0000011544-23-000002.txt : 20230126 0000011544-23-000002.hdr.sgml : 20230126 20230126161341 ACCESSION NUMBER: 0000011544-23-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230126 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230126 DATE AS OF CHANGE: 20230126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BERKLEY W R CORP CENTRAL INDEX KEY: 0000011544 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 221867895 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15202 FILM NUMBER: 23557836 BUSINESS ADDRESS: STREET 1: 475 STEAMBOAT ROAD STREET 2: . CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2036293000 MAIL ADDRESS: STREET 1: 475 STEAMBOAT ROAD STREET 2: . CITY: GREENWICH STATE: CT ZIP: 06830 8-K 1 wrb-20230126.htm 8-K wrb-20230126
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 26, 2023
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.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of Each Class Trading Symbol Name of Each Exchange
on Which Registered
Common Stock, par value $.20 per share WRB New 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    Emerging growth company     ☐    

W. R. Berkley Corporation         2

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.     ☐    

W. R. Berkley Corporation         3

Item 2.02 Results of Operations and Financial Condition.
Reference is made to the press release of W. R. Berkley Corporation (the “Company”) relating to the announcement of the Company’s results of operations for the fourth quarter of 2022. The press release was issued on January 26, 2023. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The information contained herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

W. R. Berkley Corporation         4
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1 Press Release dated January 26, 2023




W. R. Berkley Corporation         5



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

W. R. BERKLEY CORPORATION




By: /s/ Richard M. Baio
Name:Richard M. Baio
Title:Executive Vice President and
Chief Financial Officer




        


Date: January 26, 2023

W. R. Berkley Corporation         6

EXHIBIT INDEX


Exhibit:
99.1         Press Release dated January 26, 2023





EX-99.1 2 wrb123120228-kex991.htm EX-99.1 Document

NEWS
RELEASE
W. R. Berkley Corporation
475 Steamboat Road
Greenwich, Connecticut 06830
(203) 629-3000
             
FOR IMMEDIATE RELEASE     CONTACT:    Karen A. Horvath
Vice President - External
Financial Communications
(203) 629-3000


W. R. Berkley Corporation Reports Fourth Quarter and Full Year Results Fourth Quarter Net Income Grew 29.8% and Return on Equity of 23.0% Record Annual Pre-Tax Underwriting Income of $1.0 Billion and Record Net Income of $1.4 Billion

Greenwich, CT, January 26, 2023 - W. R. Berkley Corporation (NYSE: WRB) today reported its fourth quarter and full year 2022 results.
Summary Financial Data
(Amounts in thousands, except per share data)
Fourth QuarterTwelve Months
2022202120222021
Gross premiums written$2,914,877 $2,766,688 $11,909,052 $10,700,134 
Net premiums written2,427,907 2,275,509 10,004,070 8,862,867 
Net income to common stockholders382,223 294,430 1,381,062 1,022,490 
Net income per diluted share (1)1.37 1.06 4.94 3.66 
Operating income (2)323,329 284,323 1,223,934 951,861 
Operating income per diluted share (1)1.16 1.02 4.38 3.40 
Return on equity (3)23.0 %18.7 %20.8 %16.2 %
Operating return on equity (2) (3)19.4 %18.0 %18.4 %15.1 %


(1)The 2021 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on March 23, 2022.
(2)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and related expenses.
(3)Return on equity and operating return on equity represent net income and operating income, respectively, expressed on an annualized basis as a percentage of beginning of year common stockholders’ equity.


