WRBBERKLEY W R CORP
Fire, Marine & Casualty Insurance
- Revenue
- $556M
- 9.9% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $27.4B
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- 3.1
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$17M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo201% of net incomeCash flow under 80% of net income
- Dilutive SBCNo10% of revenueOver 10% of revenue
- Payouts exceed cash flowNo27% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo3.1 per 10K words · 71st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$27.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes3 filingsActive-intent 13D in 18 months
- Net insider sellingNo$705M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $450M | $477M | $472M | $506M | $556M | 9.9% |
| Net income | $1.0B | $1.4B | $1.4B | $1.8B | $1.8B | 1.3% |
| Operating cash flow | $2.2B | $2.6B | $2.9B | $3.7B | $3.6B | 2.6% |
| Stock-based comp | $47M | $49M | $51M | $54M | $55M | 0.3% |
| Buybacks | $122M | $94M | $537M | $304M | $270M | 11% |
| Dividends | $356M | $235M | $501M | $532M | $700M | 32% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 21, 2026 | BERKLEY WILLIAM R JR | SCHEDULE 13D/A | 25.7% | Passive |
| Jun 4, 2026 | MITSUI SUMITOMO INSURANCE CO LTD | SCHEDULE 13D/A | 15.8% | Active |
| Mar 5, 2026 | MITSUI SUMITOMO INSURANCE CO LTD | SCHEDULE 13D/A | 15.7% | Active |
| Mar 5, 2026 | BERKLEY WILLIAM R | SCHEDULE 13D/A | 25.5% | Active |
| Feb 6, 2026 | MITSUI SUMITOMO INSURANCE CO LTD | SCHEDULE 13D/A | 14.9% | Passive |
| Jan 14, 2026 | MITSUI SUMITOMO INSURANCE CO LTD | SCHEDULE 13D/A | 13.9% | Passive |
| Dec 11, 2025 | BERKLEY WILLIAM R | SCHEDULE 13D | 25.1% | Passive |
| Dec 11, 2025 | MITSUI SUMITOMO INSURANCE CO LTD | SCHEDULE 13D | 12.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $705M · 94
- Open-market sells, 12 mo
- $0 · 0
- Net
- $705M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $17M | $21M | 268 | 224 |
| FY2024 | $17M | $22M | 211 | 182 |
| FY2023 | $17M | $16M | 166 | 145 |
| FY2022 | $17M | $23M | 165 | 135 |
| FY2021 | $14M | $18M | 123 | 116 |