0000011544-22-000013.txt : 20220425 0000011544-22-000013.hdr.sgml : 20220425 20220425161854 ACCESSION NUMBER: 0000011544-22-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220425 DATE AS OF CHANGE: 20220425 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: 22849919 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-20220425.htm 8-K wrb-20220425
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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): April 25, 2022
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
5.700% Subordinated Debentures due 2058WRB-PENew York Stock Exchange
5.100% Subordinated Debentures due 2059WRB-PFNew York Stock Exchange
4.250% Subordinated Debentures due 2060WRB-PGNew York Stock Exchange
4.125% Subordinated Debentures due 2061WRB-PHNew York Stock Exchange
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     ☐    

W. R. Berkley Corporation         2

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 first quarter of 2022. The press release was issued on April 25, 2022. 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 April 25, 2022




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




        


Date: April 25, 2022

W. R. Berkley Corporation         6

EXHIBIT INDEX


Exhibit:
99.1         Press Release dated April 25, 2022





EX-99.1 2 wrb33120228-kex991.htm EX-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 First Quarter Results
Record Quarterly Underwriting Income of $274 Million,
Net Income Increased 157% to $591 Million and Return on Equity of 35.5%

Greenwich, CT, April 25, 2022 - W. R. Berkley Corporation (NYSE: WRB) today reported its first quarter 2022 results.

Summary Financial Data
(Amounts in thousands, except per share data)
First Quarter
20222021
Gross premiums written$2,859,837 $2,484,712 
Net premiums written2,413,254 2,050,038 
Net income to common stockholders590,638 229,525 
Net income per diluted share (1)2.12 0.82 
Operating income (2)306,921 201,780 
Operating income per diluted share (1)1.10 0.72 
Return on equity (3)35.5 %14.5 %


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


W. R. Berkley Corporation        2

First quarter highlights included:
•Return on equity of 35.5%.
•Record quarterly underwriting income and net income of $274.4 million and $590.6 million, respectively.
•Net premiums written increased nearly 18% to a quarterly record of $2.4 billion.
•The current accident year combined ratio before catastrophe losses of 1.3 loss ratio points was 86.5%.
•The reported combined ratio was 87.8%, including catastrophe losses of $28.8 million.
•Record quarterly net investment gain of $366.3 million, mainly due to real estate investment sales.
•Book value per share grew 3.5% before dividends, benefitting from our decision to maintain a short investment duration.


The Company commented:
The Company reported exceptional results for the first quarter of 2022, due to another quarter of record underwriting results and continued strong investment income, including significant realized gains from the sale of investments. We reported a 35.5% return on beginning stockholders’ equity. Book value per share before dividends grew 3.5%, benefitting from our decision to maintain a short investment duration, notwithstanding the impact of rising interest rates.
Net premiums written grew by nearly 18% as the majority of our businesses expanded, particularly in the E&S and specialty markets. Rate increases remained above expected loss cost trends for the majority of our lines of business. Rate and exposure growth improved our loss and expense ratios.
As we previously announced, the Company realized a pretax gain on the sale of a real estate investment in London of more than $300 million before transaction expenses and the impact of foreign currency. Net investment income grew more than 9% as investment funds continued to outperform and fixed-maturity income benefited from higher yields. We expect the latter trend to accelerate as interest rates move higher.
We remain focused on our total risk-adjusted return strategy and expect relative market stability in most parts of our business. Our underwriting and investment portfolios remain well-positioned for the inflationary environment. The Company is performing exceptionally well and we continue to be optimistic about our opportunities going forward.



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 April 25, 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/news-and-events/events-andpresentations/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.




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 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.



# # #



W. R. Berkley Corporation        5
Consolidated Financial Summary
(Amounts in thousands, except per share data)
First Quarter
20222021
Revenues:
  Net premiums written$2,413,254 $2,050,038 
  Change in unearned premiums(164,167)(200,082)
    Net premium earned2,249,087 1,849,956 
  Net investment income173,512 158,577 
  Net investment gains:
   Net realized and unrealized gains on investments369,882 51,759 
   Change in allowance for credit losses on investments(3,617)(16,920)
  Net investment gains 366,265 34,839 
  Revenues from non-insurance businesses97,776 87,430 
  Insurance service fees27,951 25,808 
  Other Income818 259 
       Total Revenues2,915,409 2,156,869 
Expenses:
   Loss and loss expenses1,339,252 1,121,592 
   Other operating costs and expenses713,899 616,268 
   Expenses from non-insurance businesses94,855 86,290 
   Interest expense34,970 36,651 
     Total expenses2,182,976 1,860,801 
     Income before income tax732,433 296,068 
   Income tax expense(139,403)(64,352)
     Net Income before noncontrolling interests593,030 231,716 
   Noncontrolling interest(2,392)(2,191)
     Net income to common stockholders$590,638 $229,525 
 Net income per share (1):
 Basic$2.13 $0.83 
 Diluted$2.12 $0.82 
 Average shares outstanding (1) (2):
 Basic276,772 277,793 
 Diluted279,157 280,245 


(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.



