W. R. Berkley (WRB) 10-K risk factor changes: FY2020 vs FY2020

We face significant competitive pressures in our businesses, which [removed: have pressured] [added: can pressure] premium rates in certain areas and could harm our ability to maintain or increase our profitability and premium volume in some parts of our business.

In recent years, the insurance industry has undergone consolidation, which may further increase [removed: competition in some parts of our business.]

[removed: More recently,] [added: Recently,] insurance prices have generally increased for most lines of business, excluding workers' compensation.

Our gross reserves for losses and loss expenses were approximately [removed: $13.8] [added: $15.4] billion as of December 31, [removed: 2020.][added: 2021.]

As industry practices and economic, legal, judicial, [removed: social] [added: social, technological] and other environmental conditions change, unexpected and unintended issues related to claim and coverage may emerge.

[added: For] example, catastrophe losses net of reinsurance recoveries were [removed: $340] [added: $202] million in [removed: 2020] [added: 2021] (including COVID-19 related losses), [removed: $90] [added: $340] million in [removed: 2019,] [added: 2020 (including COVID-19 related losses),] and [removed: $105] [added: $90] million in [removed: 2018.][added: 2019.]

Catastrophes can be caused by various events, including hurricanes, windstorms, earthquakes, tsunamis, hailstorms, explosions, severe winter weather and fires, pandemics, as well as terrorist and other man-made activities, including drilling, mining and other industrial accidents, [removed: cyber events] [added: the bankruptcy of a major company, war] or [removed: terrorist activities.][added: other military actions, social unrest,]

The COVID-19 pandemic has [added: previously] materially and adversely affected our results of operations, and [removed: is expected to continue and therefore] may [added: further] materially and adversely [removed: affect,] [added: affect] our results of operations, financial position and liquidity.

The ongoing COVID-19 pandemic, including the related impact on the U.S. and global economies, [removed: has] [added: had] materially and adversely affected our results of operations.

We expect the pandemic and its impact on our business [removed: to] [added: may] continue, and potentially even worsen, but we cannot predict the magnitude or duration of its continued impact, particularly given the great uncertainties associated with COVID-19, including regarding the reopening of the U.S. and global economies and the recovery from its devastating economic and other effects.

Of the [removed: $171] [added: $274] million of COVID-19-related losses, [removed: $95] [added: $239] million are reported losses and [removed: $76] [added: $35] million is booked as IBNR.

[added: In addition, we may be unable to renew our current reinsurance coverages] or obtain appropriate new reinsurance covers with respect to certain exposures under our policies, including COVID-19-related exposures, and therefore our net exposures could increase, or if we are unwilling to bear such increase in net exposure, we may reduce our level of underwriting commitments.

Further disruptions in global financial markets due to the continuing impact of COVID-19 could cause us to incur additional unrealized and/or realized investment losses (beyond the investment fund losses incurred [removed: to date),] [added: in prior years),] including impairments in our fixed maturity portfolio and other investments.

In addition, our agents, brokers, suppliers and other third party service providers, which we rely on for key aspects of our operations, are subject to risks and uncertainties [removed: related to the COVID-19 pandemic, which may interfere with their ability to fulfill their respective commitments and responsibilities to us in a timely manner and in accordance with the agreed-upon terms.]

In response to the COVID-19 pandemic, we have [removed: implemented] [added: in place] remote working policies which have resulted in disruptions to our business routines, heightened risk to cybersecurity attacks and data security incidents and a greater dependency on internet and telecommunication access and capabilities.

Based on our [removed: 2020] [added: 2021] earned premiums, our aggregate deductible under TRIPRA during [removed: 2021] [added: 2022] is approximately [removed: $1,014] [added: $1,135] million.

[removed: Although state] [added: State] regulation is the primary form of regulation of insurance and reinsurance in the United States, [added: although Congress has considered various proposals regarding federal regulation of insurance,] in addition to the changes brought about by the Dodd-Frank Act, [removed: Congress has considered various] [added: such as] proposals [removed: relating to] [added: for] the creation of an optional federal charter [removed: and repeal of the] [added: for] insurance [removed: company antitrust exemption from the McCarran-Ferguson Act.][added: companies.]

