10-Q 1 wrb-20210930.htm 10-Q wrb-20210930
000001154412/312021Q3FALSEP3Y00000115442021-01-012021-09-300000011544wrb:SubordinatedDebenturesDue20585.70Member2021-01-012021-09-300000011544wrb:SubordinatedDebenturesDue2059510Member2021-01-012021-09-300000011544wrb:SubordinatedDebenturesDue2060425Member2021-01-012021-09-300000011544wrb:SubordinatedDebenturesDue20614125Member2021-01-012021-09-30xbrli:shares00000115442021-10-28iso4217:USD00000115442021-09-3000000115442020-12-31iso4217:USDxbrli:shares00000115442021-07-012021-09-3000000115442020-07-012020-09-3000000115442020-01-012020-09-300000011544us-gaap:CommonStockMember2021-06-300000011544us-gaap:CommonStockMember2020-06-300000011544us-gaap:CommonStockMember2020-12-310000011544us-gaap:CommonStockMember2019-12-310000011544us-gaap:AdditionalPaidInCapitalMember2021-06-300000011544us-gaap:AdditionalPaidInCapitalMember2020-06-300000011544us-gaap:AdditionalPaidInCapitalMember2020-12-310000011544us-gaap:AdditionalPaidInCapitalMember2019-12-310000011544us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000011544us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000011544us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300000011544us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300000011544us-gaap:AdditionalPaidInCapitalMember2021-09-300000011544us-gaap:AdditionalPaidInCapitalMember2020-09-300000011544us-gaap:RetainedEarningsMember2021-06-300000011544us-gaap:RetainedEarningsMember2020-06-300000011544us-gaap:RetainedEarningsMember2020-12-310000011544us-gaap:RetainedEarningsMember2019-12-310000011544us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-06-300000011544us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-06-300000011544us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000011544us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000011544us-gaap:RetainedEarningsMember2021-07-012021-09-300000011544us-gaap:RetainedEarningsMember2020-07-012020-09-300000011544us-gaap:RetainedEarningsMember2021-01-012021-09-300000011544us-gaap:RetainedEarningsMember2020-01-012020-09-300000011544us-gaap:RetainedEarningsMember2021-09-300000011544us-gaap:RetainedEarningsMember2020-09-300000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-06-300000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-06-300000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-310000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-310000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-06-300000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-06-300000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-07-012021-09-300000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-07-012020-09-300000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-09-300000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-09-300000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-09-300000011544us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-09-300000011544us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300000011544us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300000011544us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000011544us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000011544us-gaap:AccumulatedTranslationAdjustmentMember2021-07-012021-09-300000011544us-gaap:AccumulatedTranslationAdjustmentMember2020-07-012020-09-300000011544us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-09-300000011544us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-09-300000011544us-gaap:AccumulatedTranslationAdjustmentMember2021-09-300000011544us-gaap:AccumulatedTranslationAdjustmentMember2020-09-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000011544us-gaap:TreasuryStockMember2021-06-300000011544us-gaap:TreasuryStockMember2020-06-300000011544us-gaap:TreasuryStockMember2020-12-310000011544us-gaap:TreasuryStockMember2019-12-310000011544us-gaap:TreasuryStockMember2021-07-012021-09-300000011544us-gaap:TreasuryStockMember2020-07-012020-09-300000011544us-gaap:TreasuryStockMember2021-01-012021-09-300000011544us-gaap:TreasuryStockMember2020-01-012020-09-300000011544us-gaap:TreasuryStockMember2021-09-300000011544us-gaap:TreasuryStockMember2020-09-300000011544us-gaap:NoncontrollingInterestMember2021-06-300000011544us-gaap:NoncontrollingInterestMember2020-06-300000011544us-gaap:NoncontrollingInterestMember2020-12-310000011544us-gaap:NoncontrollingInterestMember2019-12-310000011544us-gaap:NoncontrollingInterestMember2021-07-012021-09-300000011544us-gaap:NoncontrollingInterestMember2020-07-012020-09-300000011544us-gaap:NoncontrollingInterestMember2021-01-012021-09-300000011544us-gaap:NoncontrollingInterestMember2020-01-012020-09-300000011544us-gaap:NoncontrollingInterestMember2021-09-300000011544us-gaap:NoncontrollingInterestMember2020-09-3000000115442019-12-3100000115442020-09-30xbrli:pure0000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000011544us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-09-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