W. R. Berkley (WRB) reported a third-quarter operating return on equity of 18.8% and insurance pretax underwriting income of $237.7 million, up 10.6%, helped by business mix and lower non-catastrophe property losses. Net investment income reached $383.5 million, with the core portfolio up 12.0%, and new money reinvestment rates running 80 to 100 basis points above the 4.7% book yield. Reinsurance net premiums written fell 11.6% to $369 million as the company maintained underwriting discipline, while catastrophe losses of $85.9 million added 2.7 points to the combined ratio. Year to date, capital returns totaled $728.6 million, including $435.1 million in share repurchases, though book value per share of $25.87 was roughly flat versus year-end 2025 due to about $800 million in unrealized investment losses from rising rates, which management expects to reverse as securities are held to maturity. Management warned of commercial auto reserve development, said the commercial property market is becoming less attractive, and expects a challenging 1/1 reinsurance renewal season.
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