WRB · Financials · Insurer · FY2025 filings ·
Scored by the financial-sector model
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Nov 2, 2026.
2 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (8 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
| Insider | Shares owned after | Date | Filing detail | ||||
|---|---|---|---|---|---|---|---|
| Welt Philip SEVP & Secretary | Grant, award, or other acquisition (A)Table I · Acquired · Common Stock | 14,086 | —Grant, award, or other acquisition (A) | — | 214,625 | Aug 3, 2026 | 1 filed lot
|
| Welt Philip SEVP & Secretary | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 592 | $72.2875 | $42,794 | 214,033 | Aug 3, 2026 | 1 filed lot
|
| Baio Richard MarkEVP & CFO | Grant, award, or other acquisition (A)Table I · Acquired · Common Stock | 14,086 | —Grant, award, or other acquisition (A) | — | 228,261 | Aug 3, 2026 | 1 filed lot
|
| Baio Richard MarkEVP & CFO | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 650 | $72.2875 | $46,987 | 227,611 | Aug 3, 2026 | 1 filed lot
|
| BERKLEY WILLIAM R JRDirector, Chairman, President and CEO, 10% owner | Grant, award, or other acquisition (A)Table I · Acquired · Common Stock | 98,593 | —Grant, award, or other acquisition (A) | — | 4,654,453 | Aug 3, 2026 | 1 filed lot
|
| BERKLEY WILLIAM R JRDirector, Chairman, President and CEO, 10% owner | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 4,139 | $72.2875 | $299,198 | 4,650,314 | Aug 3, 2026 | 1 filed lot
|
| SHIEL JAMES GEVP - Investments | Grant, award, or other acquisition (A)Table I · Acquired · Common Stock | 14,086 | —Grant, award, or other acquisition (A) | — | 811,283 | Aug 3, 2026 | 1 filed lot
|
| SHIEL JAMES GEVP - Investments | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 650 | $72.2875 | $46,987 | 810,633 | Aug 3, 2026 | 1 filed lot
|
Source-event as of . Retrieved .
Flagship explainer
W. R. BERKLEY CORP's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
| Filed line | Value | % of net interest income | Source |
|---|---|---|---|
| Income before tax | $2.3B | Unavailable |
|
| Income tax | $496M | Unavailable |
|
| $1.8B | Unavailable |
|
Flagship explainer
W. R. BERKLEY CORP's filing tags don't support a full breakdown — here's what is filed:
| Filed line | Value | % of assets | Source |
|---|---|---|---|
| Total assets | $44.1B | 100% |
|
| Cash and equivalents | $2.5B | 6% |
|
| Property, plant and equipment | $596M | 1% |
|
| Goodwill | $184M | 0% |
|
| Deferred tax assets | $141M | 0% |
|
| Operating lease right-of-use assets | $221M | 1% |
|
| Total liabilities | $34.4B | 78% |
|
| Stockholders’ equity | $9.7B | 22% |
|
Flagship explainer
One or more filed inputs needed for the five-factor decomposition are unavailable.
| Input | Value | Fiscal year | Source |
|---|---|---|---|
| Net income | $1.8B | FY2025 |
|
| Income before tax | $2.3B | FY2025 |
|
| Operating income | Unavailable | FY2025 |
|
| Revenue | $556M | FY2025 |
|
| Ending assets | $44.1B | FY2025 |
|
| Beginning assets | $40.6B | FY2024 |
|
| Ending equity | $9.7B | FY2025 |
|
| Beginning equity | $8.4B | FY2024 |
|
Flagship explainer
W. R. BERKLEY CORP’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:
| Filed line | Value | % of cash from operations | Source |
|---|---|---|---|
| Cash from operations | $3.6B | 100% |
|
| Depreciation and amortization | −$48.1M | −1% |
|
| Share-based compensation | $54.5M | 2% |
|
| Cash from investing | −$2.0B | −57% |
|
| Cash from financing | −$1.0B | −29% |
|
| Exchange-rate effect | $38.4M | 1% |
|
| Net change in cash | $565M | 16% |
|
Curated 19-manager tier
Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.
1 holding0 exited17 not holding18/19 resolved1 not retrieved
| Manager | Reported position | Quarter-over-quarter | Filing accession |
|---|---|---|---|
| Markel / Markel-Gayner | 60,750 shares$4.3M · 0% of eligible reported 13F | Unchanged · 0 shares (0%) |
|
| Abrams Capital | No position reported | No position reported |
|
| Akre Capital | No position reported | No position reported |
|
| Baupost Group | No position reported | No position reported |
|
| Berkshire Hathaway | No position reported | No position reported |
|
| Brave Warrior Advisors | No position reported | No position reported |
|
| Dodge & Cox | No position reported | No position reported |
|
| First Eagle | No position reported | No position reported |
|
| Fundsmith | No position reported | No position reported |
|
| Gardner Russo & Quinn | No position reported | No position reported |
|
| Gates Foundation Trust | No position reported | No position reported |
|
| Mairs & Power | No position reported | No position reported |
|
| Oakmark / Harris Associates | No position reported | No position reported |
|
| Polen Capital | No position reported | No position reported |
|
| Sequoia / Ruane Cunniff | No position reported | No position reported |
|
| Southeastern Asset Management | No position reported | No position reported |
|
| Tweedy, Browne | No position reported | No position reported |
|
| Yacktman Asset Management | No position reported | No position reported |
|
| Pershing Square | Not retrieved | Comparison not retrieved | Filing not retrieved |
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Flagship explainer
Records still being gathered — partial as of retrieval Nov 2, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Median ROE 15.8% on average equity, above the 10% hurdle in 89% of 9 years.
Q3 scored 2 evidenced ratios equally.
Profitable in 100% of 10 years, ROE steady.
Median loss ratio 62.0% of net earned premiums over 10 years through FY2025.
Not scored for this company
Scored 4 of 5 applicable components (underwriting carrier model); weights renormalized over the scored set.
The 15-year revenue, margin, and ROIC series is built for the operating model’s lens and isn’t published for banks and insurers — a balance-sheet business is read through the components above, not through operating-company margins.
| Reading | ||
|---|---|---|
| Aug 3, 2026 | 89 | |
| Jul 26, 2026 | 81 | |
| Jul 26, 2026 | 81 | |
Append-only — readings are added, never rewritten. Only readings on the same methodology version (moat-index-financials@1.0.0) are comparable; a change across versions is a scoring change, not a company event.