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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the Transition Period from                      to                     .
Commission File Number
1-15202

W. R. BERKLEY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware22-1867895
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
  
475 Steamboat RoadGreenwichConnecticut06830
(Address of principal executive offices)(Zip Code)
(203)629-3000
(Registrant’s telephone number, including area code)
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title Trading SymbolName
 
Common Stock, par value $.20 per shareWRBNew York Stock Exchange
5.700% Subordinated Debentures due 2058WRB-PENew York Stock Exchange
5.100% Subordinated Debentures due 2059WRB-PFNew York Stock Exchange
4.250% Subordinated Debentures due 2060WRB-PGNew York Stock Exchange
4.125% Subordinated Debentures due 2061WRB-PHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No
1


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No
Number of shares of common stock, $.20 par value, outstanding as of October 31, 2022: 265,476,121
2


TABLE OF CONTENTS
3


Part I — FINANCIAL INFORMATION
Item 1.     Financial Statements
W. R. BERKLEY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
September 30,
2022
December 31,
2021
(Unaudited)(Audited)
Assets  
Investments:  
Fixed maturity securities (amortized cost of $18,467,661 and $16,471,304; allowance for expected credit losses of $34,716 and $22,625 at September 30, 2022 and December 31, 2021, respectively)
$17,230,936 $16,602,673 
Investment funds1,662,029 1,480,612 
Real estate1,320,550 1,852,508 
Equity securities1,173,589 941,243 
Arbitrage trading account1,165,016 1,179,606 
Loans receivable (net of allowance for expected credit losses of $1,992 and $1,718 at September 30, 2022 and December 31, 2021, respectively)
112,800 115,172 
Total investments22,664,920 22,171,814 
Cash and cash equivalents1,130,750 1,568,843 
Premiums and fees receivable (net of allowance for expected credit losses of $30,578 and $25,218 at September 30, 2022 and December 31, 2021, respectively)
2,752,678 2,522,972 
Due from reinsurers (net of allowance for expected credit losses of $7,999 and $7,713 at September 30, 2022 and December 31, 2021, respectively)
3,160,843 2,923,026 
Deferred policy acquisition costs766,923 676,145 
Prepaid reinsurance premiums701,044 676,915 
Property, furniture and equipment414,228 419,883 
Goodwill169,652 169,652 
Accrued investment income150,801 122,938 
Current and deferred federal and foreign income taxes407,595 42,457 
Other assets757,385 753,231 
Total assets$33,076,819 $32,047,876 
Liabilities and Equity  
Liabilities:  
Reserves for losses and loss expenses$16,540,123 $15,390,888 
Unearned premiums5,374,985 4,847,160 
Due to reinsurers579,262 514,980 
Trading account securities sold but not yet purchased6 1,169 
Trading account payable to brokers and clearing organizations820 53,636 
Other liabilities1,369,169 1,305,245 
Senior notes and other debt1,834,287 2,259,416 
Subordinated debentures1,008,191 1,007,652 
Total liabilities26,706,843 25,380,146 
Equity:  
Preferred stock, par value $0.10 per share:
  
Authorized 5,000,000 shares; issued and outstanding - none
  
Common stock, par value $0.20 per share:
  
Authorized 1,250,000,000 shares and 750,000,000 shares, respectively; issued and outstanding, net of treasury shares, 265,801,717 and 265,170,882 shares, respectively
105,803 105,803 
Additional paid-in capital984,803 981,104 
Retained earnings9,805,237 9,015,135 
Accumulated other comprehensive loss(1,385,810)(281,955)
Treasury stock, at cost, 263,212,911 and 263,843,868 shares, respectively
(3,163,967)(3,167,076)
Total stockholders’ equity6,346,066 6,653,011 
Noncontrolling interests23,910 14,719 
Total equity6,369,976 6,667,730 
Total liabilities and equity$33,076,819 $32,047,876 
See accompanying notes to interim consolidated financial statements.
1


