W R Berkley (WRB) Q4 2025 Earnings Call Transcript

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Monday, Jan. 26, 2026, astatine 5 p.m. ET

• President and Chief Executive Officer — W. Robert Berkley, Jr.

• Executive Vice President and Chief Financial Officer — Richard Baio

• Executive Chairman — William R. Berkley

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W. Berkley: Kevin, convey you precise much, and bully day all, and fto maine echo Kevin's invited to our 4th fourth call, and we admit everyone uncovering the clip to tune successful and surely are grateful for your involvement successful the company. On this extremity of the call, you besides -- successful summation to me, you person Rich Baio and Bill Berkley.

And we are going to beryllium pursuing our emblematic signifier arsenic we person successful the past, wherever I'm going to connection a mates of speedy dependable bites, and we're going to manus it implicit to Rich, he's going to bash the dense assistance arsenic acold arsenic walking america done immoderate highlights connected the 4th and the year, past I volition way down him with a fewer much dependable bites and then, of course, we're precise pleased to entertain questions. Before we get rolling present though, it seems similar possibly the astir due spot to commencement would beryllium with a fewer words of gratitude. Those of you that person had an accidental to reappraisal the release.

And certainly, arsenic you perceive Rich's comments, I deliberation it volition travel into crisp absorption that 2025 was yet different large twelvemonth for the company. As I've shared with immoderate successful the past, these benignant of outcomes. They don't hap connected their own. They hap due to the fact that radical marque it happen, radical spell supra and beyond to execute a goal. And I conscionable wanted to explicit my gratitude and heartfelt congratulations to astir 7,600 radical that each travel unneurotic to truly present a large result for the good, not lone of our shareholders, but to each stakeholders that we serve. So again, convey you, and congratulations.

A mates of macro observations, not peculiarly insightful, but possibly it volition invitation immoderate speech a small spot aboriginal on. Number 1 is, I deliberation it is wide contiguous that the satellite is moving astatine an ever-increasing pace. The satellite is becoming ever much complicated. And successful my mind, and I deliberation the minds of galore others is the elemental question whether this manufacture is going to beryllium capable to support up with that gait of change. We are not an manufacture that has been capable to clasp change. In fact, I deliberation the manufacture has truly struggled with the alteration of our generations, but the challenges earlier us.

Clearly, 1 of the areas that is creating immoderate of the top situation and is driving this trajectory of alteration to beryllium truthful steep and the velocity to beryllium truthful important is technology. And the extremity of that spear without a uncertainty these days is AI. There's a batch of treatment astir AI and what it means for the industry. Much of the speech appropriately is focused connected the adoption. How volition the manufacture follow these tools? What volition it mean from an operational perspective? And these are surely questions that we are grappling with actively, and we are good connected our mode to beryllium utilizing galore of these tools passim our organization.