0000011544-20-000133.txt : 20201020 0000011544-20-000133.hdr.sgml : 20201020 20201020161156 ACCESSION NUMBER: 0000011544-20-000133 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20201020 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201020 DATE AS OF CHANGE: 20201020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BERKLEY W R CORP CENTRAL INDEX KEY: 0000011544 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 221867895 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15202 FILM NUMBER: 201248423 BUSINESS ADDRESS: STREET 1: 475 STEAMBOAT ROAD STREET 2: . CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2036293000 MAIL ADDRESS: STREET 1: 475 STEAMBOAT ROAD STREET 2: . CITY: GREENWICH STATE: CT ZIP: 06830 8-K 1 wrb-20201020.htm 8-K 3Q20 COVER EARNINGS RELEASE wrb-20201020
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2020
Commission File Number
1-15202


     W. R. BERKLEY CORPORATION     
(Exact name of registrant as specified in its charter)
Delaware22-1867895
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
  
475 Steamboat RoadGreenwichConnecticut06830
(Address of principal executive offices)(Zip Code)
(203)629-3000
(Registrant’s telephone number, including area code)
None
Former name, former address and former fiscal year, if changed since last report.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of Each Class Trading Symbol Name of Each Exchange
on Which Registered
Common Stock, par value $.20 per share WRB New York Stock Exchange
5.625% Subordinated Debentures due 2053 WRB-PB New York Stock Exchange
5.90% Subordinated Debentures due 2056WRB-PCNew York Stock Exchange
5.75% Subordinated Debentures due 2056WRB-PDNew York Stock Exchange
5.70% Subordinated Debentures due 2058WRB-PENew York Stock Exchange
5.10% Subordinated Debentures due 2059WRB-PFNew York Stock Exchange
4.25% Subordinated Debentures due 2060WRB-PGNew York Stock Exchange


W. R. Berkley Corporation         2

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    Emerging growth company         
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         


W. R. Berkley Corporation         3

Item 2.02 Results of Operations and Financial Condition.
Reference is made to the press release of W. R. Berkley Corporation (the “Company”) relating to the announcement of the Company’s results of operations for the third quarter of 2020. The press release was issued on October 20, 2020. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The information contained herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.


W. R. Berkley Corporation         4
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1 Press Release dated October 20, 2020





W. R. Berkley Corporation         5



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

W. R. BERKLEY CORPORATION




By: /s/ Richard M. Baio
Name:Richard M. Baio
Title:Executive Vice President
Chief Financial Officer and Treasurer




        


Date: October 20, 2020


W. R. Berkley Corporation         6

EXHIBIT INDEX


Exhibit:
99.1         Press Release dated October 20, 2020





EX-99.1 2 wrb93020208-kex991.htm 8-K 3Q20 EXHIBIT 99.1 Document

NEWS
RELEASE
W. R. Berkley Corporation
475 Steamboat Road
Greenwich, Connecticut 06830
(203) 629-3000
             
FOR IMMEDIATE RELEASE     CONTACT:    Karen A. Horvath
Vice President - External
Financial Communications
(203) 629-3000


W. R. BERKLEY CORPORATION REPORTS THIRD QUARTER RESULTS
Gross Premiums Written Grew 8.1%; Return on Equity of 10.0%
Greenwich, CT, October 20, 2020 - W. R. Berkley Corporation (NYSE: WRB) today reported its third quarter 2020 results.


Summary Financial Data
(Amounts in thousands, except per share data)
 Third QuarterNine Months
 2020201920202019
Gross premiums written$2,262,545 $2,093,050 $6,626,163 $6,229,141 
Net premiums written1,879,316 1,749,906 5,464,980 5,202,971 
Net income to common stockholders151,678 165,208 218,520 562,638 
Net income per diluted share 0.81 0.85 1.15 2.91 
Operating income (1)121,146 163,761 265,210 451,528 
Operating income per diluted share0.65 0.85 1.40 2.33 
Return on equity (2)10.0 %12.2 %4.8 %13.8 %

(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)Return on equity represents net income expressed on an annualized basis as a percentage of beginning of year stockholders’ equity.



W. R. Berkley Corporation        2

Third quarter highlights included:

Average rate increases excluding workers' compensation were approximately 14.5%.
The reported combined ratio was 93.7%. The accident year combined ratio before catastrophe losses was 89.8%.
Catastrophes added 4.2 loss ratio points to the reported combined ratio, with no change in previously reported COVID-19 related losses.
Gross and net premiums written increased 8.1% and 7.4%, respectively.
Book value per share grew 3.7%, before dividends and share repurchases.
Cash and liquid investments of more than $1.6 billion at the holding company.