000011544us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-07-012021-09-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000011544us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000011544us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000011544us-gaap:AccumulatedTranslationAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000011544us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000011544us-gaap:AccumulatedTranslationAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000011544srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-09-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-09-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300000011544us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-07-012020-09-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000011544us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000011544us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000011544us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000011544us-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300000011544us-gaap:ResidentialMortgageBackedSecuritiesMember2021-09-300000011544us-gaap:USTreasuryAndGovernmentMember2021-09-300000011544wrb:SpecialRevenueMember2021-09-300000011544us-gaap:SovereignDebtStateGovernmentUnspecifiedMember2021-09-300000011544us-gaap:RevenueSubjectToRefundMember2021-09-300000011544us-gaap:CorporationMember2021-09-300000011544us-gaap:SovereignDebtLocalGovernmentUnspecifiedMember2021-09-300000011544us-gaap:CommercialMortgageBackedSecuritiesMember2021-09-300000011544us-gaap:MortgageBackedSecuritiesMember2021-09-300000011544us-gaap:AssetBackedSecuritiesMember2021-09-300000011544srt:IndustrialPropertyMember2021-09-300000011544us-gaap:DomesticCorporateDebtSecuritiesMember2021-09-300000011544us-gaap:PublicUtilityBondsMember2021-09-300000011544us-gaap:OtherAggregatedInvestmentsMember2021-09-300000011544us-gaap:CorporateDebtSecuritiesMember2021-09-300000011544us-gaap:ForeignGovernmentDebtSecuritiesMember2021-09-300000011544us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000011544us-gaap:ResidentialMortgageBackedSecuritiesMember2020-12-310000011544us-gaap:USTreasuryAndGovernmentMember2020-12-310000011544wrb:SpecialRevenueMember2020-12-310000011544us-gaap:SovereignDebtStateGovernmentUnspecifiedMember2020-12-310000011544us-gaap:RevenueSubjectToRefundMember2020-12-310000011544us-gaap:CorporationMember2020-12-310000011544us-gaap:SovereignDebtLocalGovernmentUnspecifiedMember2020-12-310000011544us-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310000011544us-gaap:MortgageBackedSecuritiesMember2020-12-310000011544us-gaap:AssetBackedSecuritiesMember2020-12-310000011544srt:IndustrialPropertyMember2020-12-310000011544us-gaap:DomesticCorporateDebtSecuritiesMember2020-12-310000011544us-gaap:PublicUtilityBondsMember2020-12-310000011544us-gaap:OtherAggregatedInvestmentsMember2020-12-310000011544us-gaap:CorporateDebtSecuritiesMember2020-12-310000011544us-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310000011544srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000011544srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-3100000115442021-06-3000000115442020-06-300000011544us-gaap:ForeignGovernmentDebtSecuritiesMember2019-12-310000011544us-gaap:CorporateDebtSecuritiesMember2019-12-310000011544us-gaap:ForeignGovernmentDebtSecuritiesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000011544us-gaap:CorporateDebtSecuritiesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000011544us-gaap:ForeignGovernmentDebtSecuritiesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000011544us-gaap:CorporateDebtSecuritiesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000011544us-gaap:ForeignGovernmentDebtSecuritiesMember2021-01-012021-09-300000011544us-gaap:CorporateDebtSecuritiesMember2021-01-012021-09-300000011544us-gaap:ForeignGovernmentDebtSecuritiesMember2020-01-012020-09-300000011544us-gaap:CorporateDebtSecuritiesMember2020-01-012020-09-300000011544us-gaap:ForeignGovernmentDebtSecuritiesMember2020-09-300000011544us-gaap:CorporateDebtSecuritiesMember2020-09-300000011544us-gaap:ForeignGovernmentDebtSecuritiesMember2021-06-300000011544us-gaap:CorporateDebtSecuritiesMember2021-06-300000011544us-gaap:ForeignGovernmentDebtSecuritiesMember2020-06-300000011544us-gaap:CorporateDebtSecuritiesMember2020-06-300000011544us-gaap:ForeignGovernmentDebtSecuritiesMember2021-07-012021-09-300000011544us-gaap:CorporateDebtSecuritiesMember2021-07-012021-09-300000011544us-gaap:ForeignGovernmentDebtSecuritiesMember2020-07-012020-09-300000011544us-gaap:CorporateDebtSecuritiesMember2020-07-012020-09-300000011544us-gaap:EquitySecuritiesMember2021-01-012021-09-300000011544us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CommonStockMember2021-09-300000011544us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CommonStockMember2021-01-012021-09-300000011544us-gaap:CommonStockMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