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WR Berkley Corp WRB

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Morningstar’s Analysis

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A Hard Market Continues to Drive Strong Results for W.R. Berkley in the Third Quarter

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

W.R. Berkley reported a strong third quarter, with an annualized return on equity of 17% supporting our narrow moat rating for the company. While a harder pricing market is lifting results for most commercial property and casualty operators, we believe relatively disciplined franchises such as W.R. Berkley will benefit disproportionally. Additionally, management’s relative aversion to catastrophe loss exposure is paying dividends. The company is tracking a bit ahead of our full-year expectations, but the difference is not enough to materially affect our $68 fair value estimate, which we will maintain.

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Company Profile

Business Description

W.R. Berkley is an insurance holding company with a host of subsidiaries that primarily write commercial casualty insurance. The firm specializes in niche products that include various excess and surplus lines, workers' compensation insurance, self-insurance consulting, reinsurance, and regional commercial lines for small and midsize businesses.

475 Steamboat Road
Greenwich, CT, 06830
T +1 203 629-3000
Sector Financial Services
Industry Insurance - Property & Casualty
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 7,495