In addition, the [removed: change in the] [added: new] U.S. administration and the volatile political environment may increase the chance of other federal legislative and regulatory changes that could affect us in ways we cannot predict.

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

Additionally, our capital requirements and compliance requirements may be adversely affected if the [removed: EU] [added: European] Commission does not deem the insurance regulatory regimes of the jurisdictions outside the EU in which we have insurance or reinsurance companies domiciled to be “equivalent” to Solvency II.

We may be unable to maintain all required licenses and approvals and our business may not fully comply with the wide [added: variety of applicable laws and regulations or the relevant authority's interpretation of the laws and regulations.]

[removed: Also, changes] in the level of regulation of the insurance industry, whether federal, state or foreign, or changes in laws or regulations themselves or interpretations by regulatory authorities, may further restrict the conduct of our business.

Our [added: expanding] international operations expose us to [added: increased] investment, [removed: political] [added: political, legal/regulatory,] and economic risks, including foreign currency and credit risk.

Our expanding international operations in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, the Asia-Pacific region, South Africa and Australia expose us to increased investment, [removed: political] [added: political, legal/regulatory,] and economic risks, including foreign currency and credit risk.

[removed: Specifically in relation to financial services, under the terms of the Trade and Cooperation Agreement, both EU and U.K. insurers lost their respective passporting rights from January 1, 2021, and it] [added: It] is [added: also] unclear whether the EU will make “equivalence” determinations in respect of relevant aspects of U.K. financial services regulation.

We depend on our ability to attract and retain key personnel, including our President and CEO, Executive Chairman, senior executive officers, presidents of our [removed: operating units,] [added: businesses,] experienced underwriters and other skilled employees who are knowledgeable about our business.

[removed: If the quality of our underwriting team and other personnel decreases, we may be unable to] maintain our current competitive position in the specialized markets in which we operate, and be unable to expand our operations into new products and markets.

Our reinsurers may not pay the reinsurance recoverables that they owe to us or they may not pay [added: such recoverables on a timely basis.]

As of December 31, [removed: 2020,] [added: 2021,] the amount due from our reinsurers was approximately [removed: $2,425] [added: $2,923] million, including amounts due from state funds and industry pools where it was intended that we would bear no risk.

Our ratings are subject to periodic review, and we cannot assure you that we will be able to retain our current or any future [removed: ratings.][added: ratings, especially given that rating agencies may change their criteria or increase capital requirements for various rating levels.]

As part of our present strategy, we continue to evaluate possible acquisition transactions and the start-up of complementary businesses on an ongoing basis, and at any given time we may be engaged in discussions with respect to [added: possible acquisitions and new ventures.]

Our failure to effectively protect sensitive personal [removed: and our] [added: and/or] proprietary information, whether owing to breaches of our own systems or those of our vendors, could result in significant monetary and reputational damages, [added: material adverse effects to our financial condition,] costly litigation, or other regulatory enforcement [removed: actions.]

These increased risks, and expanding regulatory requirements regarding data security, [added: including required compliance with the GDPR, CCPA, CPRA and additional state-specific privacy statutes and regulations,] could expose us to data loss, monetary and reputational damages and significant increases in compliance costs.

[removed: As a result, our ability to conduct our] business could be materially and adversely affected.

As of December 31, [removed: 2020,] [added: 2021,] our investment in fixed maturity securities was approximately [removed: $14.2] [added: $16.6] billion, or [removed: 67.9%] [added: 69.9%] of our total investment portfolio, including cash and cash equivalents.

As of that date, our portfolio of fixed maturity securities consisted of the following types of securities: U.S. Government securities [removed: (4.3%);] [added: (5.2%);] state and municipal securities [removed: (26.0%);] [added: (20.3%);] corporate securities [removed: (32.9%);] [added: (33.7%);] asset-backed securities [removed: (22.6%);] [added: (27.0%);] mortgage-backed securities [removed: (7.3%)] [added: (6.5%)] and foreign government [removed: (6.9%).][added: (7.3%).]

[removed: During periods of market disruption, it] may be difficult to value certain of our securities, particularly if trading becomes less frequent and/or market data becomes less observable.

