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Combined Ratio by Segment
Tracks underwriting profitability by segment (losses plus expenses relative to premiums). A combined ratio under 100 means underwriting profit; tracking it by line shows where Berkley writes profitable business, where pricing or reserve issues exist, and how catastrophes or claim trends affect margins.Reinsurance & Monoline Excess swung from crisis‑level spikes into the high‑80s/low‑80s and now sub‑80s — likely reflecting a deliberate pullback and remediation after lossful years rather than a durable underwriting renaissance, which management cautioned is pressured by fierce competition and shrinking premiums. Meanwhile the core Insurance combined ratio has crept into the low‑90s, mirroring calendar‑year trends and isolated casualty rate cuts; disciplined expense control and surging investment income are cushioning returns, but underwriting leverage and MGU/delegated risks remain the key watch items.
Date | Insurance | Reinsurance & Monoline Excess |
|---|---|---|
Jun 30, 2026 | 91.40 | 79.30 |
Mar 31, 2026 | 92.20 | 78.60 |
Dec 31, 2025 | 90.60 | 81.00 |
Sep 30, 2025 | 92.30 | 81.10 |
Jun 30, 2025 | 92.10 | 87.40 |
Mar 31, 2025 | 91.70 | 85.40 |
Dec 31, 2024 | 90.50 | 88.40 |
Sep 30, 2024 | 91.50 | 86.70 |
Jun 30, 2024 | 92.40 | 81.80 |
Mar 31, 2024 | 90.20 | 79.60 |