The Company commented:
The Company reported strong third quarter 2020 results with a combined ratio of 93.7%, in spite of 4.2 points of catastrophe losses. Gross premiums written grew more than 8%, even with the economic disruption and extraordinary challenges COVID-19 presented. Rate increases continued to accelerate in response to rising loss costs and the extremely low interest rate environment. Growth and efficiency initiatives have helped drive our expense ratio to its lowest level in many years.
The Company continues to actively manage market exposure in its investment portfolio by increasing its allocation to high-quality short-term assets, including cash and cash equivalents, which has somewhat moderated fixed-maturity income. We will maintain this defensive position until the uncertainty in the financial markets and the economy begins to abate, and we find a more attractive entry point. Income from investment funds in the third quarter returned to a more normalized level.
The industry’s need for disciplined underwriting and additional rate has been reinforced by, among other factors, the global pandemic, the continued increase in the frequency of catastrophe losses, the ongoing impacts of social inflation and the low interest rate environment. We remain focused on profitable underwriting with low volatility, growth in attractive areas of the market, and total risk-adjusted returns in our investment portfolio.
Our Company is built to succeed in periods of uncertainty through a constant evaluation of risk and reward in all aspects of our business, and to excel in periods of market improvement. The momentum is building, and we are excited for the opportunity before us.





W. R. Berkley Corporation        3
Webcast Conference Call
    The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on October 20, 2020, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at https://ir.berkley.com/news-and-events/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/annual-reports/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.





W. R. Berkley Corporation        4
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 2020 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 ongoing COVID-19 pandemic, including the related impact on the U.S. and global economies; the cyclical nature of the property casualty industry; the impact of significant competition, including new alternative 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, epidemics or pandemics, such as COVID-19; the impact of climate change, which may increase the frequency and 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 2020 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.



# # #




W. R. Berkley Corporation        5
Consolidated Financial Summary
(Amounts in thousands, except per share data)
 Third QuarterNine Months
 2020201920202019
Revenues: 
Net premiums written$1,879,316 $1,749,906 $5,464,980 $5,202,971 
Change in unearned premiums(130,395)(73,096)(347,727)(286,464)
Net premiums earned1,748,921 1,676,810 5,117,253 4,916,507 
Net investment income142,650 161,692 402,844 508,279 
Net investment gains (losses):
Net realized and unrealized (losses) gains on investments(7,772)1,465 (89,404)143,691 
Change in allowance for credit losses on investments (1)46,750 — 29,093 — 
Net investment gains (losses)38,978 1,465 (60,311)143,691 
Revenues from non-insurance businesses87,495 101,880 256,966 283,005 
Insurance service fees21,635 23,681 67,256 71,440 
Other income140 188 2,446 3,200 
Total revenues2,039,819 1,965,716 5,786,454 5,926,122 
Expenses:
Losses and loss expenses1,114,632 1,041,471 3,357,011 3,058,950 
Other operating costs and expenses593,969 581,045 1,753,142 1,760,961 
Expenses from non-insurance businesses85,036 101,743 256,032 280,141 
Interest expense39,768 38,475 114,874 119,913 
Total expenses1,833,405 1,762,734 5,481,059 5,219,965 
Income before income taxes206,414 202,982 305,395 706,157 
Income tax expense(54,048)(37,831)(84,900)(141,965)
Net income before noncontrolling interests152,366 165,151 220,495 564,192 
Noncontrolling interests(688)57 (1,975)(1,554)
Net income to common stockholders$151,678 $165,208 $218,520 $562,638 
Net income per share:
Basic$0.82 $0.87 $1.17 $2.95 
Diluted$0.81 $0.85 $1.15 $2.91 
Average shares outstanding (2):
Basic185,765 190,862187,338 190,593
Diluted187,717 193,589189,515 193,557


(1)The inclusion of the allowance for credit losses on investments commenced January 1, 2020 due to the adoption of ASU 2016-13.
(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.