Investment returns are currently, and will likely continue to remain, under pressure due to [removed: the continued low inflation,] actions by the Federal Reserve, economic uncertainty, more generally, and the shape of the yield curve.

At December 31, [removed: 2020,] [added: 2021,] our investment in these assets was approximately [removed: $4.3] [added: $5.6] billion, or [removed: 20.6%,] [added: 23.5%,] of our investment portfolio, including cash and cash equivalents.

Merger and arbitrage trading securities were [removed: $341.5 million,] [added: $1.2 billion,] or [removed: 1.6%] [added: 5.0%] of our investment portfolio, including cash and cash equivalents at December 31, [removed: 2020.][added: 2021.]

competition in some parts of our business and may cause our insurance subsidiaries to incur greater customer retention and acquisition expenses, affecting the profitability of existing and new business.

The insurance industry continues to attract new capital which leads to increased competition in our business.

In addition, although

the Company has estimated the potential COVID-19 impact to its contingency and event cancellation, workers’ compensation, and other lines of business under a number of possible scenarios, due to COVID-19’s continued evolving impact, there remains a high degree of uncertainty around the Company’s COVID-19-related reserves.

cyber events or terrorist activities.

The incidence and severity of catastrophes are inherently unpredictable, and longer-term natural catastrophe trends may be changing due to climate change causing increased variability and unpredictability.

As of December 31, 2021, we recorded approximately $274 million for COVID-19-related losses.

related to the COVID-19 pandemic, which may interfere with their ability to fulfill their respective commitments and responsibilities to us in a timely manner and in accordance with the agreed-upon terms.

To the extent that our reinsurers have excluded coverage for certain terrorist acts or have priced this coverage at rates that make purchasing such coverage economically infeasible, we may not have reinsurance protection and could be exposed to potential losses as a result of any acts of terrorism.

- limitations on the amount of dividends, tax distributions, intercompany loans and other payments that can be made without prior regulatory approval;

The topic of climate risk has come under increased scrutiny by insurance regulators.

In September 2020, the NYDFS issued a circular letter to New York domestic and foreign authorized insurance companies, which impacts our insurance subsidiaries licensed in New York.

The circular letter states that the NYDFS expects insurers to integrate financial risks related to climate change into their governance frameworks, risk management processes and business strategies.

The NYDFS also adopted an amendment to the regulation that governs enterprise risk management, effective as of August 13, 2021, that requires an insurance group to include certain additional risks, such as climate change risk, in its enterprise risk management function.

In addition, the FIO has been instructed by President Biden’s Executive Order on Climate-Related Financial Risk, dated May 20, 2021, to seek public comment on a series of questions that “will help inform FIO’s assessment of climate-related financial risks for the insurance sector.” The FIO’s Request for Information notes that it “plans to … take a leadership role in analyzing how the insurance sector may help mitigate climate-related risks \[and to that end, it\] will engage with the insurance sector to assess how the sector may help achieve national climate-related goals, including mitigation, adaptation and transition to a lower carbon economy.” These measures may subject us to increased oversight at the state and federal level.

and regulatory reporting for insurers and reinsurers may affect our insurance businesses.

In particular, the European Commission has undertaken a review of Solvency II and on September 22, 2021, published a package of proposed legislative reforms for amending the existing regulatory framework.

This proposed legislation is now being discussed by the European Parliament and the European Commission.

Also, changes

We face additional risks as a result of our international operations which could have an adverse effect on our results of operations and financial condition including: burdens and costs of compliance with a variety of foreign laws and regulations and the associated risk and costs of non-compliance; exposure to undeveloped or evolving legal systems, which may result in unpredictable or inconsistent application of laws and regulations; exposure to commercial, political, legal or regulatory corruption; political, economic or other instability in countries in which we conduct business, including possible terrorist acts; the imposition of tariffs, trade barriers or other protectionist laws or business practices that favor local competition, increased costs and adverse effects on our business; changes to visa or immigration policies; diminished ability to enforce our contractual rights; potential increased risk of data breaches; differences in cultural environments; sociopolitical instability; social, political or economic instability resulting from climate change; changes in regulatory requirements, including changes in regulatory treatment of certain products or services; exposure to local economic conditions and its impact on our clients’ performance and creditworthiness; and restrictions on the repatriation of non-U.S. investments and earnings.