W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2022202120222021
REVENUES:  
Net premiums written$2,577,274 $2,325,138 $7,576,163 $6,587,357 
Change in net unearned premiums(135,313)(244,120)(527,958)(684,759)
Net premiums earned2,441,961 2,081,018 7,048,205 5,902,598 
Net investment income202,816 179,851 547,902 506,615 
Net investment (losses) gains:
Net realized and unrealized (losses) gains on investments(66,282)17,187 139,664 89,407 
Change in allowance for expected credit losses on investments(1,128)2,314 (12,365)(11,003)
Net investment (losses) gains (67,410)19,501 127,299 78,404 
Revenues from non-insurance businesses119,013 120,374 345,210 316,927 
Insurance service fees27,940 21,467 82,284 69,531 
Other income80 2,072 1,797 3,163 
Total revenues2,724,400 2,424,283 8,152,697 6,877,238 
OPERATING COSTS AND EXPENSES:  
Losses and loss expenses1,564,578 1,298,392 4,339,646 3,623,630 
Other operating costs and expenses725,537 643,045 2,139,256 1,907,020 
Expenses from non-insurance businesses116,240 115,465 334,062 308,453 
Interest expense31,780 35,100 98,473 109,846 
Total operating costs and expenses2,438,135 2,092,002 6,911,437 5,948,949 
Income before income taxes286,265 332,281 1,241,260 928,289 
Income tax expense(55,791)(64,963)(238,290)(191,577)
Net income before noncontrolling interests230,474 267,318 1,002,970 736,712 
Noncontrolling interests(1,595)(6,021)(4,131)(8,652)
Net income to common stockholders$228,879 $261,297 $998,839 $728,060 
NET INCOME PER SHARE:  
Basic$0.83 $0.94 $3.61 $2.62 
Diluted$0.82 $0.93 $3.57 $2.59 

See accompanying notes to interim consolidated financial statements.






2


W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
(In thousands)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2022202120222021
Net income before noncontrolling interests$230,474 $267,318 $1,002,970 $736,712 
Other comprehensive (loss) income:  
Change in unrealized currency translation adjustments(40,516)(32,822)(27,637)(26,235)
Change in unrealized investment losses, net of taxes(315,664)(35,596)(1,076,217)(102,454)
Other comprehensive loss(356,180)(68,418)(1,103,854)(128,689)
Comprehensive (loss) income(125,706)198,900 (100,884)608,023 
Noncontrolling interests(1,595)(6,021)(4,130)(8,651)
Comprehensive (loss) income to common stockholders$(127,301)$192,879 $(105,014)$599,372 

See accompanying notes to interim consolidated financial statements.
3


W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
(In thousands, except per share data)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2022202120222021
COMMON STOCK:  
Beginning and end of period$105,803 $105,803 $105,803 $105,803 
ADDITIONAL PAID-IN CAPITAL:  
Beginning of period$1,001,093 $999,898 $981,104 $977,215 
Restricted stock units issued(28,381)(28,741)(30,751)(28,669)
Restricted stock units expensed12,091 11,875 34,450 34,486 
End of period$984,803 $983,032 $984,803 $983,032 
RETAINED EARNINGS:  
Beginning of period$9,602,948 $8,682,088 $9,015,135 $8,348,381 
Net income to common stockholders228,879 261,297 998,839 728,060 
Dividends ($0.10, $0.09, $0.79 and $0.59 per share, respectively)
(26,590)(23,051)(208,737)(156,107)
End of period$9,805,237 $8,920,334 $9,805,237 $8,920,334 
ACCUMULATED OTHER COMPREHENSIVE LOSS:  
Unrealized investment (loss) gains:  
Beginning of period$(669,654)$222,855 $90,900 $289,714 
Change in unrealized losses on securities without an allowance for expected credit losses(311,659)(35,707)(1,055,628)(112,852)
Change in unrealized (losses) gains on securities with an allowance for expected credit losses(4,005)111 (20,590)10,397 
End of period(985,318)187,259 (985,318)187,259 
Currency translation adjustments:  
Beginning of period(359,976)(345,299)(372,855)(351,886)
Net change in period(40,516)(32,822)(27,637)(26,235)
End of period(400,492)(378,121)(400,492)(378,121)
Total accumulated other comprehensive loss$(1,385,810)$(190,862)$(1,385,810)$(190,862)
TREASURY STOCK:  
Beginning of period$(3,165,729)$(3,087,069)$(3,167,076)$(3,058,425)
Stock exercised/vested8,332 9,946 9,679 10,985 
Stock repurchased(6,570)(92,743)(6,570)(122,426)
End of period$(3,163,967)$(3,169,866)$(3,163,967)$(3,169,866)
NONCONTROLLING INTERESTS:  
Beginning of period$22,388 $9,678 $14,719 $14,995 
(Contributions) distributions(73)(429)5,061 (8,376)
Net income1,595 6,021 4,131 8,652 
Other comprehensive loss, net of tax  (1)(1)
End of period$23,910 $15,270 $23,910 $15,270 
See accompanying notes to interim consolidated financial statements.
4


