W. R. Berkley Corporation Reports 12% Revenue Growth to $13.6 Billion for Fiscal Year 2024

W. R. Berkley Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $13.6 billion, up from $12.1 billion in 2023. The company’s net income attributable to common stockholders also rose to $1.76 billion, compared to $1.38 billion in the previous year, reflecting a 27% increase. This growth was primarily driven by a 9% rise in net premiums written, which totaled $11.97 billion, alongside a notable increase in net investment income, which surged by 27% to $1.33 billion, largely due to higher interest rates and a larger fixed maturity securities portfolio.

The company’s insurance segment, which constitutes the majority of its operations, saw net premiums written increase by 10% to $10.55 billion, while the reinsurance and monoline excess segment reported a more modest growth of 2% to $1.42 billion. The overall combined ratio, a key measure of underwriting profitability, improved slightly to 90.3% from 89.7% in 2023, indicating effective management of claims and expenses. The loss ratio for the insurance segment was 62.8%, up from 62.3% the previous year, while the reinsurance segment maintained a lower loss ratio of 54.7%.

Strategically, Berkley has continued to expand its operations, with a focus on niche markets and specialty lines of insurance. The company has also engaged in various acquisitions, enhancing its capabilities in areas such as healthcare and cyber risk. As of January 15, 2025, the company employed 8,606 individuals, reflecting its commitment to building a robust workforce to support its growth initiatives. The company’s decentralized structure allows for quick responses to market changes, which is critical in the competitive insurance landscape.

Looking ahead, W. R. Berkley Corporation remains optimistic about its growth prospects, although it acknowledges potential challenges such as fluctuating market conditions, competitive pressures, and the ongoing impacts of inflation. The company is focused on maintaining its strong financial position and capitalizing on opportunities in both domestic and international markets. The management has indicated that it will continue to evaluate new ventures and acquisitions to further enhance its portfolio and market presence.