000011544us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:PreferredStockMember2021-09-300000011544us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:PreferredStockMember2021-01-012021-09-300000011544us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:PreferredStockMember2021-09-300000011544us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000011544us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-01-012021-09-300000011544us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000011544us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CommonStockMember2020-12-310000011544us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CommonStockMember2020-01-012020-12-310000011544us-gaap:CommonStockMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000011544us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:PreferredStockMember2020-12-310000011544us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:PreferredStockMember2020-01-012020-12-310000011544us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:PreferredStockMember2020-12-310000011544us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000011544us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-01-012020-12-310000011544us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000011544us-gaap:ShortMemberus-gaap:OptionMember2021-09-300000011544wrb:FixedMaturitySecuritiesCashCashEquivalentsandLoansReceivableMember2021-07-012021-09-300000011544wrb:FixedMaturitySecuritiesCashCashEquivalentsandLoansReceivableMember2020-07-012020-09-300000011544wrb:FixedMaturitySecuritiesCashCashEquivalentsandLoansReceivableMember2021-01-012021-09-300000011544wrb:FixedMaturitySecuritiesCashCashEquivalentsandLoansReceivableMember2020-01-012020-09-300000011544us-gaap:EquityMethodInvestmentsMember2021-07-012021-09-300000011544us-gaap:EquityMethodInvestmentsMember2020-07-012020-09-300000011544us-gaap:EquityMethodInvestmentsMember2021-01-012021-09-300000011544us-gaap:EquityMethodInvestmentsMember2020-01-012020-09-300000011544wrb:ArbitrageTradingAccountMember2021-07-012021-09-300000011544wrb:ArbitrageTradingAccountMember2020-07-012020-09-300000011544wrb:ArbitrageTradingAccountMember2021-01-012021-09-300000011544wrb:ArbitrageTradingAccountMember2020-01-012020-09-300000011544us-gaap:EquitySecuritiesMember2021-07-012021-09-300000011544us-gaap:EquitySecuritiesMember2020-07-012020-09-300000011544us-gaap:EquitySecuritiesMember2021-01-012021-09-300000011544us-gaap:EquitySecuritiesMember2020-01-012020-09-300000011544us-gaap:RealEstateMember2021-07-012021-09-300000011544us-gaap:RealEstateMember2020-07-012020-09-300000011544us-gaap:RealEstateMember2021-01-012021-09-300000011544us-gaap:RealEstateMember2020-01-012020-09-300000011544wrb:FinancialServicesFundsMember2021-09-300000011544wrb:FinancialServicesFundsMember2020-12-310000011544wrb:FinancialServicesFundsMember2021-01-012021-09-300000011544wrb:FinancialServicesFundsMember2020-01-012020-09-300000011544wrb:TransportationFundsMember2021-09-300000011544wrb:TransportationFundsMember2020-12-310000011544wrb:TransportationFundsMember2021-01-012021-09-300000011544wrb:TransportationFundsMember2020-01-012020-09-300000011544us-gaap:RealEstateFundsMember2021-09-300000011544us-gaap:RealEstateFundsMember2020-12-310000011544us-gaap:RealEstateFundsMember2021-01-012021-09-300000011544us-gaap:RealEstateFundsMember2020-01-012020-09-300000011544wrb:EnergyFundsMember2021-09-300000011544wrb:EnergyFundsMember2020-12-310000011544wrb:EnergyFundsMember2021-01-012021-09-300000011544wrb:EnergyFundsMember2020-01-012020-09-300000011544wrb:OtherFundsMember2021-09-300000011544wrb:OtherFundsMember2020-12-310000011544wrb:OtherFundsMember2021-01-012021-09-300000011544wrb:OtherFundsMember2020-01-012020-09-300000011544wrb:LifsonReMember2021-01-012021-09-30wrb:officeBuilding0000011544us-gaap:SecuredDebtMember2021-09-300000011544us-gaap:CommercialRealEstatePortfolioSegmentMember2021-09-300000011544us-gaap:CommercialRealEstatePortfolioSegmentMember2020-12-310000011544us-gaap:CommercialPortfolioSegmentMember2021-09-300000011544us-gaap:CommercialPortfolioSegmentMember2020-12-310000011544us-gaap:CommercialPortfolioSegmentMember2021-01-012021-09-300000011544us-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310000011544us-gaap:CommercialPortfolioSegmentMember2019-12-310000011544us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000011544us-gaap:CommercialPortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000011544us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000011544us-gaap:CommercialPortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000011544us-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-09-300000011544us-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-09-300000011544us-gaap:CommercialPortfolioSegmentMember2020-01-012020-09-300000011544us-gaap:CommercialRealEstatePortfolioSegmentMember2020-09-300000011544us-gaap:CommercialPortfolioSegmentMember2020-09-300000011544us-gaap:CommercialRealEstatePortfolioSegmentMember2021-06-300000011544us-gaap:CommercialPortfolioSegmentMember2021-06-300000011544us-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300000011544us-gaap:CommercialPortfolioSegmentMember2020-06-300000011544us-gaap:CommercialRealEstatePortfolioSegmentMember2021-07-012021-09-300000011544us-gaap:CommercialPortfolioSegmentMember2021-07-012021-09-300000011544us-gaap:CommercialRealEstatePortfolioSegmentMember2020-07-012020-09-300000011544us-gaap:CommercialPortfolioSegmentMember2020-07-012020-09-300000011544us-gaap:DebtSecuritiesMember2021-07-012021-09-300000011544us-gaap:DebtSecuritiesMember2020-07-012020-09-300000011544us-gaap:DebtSecuritiesMember2021-01-012021-09-300000011544us-gaap:DebtSecuritiesMember2020-01-012020-09-300000011544wrb:DebtSecuritiesPreviouslyImpairedMember2021-07-012021-09-300000011544wrb:DebtSecuritiesPreviouslyImpairedMember2020-07-012020-09-300000011544wrb:DebtSecuritiesPreviouslyImpairedMember2021-01-012021-09-300000011544wrb:DebtSecuritiesPreviouslyImpairedMember2020-01-012020-09-300000011544us-gaap:EquityMethodInvestmentsMember2021-07-012021-09-300000011544us-gaap:EquityMethodInvestmentsMember2020-07-012020-09-300000011544us-gaap:EquityMethodInvestmentsMember2021-01-012021-09-300000011544us-gaap:EquityMethodInvestmentsMember2020-01-012020-09-300000011544us-gaap:OtherDebtSecuritiesMember2021-07-012021-09-300000011544us-gaap:OtherDebtSecuritiesMember2020-07-012020-09-300000011544us-gaap:OtherDebtSecuritiesMember2021-01-012021-09-300000011544us-gaap:OtherDebtSecuritiesMember2020-01-012020-09-300000011544us-gaap:DebtSecuritiesMember2021-09-300000011544us-gaap:DebtSecuritiesMember2020-12-31wrb:position0000011544us-gaap:ForeignGovernmentDebtMemberwrb:NoninvestmentGradeInvestmentsatLossLessthan5MillionMember2021-09-300000011544us-gaap:CorporateDebtSecuritiesMemberwrb:NoninvestmentGradeInvestmentsatLossLessthan5MillionMember2021-09-300000011544us-gaap:USStatesAndPoliticalSubdivisionsMemberwrb:NoninvestmentGradeInvestmentsatLossLessthan5MillionMember2021-09-300000011544us-gaap:MortgageBackedSecuritiesMemberwrb:NoninvestmentGradeInvestmentsatLossLessthan5MillionMember2021-09-300000011544us-gaap:AssetBackedSecuritiesMemberwrb:NoninvestmentGradeInvestmentsatLossLessthan5MillionMember2021-09-300000011544wrb:NoninvestmentGradeInvestmentsatLossLessthan5MillionMember2021-09-300000011544us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000011544us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2021-01-012021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2021-01-012021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2021-01-012021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2021-09-300000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2020-12-310000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-09-300000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2021-01-012021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2021-01-012021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2021-09-300000011544us-gaap:FairValueInputsLevel3Member2020-12-310000011544us-gaap:FairValueInputsLevel3Member2021-01-012021-09-300000011544us-gaap:FairValueInputsLevel3Member2021-09-300000011544us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2019-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2020-01-012020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2019-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2020-01-012020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2019-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2020-01-012020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2019-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2020-01-012020-12-310000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2019-12-310000011544us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2019-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2020-01-012020-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2019-12-310000011544us-gaap:FairValueInputsLevel3Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2020-01-012020-12-310000011544us-gaap:FairValueInputsLevel3Member2019-12-310000011544us-gaap:FairValueInputsLevel3Member2020-01-012020-12-3100000115442020-01-012020-12-310000011544srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310000011544srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000011544wrb:InsuranceDomesticSegmentMember2021-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMember2021-09-300000011544wrb:InsuranceDomesticSegmentMember2021-01-012021-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMember2021-01-012021-09-300000011544wrb:InsuranceDomesticSegmentMember2020-01-012020-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMember2020-01-012020-09-300000011544us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2021-01-012021-09-300000011544srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300000011544us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300000011544us