W. R. Berkley Corporation        2

Fourth quarter highlights included:
•Return on equity of 23.0%.
•Book value per share grew 8.1%, before dividends and share repurchases.
•Net investment income grew 40.2% to a record $231.3 million.
•Record quarterly pre-tax underwriting income of $291.9 million.
•The current accident year combined ratio before catastrophe losses of 1.2 loss ratio points was 87.2%.
•The reported combined ratio was 88.4%, including catastrophe losses of $30.8 million.
•Average rate increases excluding workers' compensation were approximately 6.9%.
Full year highlights included:
•Return on equity of 20.8%.
•Book value per share grew 6.1%, before dividends and share repurchases.
•Record annual pre-tax underwriting income and net income of $1.0 billion and $1.4 billion, respectively.
•Gross and net premiums written grew 11.3% and 12.9% to records $11.9 billion and $10.0 billion, respectively.
•Average rate increases excluding workers' compensation were approximately 7.5%.
•Net investment income grew 16.0% to a record $779.2 million.
•Operating cash flow increased 17.6% to a record of approximately $2.6 billion.
•Total capital returned to shareholders was $329.3 million, consisting of $132.6 million of special dividends, $102.6 million of regular dividends and $94.1 million of share repurchases.

The Company commented:
Our exceptional 23.0% annualized return on beginning equity in the fourth quarter of 2022 capped a record-setting year, characterized by continued growth, strong underwriting performance and increasing net investment income.

Net premiums written advanced nearly 7% in the fourth quarter, with further growth in areas of business that are achieving or exceeding our targeted risk-adjusted return on equity. We continue to thoughtfully position our book of business to navigate the uncertainties of the current inflationary environment and carefully evaluate the opportunities available to profitably deploy capital as we continue to expand our business.

Net investment income grew by 40% during the quarter and core net investment income grew by 75%. The short duration and high quality of our fixed-maturity portfolio, combined with record annual cash flow, allowed us to invest more funds at higher interest rates and increase book value per share for the full year by 6.1%, before dividends and share repurchases.

During 2022, our Company performed exceptionally well. Our results demonstrated how our core knowledge in underwriting and investing, combined with our focus on risk-adjusted return, allowed us to better navigate risks and embrace opportunities to deliver superior results for our shareholders. We remain encouraged about the opportunities that we see in 2023 and beyond.


W. R. Berkley Corporation        3
Webcast Conference Call
    The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on January 26, 2023, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at https://ir.berkley.com/news-and-events/events-and-presentations/default.aspx. Please log on at least ten minutes early to register and download and install any necessary software. A replay of the webcast will be available on the Company's website approximately two hours after the end of the conference call. Additional financial information can be found on the Company's website at https://ir.berkley.com/investor-relations/financial-information/quarterly-results/default.aspx.
About W. R. Berkley Corporation
    Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance & Monoline Excess.





W. R. Berkley Corporation        4
Forward Looking Information

This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2023 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to: the cyclical nature of the property casualty industry; the impact of significant competition, including new entrants to the industry; the long-tail and potentially volatile nature of the insurance and reinsurance business; product demand and pricing; claims development and the process of estimating reserves; investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, municipal bonds, mortgage-backed securities, loans receivable, investment funds, including real estate, merger arbitrage, energy related and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts, including claims for cybersecurity-related risks; natural and man-made catastrophic losses, including as a result of terrorist activities; the ongoing COVID-19 pandemic; the impact of climate change, which may alter the frequency and increase the severity of catastrophe events; general economic and market activities, including inflation, interest rates, and volatility in the credit and capital markets; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response, on our results and financial condition; foreign currency and political risks (including those associated with the United Kingdom's withdrawal from the European Union, or "Brexit") relating to our international operations; our ability to attract and retain key personnel and qualified employees; continued availability of capital and financing; the success of our new ventures or acquisitions and the availability of other opportunities; the availability of reinsurance; our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2019; the ability or willingness of our reinsurers to pay reinsurance recoverables owed to us; other legislative and regulatory developments, including those related to business practices in the insurance industry; credit risk related to our policyholders, independent agents and brokers; changes in the ratings assigned to us or our insurance company subsidiaries by rating agencies; the availability of dividends from our insurance company subsidiaries; potential difficulties with technology and/or cyber security issues; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for the year 2023 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.