W. R. Berkley Corporation        6
Business Segment Operating Results
(Amounts in thousands, except ratios) (1)
 Third QuarterNine Months
 2020201920202019
Insurance:  
Gross premiums written$1,981,816 $1,850,012 $5,841,328 $5,565,862 
Net premiums written1,628,316 1,529,113 4,754,791 4,601,077 
Premiums earned1,531,093 1,493,854 4,481,092 4,396,071 
Pre-tax income178,971 202,390 431,464 612,777 
Loss ratio64.4 %61.8 %65.5 %62.3 %
Expense ratio29.7 %31.2 %30.6 %31.3 %
GAAP combined ratio94.1 %93.0 %96.1 %93.6 %
Reinsurance & Monoline Excess:
Gross premiums written$280,729 $243,038 $784,835 $663,279 
Net premiums written251,000 220,793 710,189 601,894 
Premiums earned217,828 182,956 636,161 520,436 
Pre-tax income61,532 46,863 110,611 144,353 
Loss ratio59.1 %64.6 %66.5 %61.6 %
Expense ratio31.2 %33.7 %32.1 %35.2 %
GAAP combined ratio90.3 %98.3 %98.6 %96.8 %
Corporate and Eliminations:
  Net investment gains (losses)$38,978 $1,465 $(60,311)$143,691 
  Interest expense(39,768)(38,475)(114,874)(119,913)
  Other revenues and expenses(33,299)(9,261)(61,495)(74,751)
  Pre-tax loss(34,089)(46,271)(236,680)(50,973)
Consolidated:
  Gross premiums written$2,262,545 $2,093,050 $6,626,163 $6,229,141 
  Net premiums written1,879,316 1,749,906 5,464,980 5,202,971 
  Premiums earned1,748,921 1,676,810 5,117,253 4,916,507 
  Pre-tax income206,414 202,982 305,395 706,157 
  Loss ratio63.7 %62.1 %65.6 %62.2 %
  Expense ratio30.0 %31.5 %30.8 %31.7 %
  GAAP combined ratio93.7 %93.6 %96.4 %93.9 %


(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.






W. R. Berkley Corporation        7
Supplemental Information
(Amounts in thousands)
 Third QuarterNine Months
 2020201920202019
Net premiums written:
  Other liability$606,967 $553,802 $1,748,338 $1,607,613 
  Short-tail lines (1)343,888 318,310 974,941 934,757 
  Workers' compensation257,629 303,116 857,951 997,733 
  Commercial automobile230,352 196,851 648,842 608,533 
  Professional liability189,480 157,034 524,719 452,441 
    Total Insurance1,628,316 1,529,113 4,754,791 4,601,077 
  Casualty reinsurance142,847 132,335 419,235 343,541 
  Monoline excess59,267 49,851 154,105 141,572 
  Property reinsurance48,886 38,607 136,849 116,781 
    Total Reinsurance & Monoline Excess251,000 220,793 710,189 601,894 
          Total$1,879,316 $1,749,906 $5,464,980 $5,202,971 
Losses from catastrophes (including COVID-19 related losses):
  Insurance$74,038 $15,381 $244,657 $53,444 
  Reinsurance & Monoline Excess(1,282)16,079 $52,733 16,178 
    Total$72,756 $31,460 297,390 $69,622 
Net investment income:
  Core portfolio (2)$104,872 $134,259 $349,598 $404,812 
  Investment funds18,235 19,033 1,260 77,284 
  Arbitrage trading account19,543 8,400 51,986 26,183 
    Total$142,650 $161,692 $402,844 $508,279 
Net realized and unrealized (losses) gains on investments:
  Net realized (losses) gains on investments$(38,466)$(2,761)$(27,545)$27,969 
  Change in unrealized gains (losses) on equity securities30,694 4,226 (61,859)115,722 
    Total$(7,772)$1,465 $(89,404)$143,691 
Other operating costs and expenses:
  Policy acquisition and insurance operating expenses$523,349 $528,399 $1,574,507 $1,560,350 
  Insurance service expenses21,034 26,171 64,029 77,513 
  Net foreign currency losses (gains)5,078 (22,590)(23,845)(29,084)
  Other costs and expenses44,508 49,065 138,451 152,182 
    Total$593,969 $581,045 $1,753,142 $1,760,961 
Cash flow from operations$557,094 $392,398 $1,136,945 $795,044 
Reconciliation of net income to operating income:
Net income$151,678 $165,208 $218,520 $562,638 
Pre-tax investment (gains) losses, net of related expenses(39,497)(1,552)60,311 (140,797)
Income tax expense (benefit)8,965 105 (13,621)29,687 
Operating income after-tax (3)$121,146 $163,761 $265,210 $451,528 

(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.



