W. R. Berkley Corporation announced strong performance in the second quarter of 2025, with net premiums written increasing to a record $3.35 billion, up from $3.13 billion in Q2 2024. Net income to common stockholders rose to $401.3 million, or $1.00 per diluted share, compared to $371.9 million, or $0.92 per diluted share, in the prior-year quarter.
The company's annualized return on beginning-of-year common stockholders' equity was 19.1%, with an operating return on equity of 20.0%. The combined ratio for the quarter was 91.6%, which included $99.2 million in catastrophe losses, demonstrating disciplined underwriting despite above-average industry losses.
Net investment income reached a quarterly record of $379.3 million, increasing both year-over-year and sequentially, driven by higher yields on the expanding domestic fixed-maturity portfolio. Operating cash flow continued to be strong, contributing to growth in net investable assets.
Book value per share grew by 6.8% before $223.8 million of capital returned to shareholders through special and ordinary dividends. This performance highlights W. R. Berkley's strategic focus on high-margin potential business and its ability to deliver superior long-term, risk-adjusted returns.
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