# # #



W. R. Berkley Corporation        5
Consolidated Financial Summary
(Amounts in thousands, except per share data)
Fourth QuarterTwelve Months
2022202120222021
Revenues:
  Net premiums written$2,427,907 $2,275,509 $10,004,070 $8,862,867 
  Change in unearned premiums85,317 (72,076)(442,641)(756,836)
    Net premium earned2,513,224 2,203,433 9,561,429 8,106,031 
  Net investment income231,283 165,003 779,185 671,618 
  Net investment gains:
   Net realized and unrealized gains on investments77,647 17,551 217,311 106,958 
   Change in allowance for credit losses on investments(2,549)(5,322)(14,914)(16,326)
  Net investment gains 75,098 12,229 202,397 90,632 
  Revenues from non-insurance businesses164,338 172,225 509,548 489,151 
  Insurance service fees28,260 24,326 110,544 93,857 
  Other Income1,599 1,014 3,396 4,177 
       Total Revenues3,013,802 2,578,230 11,166,499 9,455,466 
Expenses:
   Loss and loss expenses1,522,104 1,330,330 5,861,750 4,953,960 
   Other operating costs and expenses822,248 692,252 2,961,505 2,599,270 
   Expenses from non-insurance businesses159,127 163,698 493,189 472,151 
   Interest expense31,902 37,333 130,374 147,180 
     Total expenses2,535,381 2,223,613 9,446,818 8,172,561 
     Income before income tax478,421 354,617 1,719,681 1,282,905 
   Income tax expense(96,437)(60,313)(334,727)(251,890)
     Net Income before noncontrolling interests381,984 294,304 1,384,954 1,031,015 
   Noncontrolling interest239 126 (3,892)(8,525)
     Net income to common stockholders$382,223 $294,430 $1,381,062 $1,022,490 
 Net income per share (1):
 Basic$1.38 $1.06 $4.99 $3.69 
 Diluted$1.37 $1.06 $4.94 $3.66 
 Average shares outstanding (1) (2):
 Basic276,625 276,654 276,852 277,430 
 Diluted278,888 278,535 279,461 279,749 



(1)The 2021 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on March 23, 2022.
(2)Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.


W. R. Berkley Corporation        6
Business Segment Operating Results
(Amounts in thousands, except ratios) (1)
Fourth QuarterTwelve Months
2022202120222021
Insurance:
   Gross premiums written$2,607,497 $2,463,050 $10,583,785 $9,471,667 
   Net premiums written2,147,121 2,002,584 8,784,146 7,743,814 
   Net premiums earned2,207,057 1,926,456 8,369,062 7,077,708 
   Pre-tax income403,473 357,399 1,455,658 1,219,798 
   Loss ratio61.4 %60.5 %61.3 %61.1 %
   Expense ratio27.8 %27.6 %27.9 %28.3 %
   GAAP Combined ratio89.2 %88.1 %89.2 %89.4 %
Reinsurance & Monoline Excess:
   Gross premiums written$307,380 $303,638 $1,325,267 $1,228,467 
   Net premiums written280,786 272,925 1,219,924 1,119,053 
   Net premiums earned306,167 276,977 1,192,367 1,028,323 
   Pre-tax income107,161 74,378 316,527 270,563 
   Loss ratio54.2 %59.7 %61.3 %61.0 %
   Expense ratio28.6 %28.7 %28.4 %29.7 %
   GAAP Combined ratio82.8 %88.4 %89.7 %90.7 %
Corporate and Eliminations:
   Net investment gains$75,098 $12,229 $202,397 $90,632 
   Interest expense(31,902)(37,333)(130,374)(147,180)
   Other revenues and expenses(75,409)(52,056)(124,527)(150,908)
   Pre-tax loss(32,213)(77,160)(52,504)(207,456)
Consolidated:
   Gross premiums written$2,914,877 $2,766,688 $11,909,052 $10,700,134 
   Net premiums written2,427,907 2,275,509 10,004,070 8,862,867 
   Net premiums earned2,513,224 2,203,433 9,561,429 8,106,031 
   Pre-tax income 478,421 354,617 1,719,681 1,282,905 
   Loss ratio60.6 %60.4 %61.3 %61.1 %
   Expense ratio27.8 %27.8 %28.0 %28.5 %
   GAAP Combined ratio88.4 %88.2 %89.3 %89.6 %


(1)Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.