W. R. Berkley Corporation        6
Business Segment Operating Results
(Amounts in thousands, except ratios) (1)
First Quarter
20222021
Insurance:
   Gross premiums written$2,484,799 $2,140,013 
   Net premiums written2,073,291 1,739,824 
   Net premiums earned1,962,835 1,604,979 
   Pre-tax income382,412 257,109 
   Loss ratio59.5 %61.3 %
   Expense ratio28.1 %29.3 %
   GAAP Combined ratio87.6 %90.6 %
Reinsurance & Monoline Excess:
   Gross premiums written$375,038 $344,699 
   Net premiums written339,963 310,214 
   Net premiums earned286,252 244,977 
   Pre-tax income57,628 68,649 
   Loss ratio59.9 %56.5 %
   Expense ratio29.5 %30.9 %
   GAAP Combined ratio89.4 %87.4 %
Corporate and Eliminations:
   Net investment gains$366,265 $34,839 
   Interest expense(34,970)(36,651)
   Other revenues and expenses(38,902)(27,878)
   Pre-tax gain (loss)292,393 (29,690)
Consolidated:
   Gross premiums written$2,859,837 $2,484,712 
   Net premiums written2,413,254 2,050,038 
   Net premiums earned2,249,087 1,849,956 
   Pre-tax income 732,433 296,068 
   Loss ratio59.5 %60.6 %
   Expense ratio28.3 %29.5 %
   GAAP Combined ratio87.8 %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.





W. R. Berkley Corporation        7
Supplemental Information
(Amounts in thousands)
First Quarter
20222021
Net premiums written:
   Other liability$836,040 $676,796 
   Short-tail lines (1)393,918 325,051 
   Workers' compensation303,420 286,724 
   Commercial automobile279,528 248,567 
   Professional liability260,385 202,686 
     Total Insurance2,073,291 1,739,824 
   Casualty reinsurance198,155 174,864 
 Monoline excess92,536 85,509 
   Property reinsurance49,272 49,841 
     Total Reinsurance & Monoline Excess339,963 310,214 
          Total$2,413,254 $2,050,038 
Current accident year losses from catastrophes (including COVID-19 related losses):
   Insurance$10,767 $32,829 
   Reinsurance & Monoline Excess18,064 3,000 
     Total$28,831 $35,829 
Net Investment income:
   Core portfolio (2)$112,312 $100,568 
   Investment funds52,013 38,935 
   Arbitrage trading account9,187 19,074 
     Total$173,512 $158,577 
Net realized and unrealized gains on investments:
   Net realized gains on investments$276,669 $76,094 
   Change in unrealized gains (losses) on equity securities93,213 (24,335)
     Total$369,882 $51,759 
Other operating costs and expenses:
   Policy acquisition and insurance operating expenses$635,453 $545,750 
   Insurance service expenses22,466 20,786 
   Net foreign currency gains(4,168)(5,594)
   Debt extinguishment costs— 3,617 
   Other costs and expenses60,148 51,709 
     Total$713,899 $616,268 
Cash flow from operations$477,682 $310,990 
Reconciliation of net income to operating income:
   Net income$590,638 $229,525 
   Pre-tax investment gains, net of related expenses(361,034)(33,302)
   Income tax expense77,317 5,557 
     Operating income after-tax (3)$306,921 $201,780 

(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)
March 31, 2022December 31, 2021
Net invested assets (1)$23,658,053 $23,705,508 
Total assets32,250,954 32,047,876 
Reserves for losses and loss expenses15,722,889 15,390,888 
Senior notes and other debt1,834,155 2,259,416 
Subordinated debentures1,007,832 1,007,652 
Common stockholders' equity (2)6,864,503 6,653,011 
Common stock outstanding (3) (4)265,186 265,171 
Book value per share (4) (5)25.89 25.09 
Tangible book value per share (4) (5)24.92 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 March 31, 2022, reflected in common stockholders' equity are after-tax unrealized investment losses of $333 million and unrealized currency translation losses of $316 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 months ended March 31, 2022, the Company did not repurchase any shares of its common stock. 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.



W. R. Berkley Corporation        9
Investment Portfolio
March 31, 2022
(Amounts in thousands, except percentages)
Carrying ValuePercent of Total
Fixed maturity securities:
   United States government and government agencies$818,848 3.5 %
   State and municipal:
        Special revenue1,935,528 8.2 %
        State general obligation424,590 1.8 %
        Local general obligation416,167 1.8 %
        Pre-refunded 177,371 0.8 %
        Corporate backed172,005 0.7 %
            Total state and municipal3,125,661 13.3 %
   Mortgage-backed securities:
        Agency874,067 3.7 %
        Commercial263,501 1.1 %
        Residential - Prime246,852 1.0 %
        Residential - Alt A4,771 0.0 %
            Total mortgage-backed securities1,389,191 5.8 %
   Asset-backed securities4,257,421 18.0 %
   Corporate:
        Industrial3,270,804 13.8 %
        Financial1,706,732 7.2 %
        Utilities409,726 1.7 %
        Other201,245 0.9 %
            Total corporate 5,588,507 23.6 %
   Foreign government 1,246,568 5.3 %
            Total fixed maturity securities (1)16,426,196 69.5 %
Equity securities available for sale:
   Common stocks883,317 3.7 %
   Preferred stocks243,174 1.0 %
            Total equity securities available for sale1,126,491 4.7 %
Cash and cash equivalents (2)1,980,346 8.4 %
Investment funds (3)1,544,856 6.5 %
Real estate1,276,157 5.4 %
Arbitrage trading account1,188,910 5.0 %
Loans receivable115,097 0.5 %
          Net invested assets$23,658,053 100.0 %


(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)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 $0.8 million.

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Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 22-1867895
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Entity Address, City or Town Greenwich
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