W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
For the Nine Months
Ended September 30,
 20222021
CASH FROM OPERATING ACTIVITIES:  
Net income to common stockholders$998,839 $728,060 
Adjustments to reconcile net income to net cash from operating activities:  
Net investment gains(127,299)(78,404)
Depreciation and amortization46,037 101,330 
Noncontrolling interests4,131 8,652 
Investment funds(121,919)(169,538)
Stock incentive plans36,247 36,486 
Change in:
Arbitrage trading account(39,389)(224,613)
Premiums and fees receivable(247,782)(365,092)
Reinsurance accounts(187,453)(255,126)
Deferred policy acquisition costs(92,724)(108,131)
Income taxes(111,231)(81,574)
Reserves for losses and loss expenses1,225,679 1,164,594 
Unearned premiums551,894 707,658 
Other(161,727)60,092 
Net cash from operating activities1,773,303 1,524,394 
CASH USED IN INVESTING ACTIVITIES:  
Proceeds from sale of fixed maturity securities1,638,049 1,631,849 
Proceeds from sale of equity securities20,057 100,366 
(Contributions to) distributions from investment funds(72,925)124,892 
Proceeds from maturities and prepayments of fixed maturity securities3,916,331 4,672,562 
Purchase of fixed maturity securities(7,694,663)(8,442,260)
Purchase of equity securities(340,158)(340,424)
Real estate (purchased) sold (18,670)182,998 
Change in loans receivable2,066 (27,764)
Net purchases of property, furniture and equipment(35,270)(53,558)
Change in balances due to security brokers177,457 110,752 
Cash received in connection with business disposition906,789  
Payment for business purchased net of cash acquired(49,572) 
Other94 14 
Net cash used in investing activities(1,550,415)(2,040,573)
CASH (USED IN) FROM FINANCING ACTIVITIES:  
Repayment of senior notes and other debt(426,503)(503,914)
Net proceeds from issuance of debt2,181 1,032,404 
Cash dividends to common stockholders(182,147)(156,107)
Purchase of common treasury shares(6,570)(122,426)
Other, net(21,808)(27,941)
Net cash (used in) from financing activities(634,847)222,016 
Net impact on cash due to change in foreign exchange rates(26,134)(9,174)
Net change in cash and cash equivalents(438,093)(303,337)
Cash and cash equivalents at beginning of period1,568,843 2,372,366 
Cash and cash equivalents at end of period$1,130,750 $2,069,029 
See accompanying notes to interim consolidated financial statements.
5



W. R. Berkley Corporation and Subsidiaries
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1) General
    The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”), have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Reclassifications have been made in the 2021 financial statements as originally reported to conform to the presentation of the 2022 financial statements. Shares outstanding and per share amounts have been adjusted to reflect the 3-for-2 common stock split effected on March 23, 2022.
The income tax provision has been computed based on the Company’s estimated annual effective tax rate. The effective income tax rate differs from the federal income tax rate of 21% primarily due to a net reduction to the Company’s valuation allowance against foreign tax credits and foreign net operating losses and tax benefits related to equity-based compensation, which was partially offset by state income taxes.


(2) Per Share Data
    The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 11,592,699 and 11,651,811 common shares held in a grantor trust as of September 30, 2022 and 2021, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect.
    The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows:
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
(In thousands)2022202120222021
Basic277,192 277,547 276,928 277,691 
Diluted279,642 280,113 279,644 280,590 


(3) Recent Accounting Pronouncements and Accounting Policies
Recently adopted accounting pronouncements:
    All accounting and reporting standards that became effective in 2022 were either not applicable to the Company or their adoption did not have a material impact on the Company.
Accounting and reporting standards that are not yet effective:
    All recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company.
6


(4) Acquisition

In March 2022, the Company acquired an 80.0% ownership interest for $51.1 million in a company engaged in residential and commercial textiles. The fair value of the assets acquired and liabilities assumed have been estimated based on a preliminary valuation. The fair values of the assets and liabilities will be adjusted, as needed, following completion of the final valuation.

