiaries; potential difficulties with technology and/or cyber security issues; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for the year 2022 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Consolidated Financial Summary

(Amounts in thousands, except per share data)

 

 

Third Quarter

 

Nine Months

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

  Net premiums written

$

   2,577,274

 

 

$

   2,325,138

 

 

$

   7,576,163

 

 

$

   6,587,357

 

  Change in unearned premiums

 

        (135,313

)

 

 

        (244,120

)

 

 

        (527,958

)

 

 

        (684,759

)

    Net premiums earned

 

      2,441,961

 

 

 

      2,081,018

 

 

 

      7,048,205

 

 

 

      5,902,598

 

  Net investment income

 

         202,816

 

 

 

         179,851

 

 

 

         547,902

 

 

 

         506,615

 

  Net investment (losses) gains:

 

 

 

 

 

 

 

   Net realized and unrealized (losses) gains on investments

 

          (66,282

)

 

 

           17,187

 

 

 

         139,664

 

 

 

           89,407

 

   Change in allowance for credit losses on investments

 

            (1,128

)

 

 

              2,314

 

 

 

          (12,365

)

 

 

          (11,003

)

  Net investment (losses) gains

 

          (67,410

)

 

 

           19,501

 

 

 

         127,299

 

 

 

           78,404

 

  Revenues from non-insurance businesses

 

         119,013

 

 

 

         120,374

 

 

 

         345,210

 

 

 

         316,927

 

  Insurance service fees

 

           27,940

 

 

 

           21,467

 

 

 

           82,284

 

 

 

           69,531

 

  Other Income

 

                   80

 

 

 

              2,072

 

 

 

              1,797

 

 

 

              3,163

 

       Total Revenues

 

      2,724,400

 

 

 

      2,424,283

 

 

 

      8,152,697

 

 

 

      6,877,238

 

Expenses:

 

 

 

 

 

 

 

   Loss and loss expenses

 

      1,564,578

 

 

 

      1,298,392

 

 

 

      4,339,646

 

 

 

      3,623,630

 

   Other operating costs and expenses

 

         725,537

 

 

 

         643,045

 

 

 

      2,139,256

 

 

 

      1,907,020

 

   Expenses from non-insurance businesses

 

         116,240

 

 

 

         115,465

 

 

 

         334,062

 

 

 

         308,453

 

   Interest expense

 

           31,780

 

 

 

           35,100

 

 

 

           98,473

 

 

 

         109,846

 

     Total expenses

 

     2,438,135

 

 

 

     2,092,002

 

 

 

     6,911,437

 

 

 

     5,948,949

 

     Income before income tax

 

         286,265

 

 

 

         332,281

 

 

 

      1,241,260

 

 

 

         928,289

 

   Income tax expense

 

          (55,791

)

 

 

          (64,963

)

 

 

        (238,290

)

 

 

        (191,577

)

     Net Income before noncontrolling interests

 

         230,474

 

 

 

         267,318

 

 

 

      1,002,970

 

 

 

         736,712

 

   Noncontrolling interest

 

            (1,595

)

 

 

            (6,021

)

 

 

            (4,131

)

 

 

            (8,652

)

     Net income to common stockholders

$

       228,879

 

 

$

       261,297

 

 

$

       998,839

 

 

$

       728,060

 

 

 

 

 

 

 

 

 

 Net income per share (1):

 

 

 

 

 

 

 

 Basic

$

             0.83

 

 

$

             0.94

 

 

$

             3.61

 

 

$

             2.62

 

 Diluted

$

             0.82

 

 

$

             0.93

 

 

$

             3.57

 

 

$

             2.59

 

 

 

 

 

 

 

 

 

 Average shares outstanding (1) (2):

 

 

 

 

 

 

 

 Basic

 

         277,192

 

 

 

         277,547

 

 

 

         276,928

 

 

 

         277,691

 

 Diluted

 

         279,642

 

 

 

         280,113

 

 

 

         279,644

 

 

 

         280,590

 

(1) The 2021 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on March 23, 2022.

(2) Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.