W. R. Berkley Corporation        7
Supplemental Information
(Amounts in thousands)
Fourth QuarterTwelve Months
2022202120222021
Net premiums written:
   Other liability$838,516 $744,972 $3,408,254 $2,914,651 
   Short-tail lines (1)431,528 392,430 1,749,926 1,482,687 
   Workers' compensation281,070 269,060 1,221,804 1,148,912 
   Commercial automobile308,746 297,663 1,257,659 1,120,566 
   Professional liability287,261 298,459 1,146,503 1,076,998 
     Total Insurance2,147,121 2,002,584 8,784,146 7,743,814 
   Casualty reinsurance201,851 199,263 785,631 724,595 
   Monoline excess29,798 27,346 222,521 212,022 
   Property reinsurance49,137 46,317 211,772 182,436 
     Total Reinsurance & Monoline Excess280,786 272,925 1,219,924 1,119,053 
          Total$2,427,907 $2,275,509 $10,004,070 $8,862,867 
Current accident year losses from catastrophes (including COVID-19 related losses):
   Insurance$24,592 $41,462 $126,393 $150,326 
   Reinsurance & Monoline Excess6,253 7,000 85,317 51,721 
     Total$30,845 $48,462 $211,710 $202,047 
Net Investment income:
   Core portfolio (2)$186,897 $107,027 $588,873 $413,928 
   Investment funds23,180 50,476 145,099 220,014 
   Arbitrage trading account21,206 7,500 45,213 37,676 
     Total$231,283 $165,003 $779,185 $671,618 
Net realized and unrealized gains on investments:
   Net realized (losses) gains on investments$(10,422)$(5,812)$217,943 $145,413 
   Change in unrealized gains (losses) on equity securities88,069 23,363 (632)(38,455)
     Total$77,647 $17,551 $217,311 $106,958 
Other operating costs and expenses:
   Policy acquisition and insurance operating expenses$699,227 $612,179 $2,673,903 $2,306,727 
   Insurance service expenses25,071 22,186 96,419 86,003 
   Net foreign currency losses (gains) 34,130 (6,508)(50,930)(25,725)
   Debt extinguishment costs— — — 11,521 
   Other costs and expenses63,820 64,395 242,113 220,744 
     Total$822,248 $692,252 $2,961,505 $2,599,270 
Cash flow from operations$795,301 $659,593 $2,568,604 $2,183,987 
Reconciliation of net income to operating income:
   Net income$382,223 $294,430 $1,381,062 $1,022,490 
   Pre-tax investment gains, net of related expenses(75,098)(12,317)(199,087)(87,712)
   Income tax expense16,204 2,210 41,959 17,083 
     Operating income after-tax (3)$323,329 $284,323 $1,223,934 $951,861 

(1)Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines.
(2)Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable.
(3)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses). Net investment gains (losses) are computed net of related expenses, including performance-based compensatory costs associated with realized investment gains. Management believes this measurement provides a useful indicator of trends in the Company’s underlying operations.


