Analyst Consensus ?
ConsensusHold30 ratings
Bullish723.3%
Neutral1756.7%
Bearish620.0%
W. R. Berkley Corporation · WRB · FY2026 Q2 · Calendar Q3 2026
WRB Beats on Record Premiums and Investment Income as Combined Ratios Stay Below 90%
W. R. Berkley delivered a strong Q2 with operating EPS up 21% year-over-year, beating consensus on both earnings ($1.27 vs $1.08 estimated) and revenue ($3.72B vs $3.28B estimated). Underwriting discipline held combined ratios below 90% despite a softer property market, while record premium and investment income underscored the company's dual-engine growth model. Capital returns of $334 million and $800 million in operating cash flow reflect robust financial strength. Management remains confident, pointing to opportunities in casualty, short-tail, and private client lines while monitoring property and reinsurance headwinds. AI-driven underwriting tools are delivering 20%-plus efficiency gains, and investment portfolio duration is being extended modestly to capture higher yields. Despite the broad beat, the market reaction was muted with an abnormal move of -1.6%, possibly reflecting…
Reported After market closeNYSEFinancial Services
$28.16B market cap
100quality score
Company context
Snapshot as of publicationW. R. Berkley Corporation functions as an insurance holding company, primarily underwriting commercial policies across the United States and globally. Its extensive operations are divided into two principal divisions: Insurance, and Reinsurance & Monoline Excess. The Insurance segment delivers a wide spectrum of commercial insurance solutions. This includes foundational coverages such as general liability, property, commercial auto, and professional liability, alongside specialized offerings like workers' compensation, environmental policies for diverse businesses, directors and officers (D&O) liability, cyber risk protection, and niche policies for fine arts and jewelry.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.27
Consensus $1
EPS surprise
+17.6%
Reported versus consensus
Reported revenue
$3.72B
Consensus $3.28B
Revenue surprise
+13.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$73.28Current
$53.36Low
$69.3Average
$89High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Underweight | Underweight | Maintain | Jul 21, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 21, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 21, 2026 |
| B of A Securities | Underperform | Neutral | Downgrade | Jul 16, 2026 |
| Evercore ISI Group | Underperform | Underperform | Maintain | Jul 10, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jul 9, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 8, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 6, 2026 |
| Barclays | Underweight | Underweight | Maintain | Jun 12, 2026 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jun 8, 2026 |
| UBS | Neutral | Neutral | Maintain | Apr 27, 2026 |
| Argus Research | Hold | Buy | Downgrade | Apr 27, 2026 |
| BMO Capital | Market Perform | Underperform | Upgrade | Apr 23, 2026 |
| Jefferies | Hold | Hold | Maintain | Jan 27, 2026 |
| TD Cowen | Sell | Hold | Downgrade | Jan 20, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jan 28, 2025 |
| Janney Montgomery Scott | Buy | Buy | Maintain | Nov 11, 2022 |
| Boenning & Scattergood | Outperform | Neutral | Upgrade | Sep 20, 2021 |
| Deutsche Bank | Hold | Hold | Maintain | Apr 21, 2021 |
| Credit Suisse | Outperform | Outperform | Maintain | Jan 11, 2021 |
| CFRA | Hold | Hold | Maintain | Apr 24, 2020 |
| Buckingham Research | Buy | Neutral | Upgrade | Jan 22, 2020 |