Business Segment Operating Results

(Amounts in thousands, except ratios) (1)

 

 

Third Quarter

 

Nine Months

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Insurance:

 

 

 

 

 

 

 

Gross premiums written

$

2,719,824

 

 

$

2,446,758

 

 

$

7,976,288

 

 

$

7,008,617

 

Net premiums written

 

2,237,608

 

 

 

2,007,194

 

 

 

6,637,024

 

 

 

5,741,229

 

Net premiums earned

 

2,129,014

 

 

 

1,819,071

 

 

 

6,162,005

 

 

 

5,151,253

 

Pre-tax income

 

322,312

 

 

 

314,000

 

 

 

1,052,185

 

 

 

862,399

 

Loss ratio

 

63.2

%

 

 

61.4

%

 

 

61.3

%

 

 

61.4

%

Expense ratio

 

28.0

%

 

 

27.9

%

 

 

27.9

%

 

 

28.5

%

GAAP Combined ratio

 

91.2

%

 

 

89.3

%

 

 

89.2

%

 

 

89.9

%

 

 

 

 

 

 

 

 

Reinsurance & Monoline Excess:

 

 

 

 

 

 

 

Gross premiums written

$

362,114

 

 

$

340,740

 

 

$

1,017,887

 

 

$

924,829

 

Net premiums written

 

339,666

 

 

 

317,945

 

 

 

939,139

 

 

 

846,128

 

Net premiums earned

 

312,947

 

 

 

261,947

 

 

 

886,200

 

 

 

751,345

 

Pre-tax income

 

59,561

 

 

 

52,742

 

 

 

209,366

 

 

 

196,185

 

Loss ratio

 

70.2

%

 

 

69.3

%

 

 

63.7

%

 

 

61.5

%

Expense ratio

 

28.4

%

 

 

29.1

%

 

 

28.4

%

 

 

30.1

%

GAAP Combined ratio

 

98.6

%

 

 

98.4

%

 

 

92.1

%

 

 

91.6

%

 

 

 

 

 

 

 

 

Corporate and Eliminations:

 

 

 

 

 

 

 

Net investment (losses) gains

$

(67,410

)

 

$

19,501

 

 

$

127,299

 

 

$

78,404

 

Interest expense

 

(31,780

)

 

 

(35,100

)

 

 

(98,473

)

 

 

(109,846

)

Other expenses

 

3,582

 

 

 

(18,862

)

 

 

(49,117

)

 

 

(98,853

)

Pre-tax loss

 

(95,608

)

 

 

(34,461

)

 

 

(20,291

)

 

 

(130,295

)

 

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

 

Gross premiums written

$

3,081,938

 

 

$

2,787,499

 

 

$

8,994,175

 

 

$

7,933,446

 

Net premiums written

 

2,577,274

 

 

 

2,325,138

 

 

 

7,576,163

 

 

 

6,587,357

 

Net premiums earned

 

2,441,961

 

 

 

2,081,018

 

 

 

7,048,205

 

 

 

5,902,598

 

Pre-tax income

 

286,265

 

 

 

332,281

 

 

 

1,241,260

 

 

 

928,289

 

Loss ratio

 

64.1

%

 

 

62.4

%

 

 

61.6

%

 

 

61.4

%

Expense ratio

 

28.0

%

 

 

28.0

%

 

 

28.0

%

 

 

28.7

%

GAAP Combined ratio

 

92.1

%

 

 

90.4

%

 

 

89.6

%

 

 

90.1

%

(1) Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.

Supplemental Information

(Amounts in thousands)

 

 

Third Quarter

 

Nine Months

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net premiums written:

 

 

 

 

 

 

 

   Other liability

$

       861,551

 

 

$

       768,261

 

 

$

    2,569,737

 

 

$

    2,169,678

 

   Short-tail lines (1)

 

         439,630

 

 

 

         373,427

 

 

 

      1,318,398

 

 

 

      1,090,257

 

   Commercial automobile

 

         333,935

 

 

 

         295,132

 

 

 

         948,913

 

 

 

         822,903

 

   Workers' compensation

 

         306,593

 

 

 

         277,490

 

 

 

         940,734

 

 

 

         879,852

 

