Berkley W. R. Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Berkley W. R. Corp. has submitted its 2023 annual 10-K filing, detailing financial performance and position.</b>

AI Summary

BERKLEY W R CORP (WRB-PG) filed a Annual Report (10-K) with the SEC on February 23, 2024. Berkley W. R. Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Common Stock, Additional Paid-In Capital, and Retained Earnings are detailed for multiple periods. The company's fiscal year ends on December 31st. Berkley W. R. Corp. is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking BERKLEY W R CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Berkley W. R. Corp.'s financial health and operational results for the fiscal year 2023, enabling investors to assess performance trends. The detailed financial data, including historical figures from 2021-2023, allows for year-over-year comparisons and analysis of the company's financial stability and growth trajectory.

Risk Assessment

Risk Level: low — BERKLEY W R CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or urgent disclosures, indicating a routine update of financial information.

Analyst Insight

Review the detailed financial statements and footnotes within the 10-K to understand Berkley W. R. Corp.'s performance drivers and any potential risks or opportunities for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-23 — Filing Date (Filed as of date)
• 144 — Public Document Count (Conformed submission type)
• 2023 — Reporting Fiscal Year (Filing values)

Key Players & Entities

• BERKLEY W R CORP (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240223 (date) — Filed as of date
• DE (jurisdiction) — State of incorporation
• CT (state) — Business address state
• GREENWICH (city) — Business address city
• 2036293000 (phone_number) — Business phone
• 0000011544 (company_id) — Central Index Key

FAQ

Industry Context

Berkley W. R. Corp. operates within the Fire, Marine & Casualty Insurance industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose financial and other information.

What Investors Should Do

1. Analyze the consolidated balance sheets for the fiscal years ended December 31, 2023, and 2022.
2. Review the consolidated statements of operations for the fiscal years ended December 31, 2023, 2022, and 2021.
3. Examine the notes to the financial statements for detailed disclosures on accounting policies and significant transactions.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial extraction of data from the 2023 10-K filing; direct comparison to a prior filing's extracted data is not yet available.

Filing Documents

• wrb-20231231.htm (10-K) — 4809KB
• wrb1231202310-kex1012.htm (EX-10.12) — 132KB
• wrb1231202310-kex21.htm (EX-21) — 124KB
• wrb1231202310-kex23.htm (EX-23) — 2KB
• wrb1231202310-kex311.htm (EX-31.1) — 8KB
• wrb1231202310-kex312.htm (EX-31.2) — 8KB
• wrb1231202310-kex321.htm (EX-32.1) — 6KB
• wrb1231202310-kex97.htm (EX-97) — 37KB
• wrb-20231231_g1.jpg (GRAPHIC) — 93KB
• 0000011544-24-000005.txt (&nbsp;) — 24454KB
• wrb-20231231.xsd (EX-101.SCH) — 116KB
• wrb-20231231_cal.xml (EX-101.CAL) — 182KB
• wrb-20231231_def.xml (EX-101.DEF) — 528KB
• wrb-20231231_lab.xml (EX-101.LAB) — 1252KB
• wrb-20231231_pre.xml (EX-101.PRE) — 862KB
• wrb-20231231_htm.xml (XML) — 5775KB

RISK FACTORS

ITEM 1A. RISK FACTORS 27

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 39

CYBERSECURITY

ITEM 1C. CYBERSECURITY 39

PROPERTIES

ITEM 2. PROPERTIES 40

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 40

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 40 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 41

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 43

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 62

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 63

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 113

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 113

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 115

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 115 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 116

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 116

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 116

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 116

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 116 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 117

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 121 EX-10.12 FORM OF 2023 PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT UNDER THE W. R. BERKLEY CORPORATION 2018 STOCK INCENTIVE PLAN EX-21 LIST OF COMPANIES AND SUBSIDIARIES EX-23 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM EX-31.1 CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a) /15d-14(a) EX-31.2 CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a) /15d-14(a) EX-32.1 CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 EX-97 W. R. BERKLEY CORPORATION CLAWBACK POLICY EX-101 INSTANCE DOCUMENT EX-101 SCHEMA DOCUMENT EX-101 CALCULATION LINKBASE DOCUMENT EX-101 LABELS LINKBASE DOCUMENT 3 EX-101 PRESENTATION LINKBASE DOCUMENT EX-101 DEFINITION LINKBASE DOCUMENT 4 SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some of the forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "potential," "continued," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of those words or other comparable words. Any forward-looking statements contained in this report including statements related to our outlook for the industry and for our performance for the year 2024 and beyond, are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by us will be achieved. They are

BUSINESS

ITEM 1. BUSINESS 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: Insurance - Our Insurance businesses underwrite predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom. Reinsurance & Monoline Excess - Our Reinsurance businesses provide facultative and treaty reinsurance in the United States, as well as in the Asia Pacific region, Australia, Continental Europe, South Africa and the United Kingdom. Monoline Excess businesses retain risk solely on an excess basis. Our two reporting segments are each composed of individual businesses that serve a market defined by geography, products, services or industry served. Each of our businesses is positioned close to its customer base and participates in a niche market requiring specialized knowledge. This strategy of decentralized operations allows each of our businesses to identify and respond quickly and effectively to changing market conditions and specific customer needs, while capitalizing on the benefits of centralized capital, investment and reinsurance management, and corporate actuarial, financial, enterprise risk management and legal staff support. Our business approach is focused on meeting the needs of our customers, maintaining a high quality balance sheet, and allocating capital to our best opportunities. New businesses are started when opportunities are identified and when the right talent and expertise are found to lead a business. Of our 60 businesses, 53 have been organized and developed internally and seven have been added through acquisition. Net premiums written, as reported based on United States general

View Full Filing

View this 10-K filing on SEC EDGAR