W R Berkley (WRB) Q4 2025 Earnings Call Transcript

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• Property cat market participants missing premium targets are shifting to casualty to hit budgets

  80% confidence

• Medicare rates are below market and below cost for workers' compensation medical pricing

  80% confidence

• 2026 effective tax rate expected to be approximately 23%

  80% confidence

• National and regional standard market carriers are remarkably aggressive

  80% confidence

• AI is being used for underwriting intake processing, dramatically increasing efficiency and enabling better prioritization

  80% confidence

• Portfolio rolling off at approximately 6% yield while new money rate is approximately 5%

  80% confidence

• Large account property CAT XOL market experiencing feeding frenzy, particularly in London/Lloyd's

  80% confidence

• The world is moving at an ever-increasing pace and the question is whether the insurance industry can keep up

  80% confidence

• Auto liability is finding new lows with no bottom yet, hope to find bottom by end of 2026

  80% confidence

• Recent accident years showing early positive signs in development, including lines with tail

  80% confidence

• Expecting to exceed 15% ROE through the cycle long-term

  80% confidence

• California workers' compensation showing early signs of backbone reemerging with market discipline returning

  80% confidence

• Regulators don't care about rich people regarding homeowners insurance pricing

  80% confidence

• Colleagues understand very clearly that the goal is to make money and good returns, not to issue insurance policies

  80% confidence

• Private equity involvement in MGA valuations is irrational

  80% confidence

• Organization focuses on consistency versus lumpy performance, aiming for base hits every day versus home runs

  80% confidence

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