   Professional liability

 

         295,899

 

 

 

         292,882

 

 

 

         859,242

 

 

 

         778,539

 

     Total Insurance

 

      2,237,608

 

 

 

      2,007,194

 

 

 

      6,637,024

 

 

 

      5,741,229

 

   Casualty reinsurance

 

         195,642

 

 

 

         194,253

 

 

 

         583,780

 

 

 

         525,333

 

 Monoline excess

 

            75,959

 

 

 

            75,504

 

 

 

         192,723

 

 

 

         184,676

 

   Property reinsurance

 

            68,065

 

 

 

            48,189

 

 

 

         162,636

 

 

 

         136,118

 

     Total Reinsurance & Monoline Excess

 

         339,666

 

 

 

         317,945

 

 

 

         939,139

 

 

 

         846,128

 

          Total

$

    2,577,274

 

 

$

    2,325,138

 

 

$

    7,576,163

 

 

$

    6,587,357

 

 

 

 

 

 

 

 

 

Current accident year losses from catastrophes (including COVID-19 related losses):

 

 

 

 

   Insurance

$

         51,144

 

 

$

         39,230

 

 

$

       101,802

 

 

$

       108,863

 

   Reinsurance & Monoline Excess

 

            42,999

 

 

 

            34,560

 

 

 

            79,063

 

 

 

            44,722

 

     Total

$

         94,143

 

 

$

         73,790

 

 

$

       180,865

 

 

$

       153,585

 

 

 

 

 

 

 

 

 

Net Investment income:

 

 

 

 

 

 

 

   Core portfolio (2)

$

       156,077

 

 

$

       103,372

 

 

$

       401,975

 

 

$

       306,901

 

   Investment funds

 

            36,045

 

 

 

            69,292

 

 

 

         121,919

 

 

 

         169,538

 

   Arbitrage trading account

 

            10,694

 

 

 

              7,187

 

 

 

            24,008

 

 

 

            30,176

 

     Total

$

       202,816

 

 

$

       179,851

 

 

$

       547,902

 

 

$

       506,615

 

 

 

 

 

 

 

 

 

Net realized and unrealized (losses) gains on investments:

 

 

 

 

 

 

 

   Net realized (losses) gains on investments

$

        (15,898

)

 

$

         36,431

 

 

$

       228,365

 

 

$

       151,225

 

   Change in unrealized losses on equity securities

 

          (50,384

)

 

 

          (19,244

)

 

 

          (88,701

)

 

 

          (61,818

)

     Total

$

        (66,282

)

 

$

         17,187

 

 

$

       139,664

 

 

$

         89,407

 

 

 

 

 

 

 

 

 

Other operating costs and expenses:

 

 

 

 

 

 

 

   Policy acquisition and insurance operating expenses

$

       685,325

 

 

$

       583,065

 

 

$

    1,974,676

 

 

$

    1,694,548

 

   Insurance service expenses

 

            24,991

 

 

 

            21,243

 

 

 

            71,348

 

 

 

            63,817

 

   Net foreign currency gains

 

          (41,065

)

 

 

          (12,497

)

 

 

          (85,060

)

 

 

          (19,216

)

   Debt extinguishment costs

 

                    —

 

 

 

                    —

 

 

 

                    —

 

 

 

            11,521

 

   Other costs and expenses

 

            56,286

 

 

 

            51,234

 

 

 

         178,292

 

 

 

         156,350

 

     Total

$

       725,537

 

 

$

       643,045

 

 

$

    2,139,256

 

 

$

    1,907,020

 

 

 

 

 

 

 

 

 

Cash flow from operations

$

       767,649

 

 

$

       828,585

 

 

$

    1,773,303

 

 

$

    1,524,394

 

 

 

 

 

 

 

 

 

Reconciliation of net income to operating income:

 

 

 

 

 

 

 

   Net income

$

       228,879

 

 

$

       261,297

 

 

$

       998,839

 

 

$

       728,060

 

   Pre-tax investment losses (gains), net of related expenses

 

            67,410

 

 

 

          (18,820

)

 

 

        (122,930

)

 

 

          (75,393

)

   Income tax (benefit) expense

 

          (14,456

)

 

 

              4,222

 

 

 

            25,527

 

 

 

            14,872

 

     Operating income after-tax (3)

$

       281,833

 

 

$

       246,699

 

 

$

       901,436

 

 

$

       667,539

 

(1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines.