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-30wrb:segment0000011544us-gaap:OperatingSegmentsMemberwrb:InsuranceDomesticSegmentMember2021-07-012021-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000011544srt:ConsolidationEliminationsMember2021-07-012021-09-300000011544wrb:NetInvestmentGainsSegmentMember2021-07-012021-09-300000011544us-gaap:OperatingSegmentsMemberwrb:InsuranceDomesticSegmentMember2020-07-012020-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000011544srt:ConsolidationEliminationsMember2020-07-012020-09-300000011544wrb:NetInvestmentGainsSegmentMember2020-07-012020-09-300000011544us-gaap:OperatingSegmentsMemberwrb:InsuranceDomesticSegmentMember2021-01-012021-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000011544srt:ConsolidationEliminationsMember2021-01-012021-09-300000011544wrb:NetInvestmentGainsSegmentMember2021-01-012021-09-300000011544us-gaap:OperatingSegmentsMemberwrb:InsuranceDomesticSegmentMember2020-01-012020-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000011544srt:ConsolidationEliminationsMember2020-01-012020-09-300000011544wrb:NetInvestmentGainsSegmentMember2020-01-012020-09-300000011544us-gaap:OperatingSegmentsMemberwrb:InsuranceInternationalSegmentMember2021-07-012021-09-300000011544us-gaap:OperatingSegmentsMemberwrb:InsuranceInternationalSegmentMember2020-07-012020-09-300000011544us-gaap:OperatingSegmentsMemberwrb:InsuranceInternationalSegmentMember2021-01-012021-09-300000011544us-gaap:OperatingSegmentsMemberwrb:InsuranceInternationalSegmentMember2020-01-012020-09-300000011544us-gaap:OperatingSegmentsMemberwrb:ReinsuranceInternationalMember2021-07-012021-09-300000011544us-gaap:OperatingSegmentsMemberwrb:ReinsuranceInternationalMember2020-07-012020-09-300000011544us-gaap:OperatingSegmentsMemberwrb:ReinsuranceInternationalMember2021-01-012021-09-300000011544us-gaap:OperatingSegmentsMemberwrb:ReinsuranceInternationalMember2020-01-012020-09-300000011544us-gaap:OperatingSegmentsMemberwrb:InsuranceDomesticSegmentMember2021-09-300000011544us-gaap:OperatingSegmentsMemberwrb:InsuranceDomesticSegmentMember2020-12-310000011544wrb:ReinsuranceandMonolineExcessSegmentMemberus-gaap:OperatingSegmentsMember2021-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberus-gaap:OperatingSegmentsMember2020-12-310000011544srt:ConsolidationEliminationsMember2021-09-300000011544srt:ConsolidationEliminationsMember2020-12-310000011544wrb:OtherInsuranceLiabilitiesMemberwrb:InsuranceDomesticSegmentMember2021-07-012021-09-300000011544wrb:OtherInsuranceLiabilitiesMemberwrb:InsuranceDomesticSegmentMember2020-07-012020-09-300000011544wrb:OtherInsuranceLiabilitiesMemberwrb:InsuranceDomesticSegmentMember2021-01-012021-09-300000011544wrb:OtherInsuranceLiabilitiesMemberwrb:InsuranceDomesticSegmentMember2020-01-012020-09-300000011544wrb:ShortTailLinesMemberwrb:InsuranceDomesticSegmentMember2021-07-012021-09-300000011544wrb:ShortTailLinesMemberwrb:InsuranceDomesticSegmentMember2020-07-012020-09-300000011544wrb:ShortTailLinesMemberwrb:InsuranceDomesticSegmentMember2021-01-012021-09-300000011544wrb:ShortTailLinesMemberwrb:InsuranceDomesticSegmentMember2020-01-012020-09-300000011544wrb:InsuranceDomesticSegmentMemberwrb:WorkersCompensationMember2021-07-012021-09-300000011544wrb:InsuranceDomesticSegmentMemberwrb:WorkersCompensationMember2020-07-012020-09-300000011544wrb:InsuranceDomesticSegmentMemberwrb:WorkersCompensationMember2021-01-012021-09-300000011544wrb:InsuranceDomesticSegmentMemberwrb:WorkersCompensationMember2020-01-012020-09-300000011544wrb:InsuranceDomesticSegmentMemberwrb:CommercialAutomobileMember2021-07-012021-09-300000011544wrb:InsuranceDomesticSegmentMemberwrb:CommercialAutomobileMember2020-07-012020-09-300000011544wrb:InsuranceDomesticSegmentMemberwrb:CommercialAutomobileMember2021-01-012021-09-300000011544wrb:InsuranceDomesticSegmentMemberwrb:CommercialAutomobileMember2020-01-012020-09-300000011544wrb:ProductsLiabilityMemberwrb:InsuranceDomesticSegmentMember2021-07-012021-09-300000011544wrb:ProductsLiabilityMemberwrb:InsuranceDomesticSegmentMember2020-07-012020-09-300000011544wrb:ProductsLiabilityMemberwrb:InsuranceDomesticSegmentMember2021-01-012021-09-300000011544wrb:ProductsLiabilityMemberwrb:InsuranceDomesticSegmentMember2020-01-012020-09-300000011544wrb:InsuranceDomesticSegmentMember2020-07-012020-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberwrb:CasualtyMember2021-07-012021-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberwrb:CasualtyMember2020-07-012020-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberwrb:CasualtyMember2021-01-012021-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberwrb:CasualtyMember2020-01-012020-09-300000011544wrb:MonolineExcessMemberwrb:ReinsuranceandMonolineExcessSegmentMember2021-07-012021-09-300000011544wrb:MonolineExcessMemberwrb:ReinsuranceandMonolineExcessSegmentMember2020-07-012020-09-300000011544wrb:MonolineExcessMemberwrb:ReinsuranceandMonolineExcessSegmentMember2021-01-012021-09-300000011544wrb:MonolineExcessMemberwrb:ReinsuranceandMonolineExcessSegmentMember2020-01-012020-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberwrb:PropertyMember2021-07-012021-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberwrb:PropertyMember2020-07-012020-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberwrb:PropertyMember2021-01-012021-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMemberwrb:PropertyMember2020-01-012020-09-300000011544wrb:ReinsuranceandMonolineExcessSegmentMember2020-07-012020-09-30