| Buckingham | Buy | Neutral | Upgrade | Jan 22, 2020 |
| Bank of America | Underperform | Neutral | Downgrade | Jun 14, 2018 |
| Sterne Agee CRT | Neutral | Neutral | Maintain | Sep 21, 2015 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 27, 2014 |
| Compass Point | Neutral | Neutral | Maintain | Oct 27, 2014 |
| Macquarie | Neutral | Neutral | Maintain | Oct 16, 2013 |
| Citigroup | Neutral | Neutral | Maintain | Oct 12, 2012 |
| BGB Securities | Hold | Buy | Downgrade | Apr 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $73.28. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $77 | $75.61 | +5.1% | Jul 27, 2026 |
| Mizuho Securities | Analyst unavailable | $74 | $72.71 | +1.0% | Jul 21, 2026 |
| Oppenheimer | Analyst unavailable | $70 | $72.71 | -4.5% | Jul 21, 2026 |
| Atlantic Equities | Analyst unavailable | $74 | $70.68 | +1.0% | Jul 15, 2026 |
| Evercore ISI | Analyst unavailable | $68 | $72.02 | -7.2% | Jul 10, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $74 | $71.28 | +1.0% | Jul 9, 2026 |
| Mizuho Securities | Yaron Kinar | $72 | $71.28 | -1.7% | Jul 9, 2026 |
| Barclays | Alex Scott | $62 | $67.54 | -15.4% | Jun 12, 2026 |
| Wells Fargo | Analyst unavailable | $58 | $68.57 | -20.9% | Jun 8, 2026 |
| UBS | Analyst unavailable | $68 | $66.64 | -7.2% | Apr 27, 2026 |
| BMO Capital | Analyst unavailable | $68 | $67.5 | -7.2% | Apr 23, 2026 |
| Cantor Fitzgerald | Ryan Tunis | $71 | $67.21 | -3.1% | Apr 9, 2026 |
| Cantor Fitzgerald | Ryan Tunis | $75 | $67.87 | +2.3% | Feb 2, 2026 |
| UBS | Analyst unavailable | $71 | $68.58 | -3.1% | Feb 2, 2026 |
| Morgan Stanley | Analyst unavailable | $73 | $67.5 | -0.4% | Jan 28, 2026 |
| Truist Financial | Analyst unavailable | $80 | $67.09 | +9.2% | Jan 27, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $76 | $69.6 | +3.7% | Jan 14, 2026 |
| Mizuho Securities | Yaron Kinar | $69 | $68 | -5.8% | Jan 14, 2026 |
| Wells Fargo | Analyst unavailable | $68 | $68.71 | -7.2% | Jan 13, 2026 |
| Barclays | Alex Scott | $64 | $69.29 | -12.7% | Jan 8, 2026 |
| Goldman Sachs | Analyst unavailable | $73 | $68.49 | -0.4% | Jan 7, 2026 |
| Evercore ISI | Analyst unavailable | $69 | $69.99 | -5.8% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $75 | $69.1 | +2.3% | Dec 16, 2025 |
| Mizuho Securities | Analyst unavailable | $67 | $69.1 | -8.6% | Dec 15, 2025 |
| Morgan Stanley | Analyst unavailable | $80 | $77.51 | +9.2% | Nov 17, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $78 | $75.1 | +6.4% | Oct 27, 2025 |
| BMO Capital | Analyst unavailable | $64 | $75 | -12.7% | Oct 22, 2025 |
| Truist Financial | Analyst unavailable | $84 | $73.48 | +14.6% | Oct 21, 2025 |
| Wells Fargo | Elyse Greenspan | $66 | $73.48 | -9.9% | Oct 21, 2025 |
| Jefferies | Andrew Andersen | $75 | $73.48 | +2.3% | Oct 21, 2025 |
| UBS | Analyst unavailable | $87 | $77.77 | +18.7% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $73 | $77.77 | -0.4% | Oct 8, 2025 |
| Cantor Fitzgerald | Ryan Tunis | $82 | $70.01 | +11.9% | Aug 12, 2025 |
| Wells Fargo | Elyse Greenspan | $70 | $70.85 | -4.5% | Apr 22, 2025 |
| Goldman Sachs | Robert Cox | $69 | $62.27 | -5.8% | Nov 25, 2024 |
| CFRA | Catherine Seifert | $67 | $59.13 | -8.6% | Oct 23, 2024 |
| UBS | Brian Meredith | $69 | $58.53 | -5.8% | Oct 22, 2024 |
| Bank of America Securities | Joshua Shanker | $76 | $61.03 | +3.7% | Oct 22, 2024 |
| RBC Capital | Scott Heleniak | $63 | $61.03 | -14.0% | Oct 22, 2024 |
| Goldman Sachs | Alex Scott | $61 | $61.03 | -16.8% | Oct 22, 2024 |
| Evercore ISI | David Motemaden | $60 | $61.03 | -18.1% | Oct 22, 2024 |
