W. R. Berkley Corporation

“W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business”

“Our Insurance businesses underwrite predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States”

“Our Reinsurance businesses provide facultative and treaty reinsurance in the United States, the Asia Pacific region, Australia, Continental Europe, South Africa and the United Kingdom”

“Key clients are small-to-midsized businesses.”

“Each business delivers its products through one or more distribution channels, including retail and wholesale agents, brokers, and managing general agents (MGAs), depending on the customer and the particular risks insured.”

“These regionally focused businesses provide a broad array of commercial insurance products to customers primarily in 45 states and the District of Columbia”

“Acadia Insurance is a Northeast regional property casualty underwriter offering a broad portfolio of products exclusively through local independent agents in Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island and Vermont.”

“Lines of business underwritten by our excess and surplus lines businesses include premises operations, auto, property, products liability, general liability and professional liability lines. Products are generally distributed through wholesale agents and brokers.”

“In addition to providing insurance products, certain businesses also provide a wide variety of fee-based services, including claims, administrative and consulting services.”

“Insurance$11,183,713 $10,549,550 $9,560,533 Reinsurance & Monoline Excess 1,527,614 1,422,546 1,393,934 Total$12,711,327 $11,972,096 $10,954,467”

“we have extensive worldwide capabilities, with branches or offices in 52 cities outside the United States, in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America, and the United Kingdom, and through Lloyds’ global licensing”

“As of January 15, 2026, we employed 8,804 individuals.”

“Competition for reinsurance business, which is especially strong, comes from domestic and foreign reinsurers, which produce their business either on a direct basis or through the broker market. These competitors include Swiss Re, Munich Re, Berkshire Hathaway, Hannover Re and others.”

“We compete, and will continue to compete, with major U.S. and non-U.S. insurers and reinsurers, other regional companies, as well as mutual companies, specialty insurance companies, underwriting agencies, diversified financial services companies and insurtech companies.”

“The demand for insurance is influenced primarily by general economic conditions, including the impact of tariffs, while the supply of insurance is often directly related to available capacity based on the perceived profitability of the business.”

“Thirty-three of our insurance company subsidiaries are rated by A.M. Best Company, Inc. ("A.M. Best") and have financial strength ratings of A+ (Superior) (the second highest rating out of 15 possible ratings).”

“Of our 60 businesses, 53 have been organized and developed internally and seven have been added through acquisition.”

“the Company has formed numerous businesses that are focused on important parts of the economy in the U.S., including healthcare, cyber security, energy and agriculture, and on growing international markets, including the Asia-Pacific region, South America and Mexico”

“Senior notes and other debt1,829,198 1,440,055 1,831,158 1,425,852 Subordinated debentures1,010,527 760,400 1,009,808 805,864”

“The Company's investments in investment funds and its other alternative investments have experienced, and the Company expects to continue to experience, greater fluctuations in investment income.”

“At December 31, 2025, the Company had commitments to invest up to $274 million and $31 million in certain investment funds and real estate construction projects, respectively.”

“We have received notice from Delaware, our lead state insurance regulator, that we are considered an IAIG.”

“Our gross reserves for losses and loss expenses were approximately $22.2 billion as of December 31, 2025.”

“Recently, insurance rate increases have generally moderated for many lines of business, particularly for property lines, which in some instances are experiencing rate decreases. Rates for workers' compensation and certain professional liability lines of business continue to decrease. Loss costs continue to increase, principally due to continued social inflation.”

“one of the Company’s subsidiaries filed a lawsuit against certain reinsurers to recover in excess of $90 million in respect of certain losses paid to its policyholders under certain event cancellation and related insurance policies”

“We have in the past experienced cybersecurity incidents affecting our information technology systems as well as the information technology systems of our vendors and other third parties, but, to our knowledge, we have not experienced any material cybersecurity breaches.”

“If conditions in the financial markets and the general economy are unfavorable, which may result from disruptions, uncertainty or volatility in the capital and credit markets, we may be unable to access debt or equity capital on acceptable terms if needed”

“A significant downgrade could result in a substantial loss of business as policyholders move to other companies with higher financial strength ratings.”

“Our increasing investment in and use of artificial intelligence technologies or their use by third-parties on which we rely could expose us to technological, security, legal, and other risks.”

“Well-capitalized new entrants to the property and casualty insurance and reinsurance industries, or existing competitors that receive substantial infusions of capital or access to third-party capital, provide increasing competition, which may adversely impact our business and profitability.”