    The following table summarizes the initial estimated fair value of net assets acquired and liabilities assumed for the business combination completed in 2022:
(In thousands)2022
Cash and cash equivalents$1,564 
Real estate, furniture and equipment2,527 
Intangible assets48,787 
Other assets11,275 
Total assets acquired64,153 
Other liabilities assumed(5,417)
Noncontrolling interest(7,600)
  Net assets acquired$51,136 



7


(5) Consolidated Statements of Comprehensive (Loss) Income

    The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"):
(In thousands)Unrealized Investment (Losses) GainsCurrency Translation AdjustmentsAccumulated Other Comprehensive
(Loss) Income
As of and for the nine months ended September 30, 2022
Changes in AOCI
Beginning of period$90,900 $(372,855)$(281,955)
Other comprehensive loss before reclassifications(1,134,657)(27,637)(1,162,294)
Amounts reclassified from AOCI58,440  58,440 
Other comprehensive loss(1,076,217)(27,637)(1,103,854)
Unrealized investment loss related to noncontrolling interest(1) (1)
End of period$(985,318)$(400,492)$(1,385,810)
Amounts reclassified from AOCI
Pre-tax$73,975 (1)$ $73,975 
Tax effect (15,535)(2) (15,535)
After-tax amounts reclassified$58,440 $ $58,440 
Other comprehensive loss
Pre-tax$(1,365,064)$(27,637)$(1,392,701)
Tax effect288,847  288,847 
Other comprehensive loss$(1,076,217)$(27,637)$(1,103,854)
As of and for the three months ended September 30, 2022
Changes in AOCI
Beginning of period$(669,654)$(359,976)$(1,029,630)
Other comprehensive loss before reclassifications(335,034)(40,516)(375,550)
Amounts reclassified from AOCI19,370  19,370 
Other comprehensive loss(315,664)(40,516)(356,180)
Unrealized investment loss related to noncontrolling interest   
Ending balance$(985,318)$(400,492)$(1,385,810)
Amounts reclassified from AOCI
Pre-tax$24,519 (1)$ $24,519 
Tax effect (5,149)(2) (5,149)
After-tax amounts reclassified$19,370 $ $19,370 
Other comprehensive loss
Pre-tax$(394,832)$(40,516)$(435,348)
Tax effect79,168  79,168 
Other comprehensive loss$(315,664)$(40,516)$(356,180)
8


As of and for the nine months ended September 30, 2021
Changes in AOCI
Beginning of period$289,714 $(351,886)$(62,172)
Other comprehensive loss before reclassifications(120,695)(26,235)(146,930)
Amounts reclassified from AOCI18,241  18,241 
Other comprehensive loss(102,454)(26,235)(128,689)
Unrealized investment loss related to noncontrolling interest(1) (1)
End of period$187,259 $(378,121)$(190,862)
Amounts reclassified from AOCI
Pre-tax$23,091 (1)$ $23,091 
Tax effect (4,850)(2) (4,850)
After-tax amounts reclassified$18,241 $ $18,241 
Other comprehensive loss
Pre-tax$(130,201)$(26,235)$(156,436)
Tax effect27,747  27,747 
Other comprehensive loss$(102,454)$(26,235)$(128,689)
As of and for the three months ended September 30, 2021
Changes in AOCI
Beginning of period$222,855 $(345,299)$(122,444)
Other comprehensive loss before reclassifications(36,249)(32,822)(69,071)
Amounts reclassified from AOCI653  653 
Other comprehensive loss(35,596)(32,822)(68,418)
Unrealized investment loss related to noncontrolling interest   
Ending balance$187,259 $(378,121)$(190,862)
Amounts reclassified from AOCI
Pre-tax$827 (1)$ $827 
Tax effect (174)(2) (174)
After-tax amounts reclassified$653 $ $653 
Other comprehensive loss
Pre-tax$(45,270)$(32,822)$(78,092)
Tax effect9,674  9,674 
Other comprehensive loss$(35,596)$(32,822)$(68,418)
____________
(1) Net investment (losses) gains in the consolidated statements of income.
(2) Income tax expense in the consolidated statements of income.


(6) Statements of Cash Flows
    Interest payments were $115,756,000 and $