W. R. Berkley Corporation        8
Selected Balance Sheet Information
(Amounts in thousands, except per share data)
 September 30,
2020
December 31, 2019
Net invested assets (1)$21,023,658 $19,856,776 
Total assets28,212,370 26,630,030 
Reserves for losses and loss expenses13,459,359 12,583,249 
Senior notes and other debt1,629,077 1,427,575 
Subordinated debentures1,443,736 1,198,704 
Common stockholders’ equity (2)5,995,112 6,074,939 
Common stock outstanding (3)178,218 183,412 
Book value per share (4)33.64 33.12 
Tangible book value per share (4)32.38 31.87 


(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, 2020, reflected in common stockholders' equity are after-tax unrealized investment gains of $247 million and unrealized currency translation losses of $418 million. As of December 31, 2019, after-tax unrealized investment gains were $125 million and unrealized currency translation losses were $382 million.
(3)During the three months ended September 30, 2020, the Company repurchased 216,764 shares of its common stock for $13 million. During the nine months ended September 30, 2020, the Company repurchased 5,820,867 shares of its common stock for $312 million. The number of shares of common stock outstanding excludes shares held in a grantor trust.
(4)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.




W. R. Berkley Corporation        9
Investment Portfolio
September 30, 2020
(Amounts in thousands)
Carrying
Value
Percent
of Total
Fixed maturity securities:  
United States government and government agencies$697,432 3.3 %
State and municipal: 
Special revenue$2,305,308 11.0 %
Local general obligation438,272 2.1 %
State general obligation429,652 2.0 %
Pre-refunded285,224 1.4 %
Corporate backed232,600 1.1 %
Total state and municipal3,691,056 17.6 %
Mortgage-backed securities:  
Agency613,680 2.9 %
Residential - Prime260,362 1.2 %
Commercial206,025 1.0 %
Residential - Alt A9,168 — %
Total mortgage-backed securities1,089,235 5.2 %
Asset-backed securities3,306,439 15.7 %
Corporate: 
Industrial2,326,598 11.1 %
Financial1,524,636 7.3 %
Utilities355,619 1.7 %
Other32,687 0.2 %
Total corporate4,239,540 20.2 %
Foreign government869,344 4.1 %
Total fixed maturity securities (1)13,893,046 66.1 %
Equity securities available for sale: 
Preferred stocks274,445 1.3 %
Common stocks160,858 0.8 %
Total equity securities available for sale435,303 2.1 %
Cash and cash equivalents (2)2,745,523 13.1 %
Real estate2,106,474 10.0 %
Investment funds (3)1,162,814 5.5 %
Arbitrage trading account595,727 2.8 %
Loans receivable84,771 0.4 %
Net invested assets$21,023,658 100.0 %


(1)Total fixed maturity securities had an average rating of AA- and an average duration of 2.3 years, including cash and cash equivalents.
(2)Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.
(3)Investment funds are net of related liabilities of $0.9 million.

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Cover Page
Oct. 20, 2020
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 20, 2020
Entity Registrant Name W. R. BERKLEY CORP
Entity File Number 1-15202
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 22-1867895
Entity Address, Address Line One 475 Steamboat Road
Entity Address, City or Town Greenwich
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06830
City Area Code (203)
Local Phone Number 629-3000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $.20 per share
Trading Symbol WRB
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000011544
Amendment Flag false
5.625% Subordinated Debentures due 2053  
Entity Information [Line Items]  
Title of 12(b) Security 5.625% Subordinated Debentures due 2053
Trading Symbol WRB-PB
Security Exchange Name NYSE
5.90% Subordinated Debentures due 2056  
Entity Information [Line Items]  
Title of 12(b) Security 5.90% Subordinated Debentures due 2056
Trading Symbol WRB-PC
Security Exchange Name NYSE
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Entity Information [Line Items]  
Title of 12(b) Security 5.75% Subordinated Debentures due 2056
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Security Exchange Name NYSE
5.70% Subordinated Debentures due 2058  
Entity Information [Line Items]  
Title of 12(b) Security 5.70% Subordinated Debentures due 2058
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Security Exchange Name NYSE
5.10% Subordinated Debentures due 2059  
Entity Information [Line Items]  
Title of 12(b) Security 5.10% Subordinated Debentures due 2059
Trading Symbol WRB-PF
Security Exchange Name NYSE
4.25% Subordinated Debentures due 2060  
Entity Information [Line Items]  
Title of 12(b) Security 4.25% Subordinated Debentures due 2060
Trading Symbol WRB-PG
Security Exchange Name NYSE
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