---
title: W. R. Berkley (WRB) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/wrb
ticker: WRB
as_of: 2026-10-17
sector: Financial Services
industry: Insurance - Property & Casualty
---
# W. R. Berkley (WRB)

W. R. Berkley (WRB) closed at $75.42 on Oct 16, 2026, overvalued by 25% vs its model value of $60.33 (from the justified price to book).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $75.42 (Oct 16, 2026) |
| Model value (from the justified price to book) | $60.33 |
| Price vs model | overvalued by 25% vs model |
| Range of that model | $52.79 – $70.39 |
| Market value | $28.0B |
| P/E (fiscal 2025) | 16.9 |
| Net margin (fiscal 2025) | 12.1% |
| Free cash flow (fiscal 2025) | — |
| Dividend yield (trailing twelve months) | 2.49% |
| Beta | 0.27 |
| Cost of capital (WACC) | 7.21% |
| Business classification | Dividend Payer (Moderate growth (~10% recent), Moderate margins (12% net margin), Pays dividends, Highly cyclical earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.49% |
| Dividends per share, last 12 months | $1.88 |
| Dividends / earnings (fiscal 2025) | 39.4% |
| Raised | 6 years in a row |
| Growth over 5 years | 16.0% a year |
| Latest payment | $0.10, ex-date Sep 21, 2026, paid Sep 30, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Dec 6, 2021 | $0.89 |
| To Dec 16, 2022 | $0.59 |
| To Sep 22, 2023 | $0.88 |
| To Sep 23, 2024 | $1.55 |
| To Sep 22, 2025 | $1.34 |
| Trailing twelve months (to Sep 21, 2026) | $1.88 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/B · justified | primary | $60.33 | $52.79 | $70.39 |
| P/E · peers | cross check | $69.75 | $56.68 | $80.76 |
| P/E · own history | cross check | $75.43 | $69.00 | $81.68 |
| PEG | sanity check | $39.49 | $39.49 | $39.49 |
| Dividend discount | cross check | $68.68 | $43.79 | $121.45 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 3, 2026 | Welt Philip S | EVP & Secretary | Grant / award | 14,086 | $0 |
| Aug 3, 2026 | Welt Philip S | EVP & Secretary | Tax withholding | 592 | $42,794.2 |
| Aug 3, 2026 | Baio Richard Mark | EVP & CFO | Grant / award | 14,086 | $0 |
| Aug 3, 2026 | Baio Richard Mark | EVP & CFO | Tax withholding | 650 | $46,986.9 |
| Aug 3, 2026 | BERKLEY WILLIAM R JR | Chairman, President and CEO | Grant / award | 98,593 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Jul 31, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/11544/000001154426000036/wrb-20260630.htm |
| Jul 20, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/11544/000001154426000033/wrb-20260720.htm |
| Jun 26, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/11544/000001154426000030/wrb-20260626.htm |
| Jun 11, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/11544/000001154426000020/wrb-20260609.htm |
| Jun 10, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/11544/000001154426000016/wrb-20260609.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bruce Berkowitz | 2026-06-30 | 256,350 | $18.1M |
| Thomas Gayner | 2026-06-30 | 60,750 | $4.3M |
| Bridgewater | 2026-06-30 | 13,499 | $952,084 |

3 tracked managers in all.

## About

W. R. Berkley Corporation functions as an insurance holding company, primarily underwriting commercial policies across the United States and globally. Its extensive operations are divided into two principal divisions: Insurance, and Reinsurance & Monoline Excess. The Insurance segment delivers a wide spectrum of commercial insurance solutions. This includes foundational coverages such as general liability, property, commercial auto, and professional liability, alongside specialized offerings like workers' compensation, environmental policies for diverse businesses, directors and officers (D&O) liability, cyber risk protection, and niche policies for fine arts and jewelry. The segment also extends to personal lines, providing home and automobile insurance, and specialized liability products for sectors such as law enforcement and public officials. Additionally, it offers accident and heal…

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Source: https://sweetvaluelab.com/stocks/wrb (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.