First quarter 2026 net income at W.R. Berkley Corp. increased about 23.4% compared to the same period a year ago to about $515.2 million.
Operating income for the first three months of the year was a record $514.3 million.
The company ended 2025 with record Q4 operating income of $450 million and, for the full year, net income and operating income grew to records of $1.8 billion and $1.7 billion, respectively.
The Q1 consolidated combined ratio for the Greenwich, Connecticut-based commercial insurer was 90.7—about flat versus a year ago. W.R. Berkley’s insurance segment combined ratio for the period increased to 92.2 from 91.7 for Q1 2025 but the reinsurance and monoline excess segment saw a decrease to 78.6 compared with 85.4.
Total accident year catastrophe losses for Q1 2026 were about $75.7 million compared with about $111.1 million during Q1 2025.
During Q1 net investment income grew 12.2% compared with the same period last year, to a record of $404.3 million.
“Our 88.3 accident year combined ratio excluding catastrophe losses demonstrated the stability of underwriting earnings generated through our diversified operating model,” the company said in a statement. “We are growing our business where pricing, terms, and conditions support attractive risk adjusted returns.”
Berkley said average Q1 rate increases excluding workers’ compensation were approximately 7.2%.
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