WRB · 10-K filed 27 Feb 2026 · year to 31 Dec 2025

W. R. Berkley

32 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Reinsurers (reinsurance recoverables)

depends on · approximately $3,558 millionnamed as a risk

As of December 31, 2025, the amount due from our reinsurers was approximately $3,558 million, including amounts due from state funds and industry pools where it was intended that we would bear no risk.Risk factors (Item 1A)

Also named by CB, CI, CINF, LNC, ORI, PRI, RLI

Partners and platforms

Lloyd's Syndicate 2791

earns from · 8.3%

Lloyd's Syndicate 2791 Participation represents the Company's minority participation in a Lloyd's syndicate that writes a broad range of mainly short-tail classes of business.Business (Item 1)

Lloyd's

depends on

Through Lloyd’s, we are licensed to write business in various countries throughout the world by virtue of Lloyd’s international licenses.Business (Item 1)

Also named by TRV

Other companies

Workers' compensation insurance

earns from · 9.8%named as a risk

Rates for workers' compensation and certain professional liability lines of business continue to decrease.Risk factors (Item 1A)

Also named by PAYX

Mitsui Sumitomo Insurance Co., Ltd.

approximately 14.7% of our common stocknamed as a risk

In addition, Mitsui Sumitomo Insurance Co., Ltd. ("MSI"), which owns approximately 14.7% of our common stock as of February 23, 2026, has entered into voting and other arrangements with members of the Berkley family, such that the Berkley family can, subject to certain exceptions, determine the voting of the Company shares held by MSI, including with respect to anRisk factors (Item 1A)

Merger arbitrage securities

exposed to its price · $1.2 billion, or 3.7% of our investment portfolionamed as a risk

Merger and arbitrage trading securities were $1.2 billion, or 3.7% of our investment portfolio, including cash and cash equivalents at December 31, 2025.Risk factors (Item 1A)

State and municipal securities

exposed to its price · 7.4%named as a risk

Although the historical rates of default on state and municipal securities have been relatively low, our state and municipal fixed maturity securities could be subject to a higher risk of default or impairment due to declining municipal tax bases and revenue, particularly in the event of a recession.Risk factors (Item 1A)

A.M. Best

named as a risk

If our ratings are reduced from their current levels by A.M. Best, Standard & Poor's, Moody's or Fitch, our competitive position in the insurance industry could suffer and it would be more difficult for us to market our products.Risk factors (Item 1A)

Also named by CINF, CNA, KNSL, PGR, PRI, UHAL/B, WTM

Competitors

Berkshire Hathaway

competes withnamed as a risk

These competitors within the reinsurance market include Swiss Re, Munich Re, Berkshire Hathaway and Hannover Re.Risk factors (Item 1A)

Also named by JEF, OXY

Munich Re

competes withnamed as a risk

These competitors within the reinsurance market include Swiss Re, Munich Re, Berkshire Hathaway and Hannover Re.Risk factors (Item 1A)

Also named by FNF

Hannover Re

competes withnamed as a risk

These competitors within the reinsurance market include Swiss Re, Munich Re, Berkshire Hathaway and Hannover Re.Risk factors (Item 1A)

Also named by PRI

Swiss Re

competes withnamed as a risk

These competitors within the reinsurance market include Swiss Re, Munich Re, Berkshire Hathaway and Hannover Re.Risk factors (Item 1A)

Places

United Kingdom

operates innamed as a risk

Our U.K. business could be specifically adversely impacted by trade barriers between the EU and the U.K. following Brexit, which has reduced the level of trade between the two markets and the U.K.’s overall trade exports, thereby negatively affecting the attractiveness of the U.K. market.Risk factors (Item 1A)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

California

concentrated in

Preferred Employers Insurance focuses exclusively on workers' compensation products and services for businesses based in California.Business (Item 1)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Hazards

Natural catastrophes

insures or lends to · $336 million in 2025named as a risk

For example, current accident year catastrophe losses net of reinsurance recoveries were $336 million in 2025, $298 million in 2024 and $195 million in 2023.Risk factors (Item 1A)

Also named by CNA

COVID-19 event cancellation losses

insures or lends to · in excess of $90 millionnamed as a risk

For example, as described in "Item 3. Legal Proceedings," in December 2023, one of our subsidiaries filed a lawsuit against certain reinsurers to recover in excess of $90 million in respect of certain losses under certain event cancellation insurance policies.Risk factors (Item 1A)

Severe storms

insures or lends tonamed as a risk

Catastrophes can cause losses in a variety of our property and casualty lines, and most of our past catastrophe-related claims have resulted from severe storms.Risk factors (Item 1A)