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, 2021
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
5.70% Subordinated Debentures due 2058WRB-PENew York Stock Exchange
5.10% Subordinated Debentures due 2059WRB-PFNew York Stock Exchange
4.25% 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 28, 2021: 176,640,439
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,
2021
December 31,
2020
(Unaudited)(Audited)
Assets  
Investments:  
Fixed maturity securities (amortized cost of $15,809,028 and $13,755,858; allowance for expected credit losses of $17,283 and $2,580 at September 30, 2021 and December 31, 2020, respectively)
$16,073,135 $14,159,369 
Real estate1,842,400 1,960,914 
Investment funds1,400,932 1,309,430 
Arbitrage trading account860,339 341,473 
Equity securities818,738 625,667 
Loans receivable (net of allowance for expected credit losses of $1,737 and $5,437 at September 30, 2021 and December 31, 2020, respectively)
115,495 84,913 
Total investments21,111,039 18,481,766 
Cash and cash equivalents2,069,029 2,372,366 
Premiums and fees receivable (net of allowance for expected credit losses of $23,676 and $22,883 at September 30, 2021 and December 31, 2020, respectively)
2,524,109 2,167,799 
Due from reinsurers (net of allowance for expected credit losses of $7,277 and $7,801 at September 30, 2021 and December 31, 2020, respectively)
2,792,811 2,424,502 
Deferred policy acquisition costs662,636 556,168 
Prepaid reinsurance premiums670,913 648,376 
Trading account receivables from brokers and clearing organizations221,165 524,727 
Property, furniture and equipment419,941 405,930 
Goodwill169,652 169,652 
Accrued investment income126,245 120,464 
Current and deferred federal and foreign income taxes63,654 — 
Other assets713,094 700,215 
Total assets$31,544,288 $28,571,965 
Liabilities and Equity  
Liabilities:  
Reserves for losses and loss expenses$14,919,576 $13,784,430 
Unearned premiums4,769,313 4,073,191 
Due to reinsurers557,478 426,124 
Trading account securities sold but not yet purchased739 10,048 
Current and deferred federal and foreign income taxes 48,495 
Other liabilities1,367,353 1,178,546 
Senior notes and other debt2,258,646 1,623,025 
Subordinated debentures1,007,472 1,102,309 
Total liabilities24,880,577 22,246,168 
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 750,000,000 shares, issued and outstanding, net of treasury shares, 176,638,884 and 177,825,150 shares, respectively
70,535 70,535 
Additional paid-in capital1,018,300 1,012,483 
Retained earnings8,920,334 8,348,381 
Accumulated other comprehensive loss(190,862)(62,172)
Treasury stock, at cost, 176,037,616 and 174,851,350 shares, respectively
(3,169,866)(3,058,425)
Total stockholders’ equity6,648,441 6,310,802 
Noncontrolling interests15,270 14,995 
Total equity6,663,711 6,325,797 
Total liabilities and equity$31,544,288 $28,571,965 
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,
2021202020212020
REVENUES:  
Net premiums written$2,325,138 $1,879,316 $6,587,357 $5,464,980 
Change in net unearned premiums(244,120)(130,395)(684,759)(347,727)
Net premiums earned2,081,018 1,748,921 5,902,598 5,117,253 
Net investment income179,851 142,650 506,615 402,844 
Net investment gains (losses):
Net realized and unrealized gains (losses) on investments17,187 (7,772)89,407 (89,404)
Change in allowance for expected credit losses on investments2,314 46,750 (11,003)29,093 
Net investment gains (losses) 19,501 38,978 78,404 (60,311)
Revenues from non-insurance businesses120,374 87,495 316,927 256,966 
Insurance service fees21,467 21,635 69,531 67,256 
Other income2,072 140 3,163 2,446 
Total revenues2,424,283 2,039,819 6,877,238 5,786,454 
OPERATING COSTS AND EXPENSES:  
Losses and loss expenses1,298,392 1,114,632 3,623,630 3,357,011 
Other operating costs and expenses643,045 593,969 1,907,020 1,753,142 
Expenses from non-insurance businesses115,465 85,036 308,453 256,032 
Interest expense35,100 39,768 109,846 114,874 
Total operating costs and expenses2,092,002 1,833,405 5,948,949 5,481,059 
Income before income taxes332,281 206,414 928,289 305,395 
Income tax expense(64,963)(54,048)(191,577)(84,900)
Net income before noncontrolling interests267,318 152,366 736,712 220,495 
Noncontrolling interests(6,021)(688)(8,652)(1,975)
Net income to common stockholders$261,297 $151,678 $728,060 $218,520 
NET INCOME PER SHARE:  
Basic$1.41 $0.82 $3.93 $1.17 
Diluted$1.40 $0.81 $3.89 $1.15 

See accompanying notes to interim consolidated financial statements.