Specifically in relation to financial services, the Trade and Cooperation Agreement

did not provide for EU and U.K. regulated firms to be able to access each other’s markets via passporting rights.

Both EU and U.K. insurers therefore lost their respective passporting rights from January 1, 2021.

If the quality of our underwriting team and other personnel decreases, we may be unable to

This failure to pay or failure to pay on a timely basis may be due to factors such as whether reinsurers, their affiliates or certain indemnitors have the financial capacity and willingness to make payments under the terms of a reinsurance treaty or contract.

For instance, Standard & Poor's has recently proposed changes to its rating model which could impact our rating depending on final changes that are implemented.

Our financial results could be adversely affected by acquired businesses not performing as projected, unforeseen liabilities, routine and unanticipated transaction-related charges, diversion of management time and resources to acquisition integration challenges or growth strategies, loss of key employees, challenges in integrating information technology systems of acquired companies with our own, amortization of expenses related to intangibles, charges for impairment of long-term assets or goodwill and indemnification.

Although we have taken steps intended to protect our data and information technology systems and mitigate the risk of harm caused by cybersecurity incidents or breaches, no safeguards are perfect and any failure of these safeguards could cause a substantial disruption of our business operations, which could result in service interruptions, data security compromises, regulatory action, and other similar operational and legal issues, as well as substantial remediation and other costs.

While, to our knowledge, we have not recently experienced any material security incidents, we are constantly managing an influx of attempts and efforts to infiltrate and compromise our systems and data.

actions.

As a result, our ability to conduct our

Limitations in risk management and loss limitation methods may adversely impact our business.

We seek to effectively manage risk and limit our losses in a variety of ways including through effective underwriting, tailoring policy terms, and the use of reinsurance.

However, there are certain limitations in these and similar tactics and as a result, loss levels may be higher than modeled or otherwise expected, which could have a material adverse effect on our business.

Increased scrutiny on social responsibility and the efforts we take to implement related measures, or the failure to take such measures, may adversely impact our business.

There is increased scrutiny from regulators and investors on the measures companies take to be socially responsible.

Although we have made efforts to be responsible in this manner, for example through our commitment to fostering a unifying culture and encouraging innovation across our operating units, these types of pressures may nonetheless present challenges and have an adverse impact on our business.

In addition, we may be subject to negative publicity based on a failure or perceived failure to achieve various social responsibility initiatives and goals relating to diversity, equity and inclusion, and commitment to long-term sustainability we may announce from time to time, or based on an actual or perceived increase in related risks as a result of our or our industry’s business activities.

During periods of market disruption, it

Future regulatory actions could further restrict our insurance subsidiaries’ ability to pay us dividends.

Over the past several years, increased supply has led to significant competition in our business.

Our E&S operating units have also encountered competition from admitted companies seeking to increase market share.

For

The incidence and severity of catastrophes are inherently unpredictable.

As of December 31, 2020, we recorded approximately $171 million for COVID-19-related losses, net of applicable reinsurance, and reinstatement premiums of approximately $18 million.

In addition, we may be unable to renew our current reinsurance coverages

In particular, the European Commission and European regulators are undertaking a review of Solvency II, which is anticipated to be completed in the third quarter of 2021.

variety of applicable laws and regulations or the relevant authority's interpretation of the laws and regulations.

such recoverables on a timely basis.

possible acquisitions and new ventures.

W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two [removed: business] segments of the property and casualty business: Insurance and Reinsurance & Monoline Excess.

While providing our business units with certain operating autonomy, our structure allows us to capitalize on the benefits of economies of scale through centralized capital, investment, [removed: reinsurance and] [added: reinsurance,] enterprise risk management, and actuarial, financial and corporate legal staff support.

An important part of our strategy is to form new [removed: operating units] [added: businesses] to capitalize on various [removed: business] opportunities.