Also named by ES, OC

Mass tort claims (lead paint, PFAS, talc, opioids)

insures or lends tonamed as a risk

We face potential exposure to mass tort claims, including claims related to exposure to potentially harmful products or substances, such as lead paint, polyfluoroalkyl substances, talc and opioids.Risk factors (Item 1A)

Also named by CNA

Commodities and inputs

Real estate

exposed to its price · $1.9 billion, or 5.7% of our investment portfolionamed as a risk

Real estate related investments, including directly owned, investment funds and loans receivable, were $1.9 billion, or 5.7% of our investment portfolio, including cash and cash equivalents, at December 31, 2025.Risk factors (Item 1A)

U.S. Treasury yield curve

exposed to its price · $1,400 million

In order to properly match loss expenses with income earned on investment securities supporting the liabilities, reserves for excess workers’ compensation business are discounted using risk-free discount rates determined by reference to the U.S. Treasury yield curve.Business (Item 1)

Regulators

New York State Department of Financial Services (NYDFS)

subject to

New York’s cybersecurity regulation applies to financial services institutions authorized by the New York State Department of Financial Services (the “NYDFS”), including our insurance subsidiaries licensed in New York.Business (Item 1)

Also named by AFL, AIG, AMP, BPOP, COIN, EFX, FNF, GS and 9 more

Prudential Regulation Authority (PRA)

subject to

Our insurance subsidiaries based in the United Kingdom are regulated by the Prudential Regulation Authority (“PRA”) and/or the Financial Conduct Authority (“FCA”).Business (Item 1)

Also named by AIG, GS, TRV, UNM, WTM

Delaware Department of Insurance

subject to

We are required to submit to the Delaware Department of Insurance, the lead state regulator for our group, an annual “enterprise risk management report,” which identifies the activities and circumstances of any affiliated company that might have a material adverse effect on the financial condition of our group or our U.S. licensed insurers.Business (Item 1)

Financial Market Authority of Liechtenstein (FMA)

subject to

The Liechtenstein financial services regulator, the FMA, is the group supervisor for our European-regulated subsidiaries.Business (Item 1)

Colorado Division of Insurance

subject to

The Colorado Division of Insurance adopted regulations applicable to insurers writing life, private passenger auto or health benefit plans that require the adoption of a governance and risk management framework related to the use of artificial intelligence, machine learning and other technologies that utilize ECDIS, which applies to our insurance subsidiaries licensed in Colorado.Business (Item 1)

Laws and programs

Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA)

subject to · approximately $1,835 millionnamed as a risk

Based on our 2025 earned premiums, our aggregate deductible under TRIPRA during 2026 is approximately $1,835 million.Risk factors (Item 1A)

Also named by CNA, HIG, L

Insurance subsidiary dividend restrictions

subject to · approximately $1.4 billionnamed as a risk

During 2026, the maximum amount of dividends that can be paid without regulatory approval is approximately $1.4 billion.Risk factors (Item 1A)

California Consumer Privacy Act (CCPA)

subject tonamed as a risk

Compliance with the CCPA, as amended by the CPRA and the regulations promulgated thereunder, may increase the cost of providing our products and services in California.Business (Item 1)

Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more

Solvency II

subject tonamed as a risk

In addition, despite the waiver of the Solvency II group capital requirements we received, any changes in the application of Solvency II (or any further amendments to Solvency II itself) may have the effect of increasing the capital requirements of our EU domiciled insurers.Risk factors (Item 1A)

Also named by AIG, CB, CINF, CNA, HIG, L, MET, MKL

GDPR

subject tonamed as a risk

The introduction of the GDPR and the U.K. GDPR, and any resultant changes in EU member states’ or U.K. national laws and regulations, has increased our compliance obligations and has necessitated the review and implementation of policies and processes relating to our collection and use of data, and has required us to change our business practices regarding these matters.Business (Item 1)

Also named by BGC, MCO, WOR

Nonadmitted and Reinsurance Reform Act of 2010 (NRRA)

subject to

The Dodd-Frank Act also incorporated the Nonadmitted and Reinsurance Reform Act of 2010 (“NRRA”), which became effective on July 21, 2011, and establishes national uniform standards on how states may regulate and tax surplus lines insurance.Business (Item 1)

Also named by KNSL

International Association of Insurance Supervisors (IAIS) Insurance Capital Standard

subject to

As an IAIG, we may be subject to international oversight coordinated by the Delaware Department of Insurance.Business (Item 1)