2


W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2021202020212020
Net income before noncontrolling interests$267,318 $152,366 $736,712 $220,495 
Other comprehensive (loss) income:  
Change in unrealized currency translation adjustments(32,822)40,194 (26,235)(36,553)
Change in unrealized investment (losses) gains, net of taxes(35,596)38,273 (102,454)98,016 
Other comprehensive (loss) income (68,418)78,467 (128,689)61,463 
Comprehensive income198,900 230,833 608,023 281,958 
Noncontrolling interests(6,021)(685)(8,651)(1,973)
Comprehensive income to common stockholders$192,879 $230,148 $599,372 $279,985 

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,
2021202020212020
COMMON STOCK:  
Beginning and end of period$70,535 $70,535 $70,535 $70,535 
ADDITIONAL PAID-IN CAPITAL:  
Beginning of period$1,035,166 $1,076,043 $1,012,482 $1,056,042 
Restricted stock units issued(28,741)(23,387)(28,668)(26,773)
Restricted stock units expensed11,875 12,063 34,486 35,450 
End of period$1,018,300 $1,064,719 $1,018,300 $1,064,719 
RETAINED EARNINGS:  
Beginning of period$8,682,088 $7,927,280 $8,348,381 $7,932,372 
Cumulative effect adjustment resulting from changes in accounting principles   (30,514)
Net income to common stockholders261,297 151,678 728,060 218,520 
Dividends ( $0.13, $0.12, $0.88 and $0.35 per share, respectively)
(23,051)(21,402)(156,107)(62,822)
End of period$8,920,334 $8,057,556 $8,920,334 $8,057,556 
ACCUMULATED OTHER COMPREHENSIVE LOSS:  
Unrealized investment gains (losses):  
Beginning of period$222,855 $209,210 $289,714 $124,514 
Cumulative effect adjustment resulting from changes in accounting principles   24,952 
Change in unrealized (losses) gains on securities without an allowance for expected credit losses(35,707)35,111 (112,852)77,537 
Change in unrealized gains on securities with an allowance for expected credit losses111 3,159 10,397 20,477 
End of period187,259 247,480 187,259 247,480 
Currency translation adjustments:  
Beginning of period(345,299)(458,560)(351,886)(381,813)
Net change in period(32,822)40,194 (26,235)(36,553)
End of period(378,121)(418,366)(378,121)(418,366)
Total accumulated other comprehensive loss$(190,862)$(170,886)$(190,862)$(170,886)
TREASURY STOCK:  
Beginning of period$(3,087,069)$(3,023,392)$(3,058,425)$(2,726,711)
Stock exercised/vested9,946 9,537 10,985 11,758 
Stock repurchased(92,743)(12,957)(122,426)(311,859)
End of period$(3,169,866)$(3,026,812)$(3,169,866)$(3,026,812)
NONCONTROLLING INTERESTS:  
Beginning of period$9,678 $44,275 $14,995 $43,403 
Distributions(429)(400)(8,376)(816)
Net income6,021 688 8,652 1,975 
Other comprehensive income (loss), net of tax (3)(1)(2)
End of period$15,270 $44,560 $15,270 $44,560 
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,
 20212020
CASH FROM OPERATING ACTIVITIES:  
Net income to common stockholders$728,060 $218,520 
Adjustments to reconcile net income to net cash from operating activities:  
Net investment (gains) losses(78,404)60,311 
Depreciation and amortization101,330 96,195 
Noncontrolling interests8,652 1,975 
Investment funds(169,538)(1,260)
Stock incentive plans36,486 37,842 
Change in:
Arbitrage trading account(224,613)(40,487)
Premiums and fees receivable(365,092)(175,636)
Reinsurance accounts(255,126)(204,396)
Deferred policy acquisition costs(108,131)(43,955)
Income taxes(81,574)(56,955)
Reserves for losses and loss expenses1,164,594 879,277 
Unearned premiums707,658 407,227 
Other60,092 (41,713)
Net cash from operating activities1,524,394 1,136,945 
CASH (USED IN) FROM INVESTING ACTIVITIES:  
Proceeds from sale of fixed maturity securities1,631,849 3,525,926 
Proceeds from sale of equity securities100,366 66,850 
Distributions from investment funds124,892 83,935 
Proceeds from maturities and prepayments of fixed maturity securities4,672,562 2,876,642 
Purchase of fixed maturity securities(8,442,260)(6,074,429)
Purchase of equity securities(340,424)(77,840)
Real estate sold (purchased)182,998 (42,405)
Change in loans receivable(27,764)1,202 
Net purchases of property, furniture and equipment(53,558)(31,047)
Change in balances due to security brokers110,752 36,561 
Other14 65 
Net cash (used in) from investing activities(2,040,573)365,460 
CASH FROM FINANCING ACTIVITIES:  
Repayment of senior notes and other debt(503,914)(302,453)
Net proceeds from issuance of debt1,032,404 747,399 
Cash dividends to common stockholders(156,107)(62,822)
Purchase of common treasury shares(122,426)(311,859)
Other, net(27,941)(18,465)
Net cash from financing activities222,016 51,800 
Net impact on cash due to change in foreign exchange rates(9,174)(6,468)
Net change in cash and cash equivalents(303,337)1,547,737 
Cash and cash equivalents at beginning of period2,372,366 1,023,710 
Cash and cash equivalents at end of period$2,069,029 $2,571,447 
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. Reclassifications have been made in the 2020 financial statements as originally reported to conform to the presentation of the 2021 financial statements. 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, 2020.