(2) Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable.

(3) Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses). Net investment gains (losses) are computed net of related expenses, including performance-based compensatory costs associated with realized investment gains. Management believes this measurement provides a useful indicator of trends in the Company’s underlying operations.

Selected Balance Sheet Information

(Amounts in thousands, except per share data)

 

 

September 30, 2022

 

December 31, 2021

 

 

 

 

Net invested assets (1)

$

23,636,966

 

$

23,705,508

Total assets

 

33,076,819

 

 

32,047,876

Reserves for losses and loss expenses

 

16,540,123

 

 

15,390,888

Senior notes and other debt

 

1,834,287

 

 

2,259,416

Subordinated debentures

 

1,008,191

 

 

1,007,652

Common stockholders' equity (2)

 

6,346,066

 

 

6,653,011

Common stock outstanding (3) (4)

 

265,802

 

 

265,171

Book value per share (4) (5)

 

23.88

 

 

25.09

Tangible book value per share (4) (5)

 

22.93

 

 

24.27

(1) Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities.

(2) As of September 30, 2022, reflected in common stockholders' equity are after-tax unrealized investment losses of $985 million and unrealized currency translation losses of $400 million. As of December 31, 2021, after-tax unrealized investment gains were $91 million and unrealized currency translation losses were $373 million.

(3) During the three and nine months ended September 30, 2022, the Company repurchased 106,304 shares of its common stock for $6.6 million. The number of shares of common stock outstanding excludes shares held in a grantor trust.

(4) The 2021 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on March 23, 2022.

(5) Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding.

Investment Portfolio

September 30, 2022

(Amounts in thousands, except percentages)

 

 

Carrying Value

 

Percent of Total

Fixed maturity securities:

 

 

 

United States government and government agencies

$

870,592

 

3.7

%

State and municipal:

 

 

 

Special revenue

 

1,751,924

 

7.4

%

Local general obligation

 

433,131

 

1.8

%

State general obligation

 

392,565

 

1.7

%

Corporate backed

 

185,091

 

0.8

%

Pre-refunded

 

157,431

 

0.7

%

Total state and municipal

 

2,920,142

 

12.4

%

Mortgage-backed securities:

 

 

 

Agency

 

906,645

 

3.9

%

Commercial

 

456,937

 

1.9

%

Residential - Prime

 

227,402

 

1.0

%

Residential - Alt A

 

3,857

 

0.0

%

Total mortgage-backed securities

 

1,594,841

 

6.8

%

Asset-backed securities

 

4,241,438

 

17.9

%

Corporate:

 

 

 

Industrial

 

3,131,786

 

13.3

%

Financial

 

2,269,552

 

9.6

%

Utilities

 

458,097

 

1.9

%

Other

 

345,309

 

1.5

%

Total corporate

 

6,204,744

 

26.3

%

Foreign government

 

1,399,179

 

5.9

%

Total fixed maturity securities (1)

 

17,230,936

 

73.0

%

Equity securities available for sale:

 

 

 

Common stocks

 

952,369

 

4.0

%

Preferred stocks

 

221,220

 

1.0

%

Total equity securities available for sale

 

1,173,589

 

5.0

%

Investment funds (2)

 

1,661,237

 

7.0

%

Real estate

 

1,320,550

 

5.5

%

Arbitrage trading account

 

1,165,016

 

4.9

%

Cash and cash equivalents (3)

 

972,838

 

4.1

%

Loans receivable

 

112,800

 

0.5

%

Net invested assets

$

23,636,966

 

100.0

%

(1) Total fixed maturity securities had an average rating of AA- and an average duration of 2.4 years, including cash and cash equivalents.

(2) Investment funds are net of related liabilities of $0.8 million.

(3) Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.

Contacts

Karen A. Horvath

Vice President - External

Financial Communications

(203) 629-3000

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