W R Berkley Corp at Goldman Sachs U.S. Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : And maybe we just kick it off with the news that came out on Friday, MSI acquiring a 12.5% stake in Berkley. I know this was a previously announced transaction, but anything of additional context or update you want to provide on that?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Yeah, right in line with what was originally announced. So I guess, moving more broadly on to the overall business, could you just provide us some background on sort of where the business stands today from a holistic perspective and kind of what's the strategy going forward into 2026?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Yeah, and so I guess one thing that is changing is the insurance cycle, and every cycle is unique. Berkley has 60-plus independently managed underwriting units to manage it. What would you say about this cycle relative to past cycles, and how does that inform your view on how conditions should play out over the coming year?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Yeah, and you know if we zone in on casualty for example, how are those claim cost trends trending here, and do you expect any sort of let up in the level of loss trend that you're seeing in those lines?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Okay, that makes sense, and Berkley is a large participant in the E&S market. In the past, you've said that E&S is likely to continue to take share of the commercial market over the long term. Do you think that's still the case, and is there any difference between what you're seeing in the near and medium term versus long term?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : And for Berkley specifically, growth has been like high-single-digits this year, called out rate adequacy in certain lines of business that has held you back from some additional growth. As we think about that, like what's the right rate of growth for WRB going forward, and it sounds like maybe you're more opportunistic on certain products versus others.

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Okay, and you touched on property briefly there, so you rode the wave. If we think about property cat specifically and 1/1, maybe even on the reinsurance side of the business, what are you seeing for 1/1 renewals and how do you think about rate adequacy right now?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Got it. And so if we shift to the margin of the business, maybe in insurance first, I think you've said rate is in excess of trend, excluding workers' comp, but you also have some mix shifts going on. Could you unpack for us what's going on with the underlying loss ratio and how you're thinking about that?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : That makes sense. How about on the expense side of the equation, I think Berkley has made significant improvement over a longer-term period. Is there more opportunity to get more efficient in the near term, or is that becoming more challenging by some of the tougher growth environment?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Yeah, you mentioned data and analytics. Maybe that's a good segue way to ask you about artificial intelligence. How do you think AI can impact a business like Berkley and what capabilities are you investing in, and has there been any success or is that further down the road?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : And I wanted to pivot and maybe ask you about MGAs. I know you've highlighted some conflicts of interest there in the past.

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Where are you seeing the greatest prevalence of MGA risk today? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 8:00PM, WRB.N - W R Berkley Corp at Goldman Sachs U.S. Financial Services Conference

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : It's a fair one, and so hopping around a little bit here, but I wanted to give you the opportunity to talk about Berkley One. Berkley has seen strong growth in that business, the high net worth personal lines. Can you give us a sense of where this endeavor stands and the success to date?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : That makes sense. And if we pair those comments on Berkley One with the additional cat exposure there and you've shifted some mix into property in recent years, how do we get a sense of where you are in terms of cat exposure relative to where you might want to be over the longer term? Is this like a new level?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : I want to go back to something you said on pricing, casualty maybe not seeing some of the same increases in certain lines. Were there certain products that you were thinking about when you were mentioning that? And do you have any idea of why that might be? Is that just because pricing has gone up for a long period of time?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Got it. And how about workers' comp specifically, I think you've been pretty vocal on this product. Are you seeing any new trends there and how's the medical severity?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : And how should we be thinking about Berkley's international ambitions if there are any?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Great. It seems like we're getting to this period of potentially lower organic growth. How are you thinking about capital return? What is the playbook for Berkley? I know you're issuing special dividends. What's the appetite for M&A?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Great, and if we think about the net investment income trajectory, how should we be thinking about the portfolio moving forward and planning any changes to allocations or anything like that?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Makes sense, and so if we put all that together, lots of comments on underwriting, on net investment income, capital deployment, you've been in this sort of high 10s ROE for a number of years. Is that still the right realm moving forward, or are we on potentially with the cycle maybe a path towards a little bit more normalization, or is it sustainable?

Question: Robert Cox - Goldman Sachs Group Inc - Analyst : Awesome. I think we're right about out of time. Thanks, Rob, for being with us today. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 8:00PM, WRB.N - W R Berkley Corp at Goldman Sachs U.S. Financial Services Conference