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% principally because of tax-exempt investment income and tax benefits related to equity-based compensation, which was partially offset by state and foreign 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 7,767,874 and 7,575,168 common shares held in a grantor trust as of September 30, 2021 and 2020, 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)2021202020212020
Basic185,031 185,765 185,127 187,338 
Diluted186,742 187,717 187,060 189,515 


(3) Recent Accounting Pronouncements and Accounting Policies
Recently adopted accounting pronouncements:
    All accounting and reporting standards that have become effective in 2021 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) Consolidated Statements of Comprehensive Income

    The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"):
(In thousands)Unrealized Investment Gains (Losses) Currency Translation AdjustmentsAccumulated Other Comprehensive
(Loss) Income
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) income before reclassifications(120,695)(26,235)(146,930)
Amounts reclassified from AOCI18,241  18,241 
Other comprehensive (loss) income(102,454)(26,235)(128,689)
Unrealized investment gain 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 $ $18,241 
Other comprehensive (loss) income
Pre-tax$(130,201)$(26,235)$(156,436)
Tax effect27,747  27,747 
Other comprehensive (loss) income$(102,454)$(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) income before reclassifications(36,249)(32,822)(69,071)
Amounts reclassified from AOCI653  653 
Other comprehensive (loss) income(35,596)(32,822)(68,418)
Unrealized investment gain 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 $ $653 
Other comprehensive (loss) income
Pre-tax$(45,270)$(32,822)$(78,092)
Tax effect9,674  9,674 
Other comprehensive (loss) income$(35,596)$(32,822)$(68,418)
7


As of and for the nine months ended September 30, 2020
Changes in AOCI
Beginning of period$124,514 $(381,813)$(257,299)
Cumulative effect adjustment resulting from changes in accounting principles24,952  24,952 
Restated beginning of period149,466 (381,813)(232,347)
Other comprehensive income (loss) before reclassifications76,474 (36,553)39,921 
Amounts reclassified from AOCI21,542  21,542 
Other comprehensive income (loss)98,016 (36,553)61,463 
Unrealized investment gain related to noncontrolling interest(2) (2)
End of period$247,480 $(418,366)$(170,886)
Amounts reclassified from AOCI
Pre-tax$27,268 (1)$ $27,268 
Tax effect (5,726)(2) (5,726)
After-tax amounts reclassified$21,542 $ $21,542 
Other comprehensive income (loss)
Pre-tax$111,756 $(36,553)$75,203 
Tax effect(13,740) (13,740)
Other comprehensive income (loss)$98,016 $(36,553)$61,463 
As of and for the three months ended September 30, 2020
Changes in AOCI
Beginning of period$209,210 $(458,560)$(249,350)
Other comprehensive income (loss) before reclassifications39,488 40,194 79,682 
Amounts reclassified from AOCI(1,215) (1,215)
Other comprehensive income (loss)38,273 40,194 78,467 
Unrealized investment gain related to noncontrolling interest(3) (3)
Ending balance$247,480 $(418,366)$(170,886)
Amounts reclassified from AOCI
Pre-tax$(1,538)(1)$ $(1,538)
Tax effect 323 (2) 323 
After-tax amounts reclassified$(1,215)$ $(1,215)
Other comprehensive income (loss)
Pre-tax$48,980 $40,194 $89,174 
Tax effect(10,707) (10,707)
Other comprehensive income (loss)$38,273 $40,194