W.R. Berkley Corporation - WRB STOCK NEWS

W. R. Berkley (NYSE: WRB) has announced that it will release its third quarter 2024 earnings after the market closes on Monday, October 21, 2024. The company will host a quarterly conference call with analysts and investors to discuss its earnings and other information on the same day at 5:00 p.m. eastern time.

A live audio webcast of the conference call will be accessible via the company's website at www.berkley.com. Participants are encouraged to log on early to register. A replay of the webcast will be available on the company's website approximately two hours after the call ends.

W. R. Berkley , founded in 1967, is an insurance holding company among the largest commercial lines writers in the United States. It operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess.

W. R. Berkley (NYSE: WRB) has announced two dividend payments for its shareholders. The company's Board of Directors has declared a special cash dividend of 25 cents per share and a regular quarterly cash dividend of 8 cents per share, both payable on September 30, 2024 to stockholders of record as of September 23, 2024. These dividend amounts reflect the recent 3-for-2 common stock split effected on July 10, 2024.

Including these dividends and shares repurchased through June 30, 2024, W. R. Berkley has returned approximately $535.3 million to shareholders in 2024. The company, founded in 1967, is a major commercial lines insurer in the United States, operating in two segments: Insurance and Reinsurance & Monoline Excess.

W. R. Berkley (NYSE: WRB) has appointed Antonio Q. L. Rhodes as president of Berkley Mid-Atlantic Insurance Group (BMAG), effective immediately. Rhodes, an accomplished insurance executive with nearly 20 years of experience in the property and casualty insurance industry, previously served as executive vice president and head of property & casualty for a leading agency network and brokerage firm. W. Robert Berkley, Jr., president and CEO of W. R. Berkley , expressed confidence in Rhodes' extensive experience in building and leading businesses, as well as his knowledge of the mid-Atlantic region. BMAG offers localized insurance solutions, providing adaptable coverage for businesses with consistency, transparency, and fast delivery of value.

W. R. Berkley (NYSE: WRB) reported strong second quarter 2024 results, with a 20.0% return on equity and 22.4% operating return on equity. The company achieved record quarterly net investment income of $372 million, up 51.8% year-over-year. Net premiums written grew 11.2% to a record $3.1 billion. The reported combined ratio was 91.1%, including 3.2 loss ratio points from catastrophe losses.

Key highlights include:

• Net income per diluted share increased to $0.92 from $0.87 in Q2 2023
• Operating income per diluted share rose to $1.04 from $0.76
• Book value per share grew 4.7% before dividends and share repurchases
• Total capital returned to shareholders was $381.3 million
• Operating cash flow increased 24.4% to $881.3 million

W. R. Berkley (NYSE: WRB) has named Lucas Prahl, Jr. as president of Berkley Human Services, effective immediately. Prahl brings over 20 years of experience in the property and casualty insurance industry, previously serving as SVP and head of middle market, North America, at a multinational insurance group, overseeing operational profitability, market strategy, business development, underwriting, and operations. Roger M. Nulton, who has led Berkley Human Services since 2015, will transition to chairman. CEO W. Robert Berkley, Jr., expressed confidence in Prahl's leadership to drive the business forward, while also commending Nulton's contributions.

W. R. Berkley (NYSE: WRB) will announce its second quarter 2024 earnings after market close on July 22, 2024. The earnings release will be accessible on the company's website. A quarterly conference call with analysts and investors is scheduled for the same day at 5:00 p.m. ET, with a live audio webcast available on the company's site. The replay will be available about two hours post-call.

Founded in 1967, W. R. Berkley is a leading insurance holding company in the U.S., operating globally in property casualty insurance through its Insurance and Reinsurance & Monoline Excess segments.

W. R. Berkley (NYSE: WRB) has announced several key financial decisions. The Board of Directors declared a special cash dividend of 50 cents per share, payable on June 28, 2024, to stockholders of record as of June 24, 2024. Additionally, the regular cash dividend has been increased by 9.1% to 48 cents per share annually, with the first quarterly dividend at the new rate of 12 cents per share also payable on June 28, 2024. Furthermore, a 3-for-2 stock split has been approved, with additional shares to be issued on July 10, 2024, for holders of record on June 24, 2024. These dividends apply to pre-split common stock. As of April 29, 2024, the company had 255,662,277 shares outstanding.

AM Best has revised the outlooks from stable to positive for the Long-Term Issuer Credit Rating (ICR) of W. R. Berkley (WRB) and its subsidiaries. The Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICR of 'aa-' (Superior) have been affirmed for Berkley Insurance Company and its affiliates. This positive outlook reflects Berkley Group's strong operating performance, double-digit returns, and consistent financial strength. The company has reported significant top- and bottom-line growth, with a GAAP return on equity of 23.7% in Q1 2024. Additionally, the group's debt leverage decreased to 20.8% by the end of 2023, indicating robust capitalization and effective enterprise risk management (ERM).

W. R. Berkley (WRB) reported a significant increase in net income by 50.4% to $442 million and operating income by 53.4% to a record $423 million for the first quarter of 2024. The return on equity was 23.7% and operating return on equity was 22.7%. Gross premiums written were $3.36 billion, net premiums written were $2.85 billion, and net income per diluted share was $1.64. Highlights included a 10.7% growth in net premiums written, a 43.2% increase in net investment income to $319.8 million, and a pre-tax underwriting income growth of 31.8% to $309 million. The company continued to show strong results and remains confident in delivering value to shareholders in 2024 and beyond.