| Truist Financial | Mark Hughes | $68 | $59.28 | -7.2% | Oct 17, 2024 |
| Jefferies | Yaron Kinar | $57 | $57.47 | -22.2% | Oct 9, 2024 |
| Barclays | Alex Scott | $56 | $60.58 | -23.6% | Sep 4, 2024 |
| Wells Fargo | Elyse Greenspan | $59 | $51.82 | -19.5% | Jul 23, 2024 |
| Goldman Sachs | Alex Scott | $83 | $78.17 | +13.3% | Jun 13, 2024 |
| BMO Capital | Michael Zaremski | $89 | $78.04 | +21.5% | Apr 25, 2024 |
| RBC Capital | Scott Heleniak | $88 | $86.61 | +20.1% | Apr 5, 2024 |
| Morgan Stanley | Analyst unavailable | $68 | $67.7 | -7.2% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $67 | $66.69 | -8.6% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $44.67 | $71.05 | -39.0% | Apr 21, 2022 |
| UBS | Brian Meredith | $40.93 | $21.72 | -44.1% | Jul 26, 2021 |
| Deutsche Bank | Phil Stefano | $53.36 | $34.88 | -27.2% | Apr 21, 2021 |
Track every rating change on WRB the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-0.8%
Event window
SPY move
+0.8%
Same window
Abnormal move
-1.6%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
+1.0%
Up to 20 sessions
WRBSPY benchmark
Follow WRB with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Versus Q1 2026, combined ratios improved from 90.7% to below 90%. Operating EPS rose 21% year-over-year. The narrative shifted from competitive pressure concerns toward active growth in margin-rich lines, with management highlighting new distribution partnerships and AI-driven efficiency. Investment portfolio duration increased to 3.2 years from prior levels, still below the average reserve life of 3.9 years. The Q2 call introduced concerns about MGU model governance and social inflation that were not prominent in Q1. Capital returns continued at $334 million, building on the strong leverage position of 22.6% reported in Q1.
Guidance delta
Guidance sentiment was maintained. Management expects modest rate increases (3.8% ex-comp) and steady growth with no change to the overall outlook. The company continues its disciplined capital return program and expects AI and digital tools to further improve underwriting and claims efficiency. New distribution partnerships are being pursued to access additional risk classes.
Key takeaways
- Q2 EPS of $1.27 beat estimates by 17.6%; revenue of $3.72B beat by 13.2%.
- Combined ratios improved below 90% despite a softer property market, down from 90.7% in Q1.
- Capital returns totaled $334M with $800M in operating cash flow, reinforcing balance-sheet strength.
- AI and digital underwriting tools are delivering 20%-plus efficiency gains with further rollout planned.
- Investment portfolio duration extended to 3.2 years, still below the 3.9-year average reserve life, with new-money rates near 5%.
- Management sees growth opportunities in casualty, short-tail, and private client personal lines while monitoring property and reinsurance headwinds.
Management priorities
- Scale AI and digital tools for underwriting workbenches and straight-through claims processing
- Gradually increase investment portfolio duration to capture higher yields
- Pursue new distribution partnerships to access additional risk classes
- Continue disciplined capital return program
- Monitor and adjust pricing at granular product-subclass level
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-07-21T06:03:00.774334+00:00
- FN2 earnings calendar · 2026-07-30T01:23:13.872335+00:00
- Polygon adjusted daily market bars · 2026-07-30T14:51:10.868161+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T14:51:10.865471+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.