W. R. Berkley Corporation        8
Selected Balance Sheet Information
(Amounts in thousands, except per share data)
December 31, 2022December 31, 2021
Net invested assets (1)$24,545,672 $23,705,508 
Total assets33,861,099 32,086,414 
Reserves for losses and loss expenses17,011,223 15,390,888 
Senior notes and other debt1,828,823 2,259,416 
Subordinated debentures1,008,371 1,007,652 
Common stockholders' equity (2)6,748,332 6,653,011 
Common stock outstanding (3) (4)264,546 265,171 
Book value per share (4) (5)25.51 25.09 
Tangible book value per share (4) (5)24.58 24.27 


(1)Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities.
(2)As of December 31, 2022, reflected in common stockholders' equity are after-tax unrealized investment losses of $893 million and unrealized currency translation losses of $372 million. As of December 31, 2021, after-tax unrealized investment gains were $91 million and unrealized currency translation losses were $373 million.
(3)During the twelve months ended December 31, 2022, the Company repurchased 1,370,394 shares of its common stock for $94.1 million. During the three months ended December 31, 2022, the Company repurchased 1,264,090 shares of its common stock for $87.6 million. The number of shares of common stock outstanding excludes shares held in a grantor trust.
(4)The 2021 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on March 23, 2022.
(5)Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding.




W. R. Berkley Corporation        9
Investment Portfolio
December 31, 2022
(Amounts in thousands, except percentages)
Carrying ValuePercent of Total
Fixed maturity securities:
   United States government and government agencies$892,258 3.6 %
   State and municipal:
        Special revenue1,721,497 7.0 %
        Local general obligation441,097 1.8 %
        State general obligation416,713 1.7 %
        Corporate backed199,639 0.8 %
        Pre-refunded158,840 0.7 %
            Total state and municipal2,937,786 12.0 %
   Mortgage-backed securities:
        Agency901,332 3.7 %
        Commercial528,609 2.1 %
        Residential - Prime235,315 1.0 %
        Residential - Alt A3,762 0.1 %
            Total mortgage-backed securities1,669,018 6.9 %
   Asset-backed securities3,982,773 16.2 %
   Corporate:
        Industrial3,252,999 13.3 %
        Financial2,470,372 10.1 %
        Utilities551,048 2.2 %
        Other429,573 1.7 %
            Total corporate 6,703,992 27.3 %
   Foreign government 1,401,522 5.7 %
            Total fixed maturity securities (1)17,587,349 71.7 %
Equity securities available for sale:
   Common stocks982,751 4.0 %
   Preferred stocks203,143 0.8 %
            Total equity securities available for sale1,185,894 4.8 %
Cash and cash equivalents (2)1,686,819 6.9 %
Investment funds (3)1,607,756 6.5 %
Real estate1,340,622 5.4 %
Arbitrage trading account944,230 3.9 %
Loans receivable193,002 0.8 %
          Net invested assets$24,545,672 100.0 %


(1)Total fixed maturity securities had an average rating of AA- and an average duration of 2.4 years, including cash and cash equivalents.
(2)Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.
(3)Investment funds are net of related liabilities of $0.8 million.

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Cover Page
Jan. 26, 2023
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 26, 2023
Entity File Number 1-15202
Entity Registrant Name W. R. BERKLEY CORP
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 22-1867895
Entity Address, Address Line One 475 Steamboat Road
Entity Address, City or Town Greenwich
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06830
City Area Code (203)
Local Phone Number 629-3000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $.20 per share
Trading Symbol WRB
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000011544
Amendment Flag false
5.700% Subordinated Debentures due 2058  
Entity Information [Line Items]  
Title of 12(b) Security 5.700% Subordinated Debentures due 2058
Trading Symbol WRB-PE
Security Exchange Name NYSE
5.100% Subordinated Debentures due 2059  
Entity Information [Line Items]  
Title of 12(b) Security 5.100% Subordinated Debentures due 2059
Trading Symbol WRB-PF
Security Exchange Name NYSE
4.250% Subordinated Debentures due 2060  
Entity Information [Line Items]  
Title of 12(b) Security 4.250% Subordinated Debentures due 2060
Trading Symbol WRB-PG
Security Exchange Name NYSE
4.125% Subordinated Debentures due 2061  
Entity Information [Line Items]  
Title of 12(b) Security 4.125% Subordinated Debentures due 2061
Trading Symbol WRB-PH
Security Exchange Name NYSE
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