W. R. Berkley (WRB) Risk Factor Changes

Certain provisions in our organizational and other documents (such as voting and other arrangements with Mitsui Sumitomo Insurance Co., Ltd.) may have the effect of hindering, delaying or preventing third party takeov…

Generally, United States insurance holding company laws require that, before a person can acquire control of an insurance company, prior written approval must be obtained from the insurance regulatory authority in the…

Real estate related investments, including directly owned, investment funds and loans receivable, were $1.9 billion, or 5.7% of our investment portfolio, including cash and cash equivalents, at December 31, 2025.

We invest a portion of our investment portfolio in equity securities, merger arbitrage securities, investment funds, private equity, loans and real estate related assets.

Although the historical rates of default on state and municipal securities have been relatively low, our state and municipal fixed maturity securities could be subject to a higher risk of default or impairment due to…

The value of investments in fixed maturity securities is subject to impairment as a result of deterioration in the credit worthiness of the issuer, default by the issuer (including states and municipalities) in the pe…

Our investment portfolio consists substantially of fixed maturity securities.

Products or services offered that develop or employ artificial intelligence (“AI”) technologies, including generative AI and machine learning, offer potential benefits (e.g., efficiency) but likewise may raise technol…

Our increasing investment in and use of artificial intelligence technologies or their use by third-parties on which we rely could expose us to technological, security, legal, and other risks.

We have in the past experienced cybersecurity incidents affecting our information technology systems as well as the information technology systems of our vendors and other third parties, but, to our knowledge, we have…

Our business is highly dependent upon our employees' ability to perform necessary business functions in an efficient and uninterrupted fashion.

As part of our present strategy, we continue to evaluate the possible start-up of complementary businesses and acquisition transactions on an ongoing basis, and at any given time we may be engaged in discussions with…

With respect to international measures, Solvency II, the EU regime concerning the capital adequacy, risk management and regulatory reporting for insurers and reinsurers may affect our insurance businesses.

We, as a primary insurer, may have significant exposure to terrorist acts.

New or emerging pandemics, whether related to COVID-19 or otherwise, may materially and adversely affect our results of operations, financial position and liquidity, including the following:

Our gross reserves for losses and loss expenses were approximately $22.2 billion as of December 31, 2025.

This intense competition could cause the supply and/or demand for insurance or reinsurance to change, which affect our ability to price our products at attractive rates and retain existing business or write new produc…

Some of our competitors, particularly in the reinsurance business, have greater financial and/or marketing resources than we do.

The uncertainty of an insurer’s ultimate loss costs, and fluctuating competitive conditions, result in alternating periods of “hard” markets (more profitable for insurers) and “soft” markets (less profitable for insur…

Our businesses face significant risks.

•the need for advance notice in order to raise business or make nominations at stockholders' meetings.

Generally, United States insurance holding company laws require that, before a person can acquire control of an insurance company, prior written approval must be obtained from the insurance regulatory authority in the…

due to the then current financial environment.

development and deployment federally, across states, and internationally.

Our business is highly dependent upon our employees' ability to perform necessary business functions in an efficient and uninterrupted fashion.

for impairment of long-term assets or goodwill and indemnification.

We may be unable to maintain all required licenses and approvals and our business may not fully comply with the

may remain below the prices required for us to achieve our long-term return objectives.

Recently, insurance prices have generally increased for most lines of business, excluding workers' compensation and certain professional liability lines of business.

described below, our businesses may also be adversely affected by risks and uncertainties not currently known to us or that we currently consider immaterial.

extraordinary transaction, other than one expected to result in a business combination that would give rise to a significant, direct and irresolvable conflict of interest for MSI.

In addition, Mitsui Sumitomo Insurance Co., Ltd.

based on changes in the economy and interest rates in general and the related asset valuations in particular.

In addition, AI technologies may be misused, and that risk is increased by the relative newness of the technology, the speed at which it is being adopted, and ongoing uncertainty with respect to the laws, regulations,…

condition, costly litigation, or other regulatory enforcement actions.

As an insurance enterprise, we are in the business of binding certain risks.

Our employees could take excessive risks, which could negatively affect our financial condition and business.

As a result of these factors and contingencies, our reliance on assumptions and data used to estimate exceedance probability curves and modeled scenario losses is subject to a high degree of uncertainty that could res…

•The models may not accurately reflect the impact on the economy of the area affected or the financial, judicial, political, or regulatory impact on insurance claim payments during or following a catastrophe event.

•The models may not accurately represent loss potential to insurance or reinsurance contract coverage limits, terms and conditions; and

•The models may not accurately reflect a risk's vulnerability or susceptibility to damage for a given event characteristic;

•The models may not accurately reflect the true frequency of events;

•The models do not address all the possible hazard characteristics of a catastrophe peril (e.g.

Furthermore, there are risks associated with catastrophe events, which are either poorly represented or not represented at all by catastrophe models.

Small changes in assumptions, which depend heavily on our judgment and foresight, can have a significant impact on the modeled outputs.

Our approach to risk management relies on subjective variables that entail significant uncertainties.

Given the inherent uncertainty of models, the usefulness of such models as a tool to evaluate risk is subject to a high degree of uncertainty that could result in actual losses that are materially different than our e…

Numerous factors, such as business revenue, economic conditions, the impact of tariffs, the volatility and strength of the capital markets and inflation can affect the business and economic environment.

Adverse economic factors, including recessions, inflation, periods of high unemployment, the impact of tariffs or lower economic activity could result in the sale of fewer policies than expected or an increase in freq…

regulatory regimes of the jurisdictions outside the EU in which we have insurance or reinsurance companies domiciled to be “equivalent” to Solvency II.

Recently, insurance rate increases have generally moderated for many lines of business, particularly for property lines, which in some instances are experiencing rate decreases.

and conditions acceptable to us.