Over the years, the Company has formed numerous [removed: new operating units] [added: businesses] that are focused on important parts of the economy in the U.S., including healthcare, cyber security, energy and agriculture, and on growing international markets, including the Asia-Pacific region, South America and Mexico.

The [removed: ongoing] COVID-19 pandemic, including the related impact on the U.S. and global economies, has materially and adversely affected our results of operations.

For the year ended December 31, [removed: 2020,] [added: 2021,] the Company recorded approximately [removed: $171] [added: $58] million for [added: current accident year] COVID-19-related losses, net of [removed: reinsurance, and reinstatement premiums of approximately $18 million.][added: reinsurance.]

The ultimate impact of COVID-19 on the economy and [removed: on] the Company’s results of operations, financial position and liquidity is [removed: uncertain and] not within the Company’s [removed: control.][added: control and remains unclear due to, among other factors, uncertainty in connection with its claims, reserves and reinsurance recoverables.]

Despite the effects of COVID-19 to date, the Company’s financial position and liquidity improved [removed: commencing in] [added: for] the [removed: second quarter.][added: year ended December 31, 2021.]

The Company uses a variety of actuarial techniques and methods to derive an actuarial point estimate for each [removed: operating unit.][added: business.]

The actuarial data is analyzed by line of business, coverage and accident or policy year, as appropriate, for each [removed: operating unit.][added: business.]

Expected loss ratios are estimated for each key line of business within each [removed: operating unit.][added: business.]

The following table reflects the impact of changes (which could be favorable or unfavorable) in frequency and severity, relative to our assumptions, on our loss estimate for claims occurring in [removed: 2020:][added: 2021:]

Our net reserves for losses and loss expenses of approximately [removed: $11.6] [added: $12.8] billion as of December 31, [removed: 2020] [added: 2021] relate to multiple accident years.

Approximately [removed: $2.6] [added: $2.8] billion, or 22%, of the Company’s net loss reserves as of December 31, [removed: 2020] [added: 2021] relate to the Reinsurance & Monoline Excess segment.

Following is a summary of the Company’s reserves for losses and loss expenses by business segment as of December 31, [removed: 2020] [added: 2021] and [removed: 2019:][added: 2020:]

| (In thousands) | | | [added: 2021 | | | | | |] 2020 | | | | | | 2019 | | | [added: | | | | | |]

| Insurance | | | $ | [removed: 9,034,969] [added: 10,060,420] | | | | | $ | [removed: 8,193,381] [added: 9,034,969] | |

| Reinsurance & Monoline Excess | | | [removed: 2,585,424] [added: 2,787,942] | | | | | | [removed: 2,504,617] [added: 2,585,424] | | |

| Net reserves for losses and loss expenses | | | [removed: 11,620,393] [added: 12,848,362] | | | | | | [removed: 10,697,998] [added: 11,620,393] | | |

| Ceded reserves for losses and loss expenses | | | [removed: 2,164,037] [added: 2,542,526] | | | | | | [removed: 1,885,251] [added: 2,164,037] | | |

| Gross reserves for losses and loss expenses | | | $ | [removed: 13,784,430] [added: 15,390,888] | | | | | $ | [removed: 12,583,249] [added: 13,784,430] | |

Following is a summary of the Company’s net reserves for losses and loss expenses by major line of business as of December 31, [removed: 2020] [added: 2021] and [removed: 2019:][added: 2020:]

(1)Reserves for excess and assumed workers’ compensation business are net of an aggregate net discount of [removed: $483] [added: $452] million and [removed: $530] [added: $483] million as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively.

| (In thousands) | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | | | | | | | |

| Increase in prior year loss reserves | | | $ | [removed: (627)] [added: (863)] | | | | | $ | [removed: (34,079)] [added: (627)] | | | | | $ | [removed: (6,831)] [added: (34,079)] | | | | | | | |

| Increase in prior year earned premiums | | | [removed: 16,807] [added: 7,510] | | | | | | [removed: 53,511] [added: 16,807] | | | | | | [removed: 45,638] [added: 53,511] | | | | | | | | |

| Net favorable prior year development | | | $ | [removed: 16,180] [added: 6,647] | | | | | $ | [removed: 19,432] [added: 16,180] | | | | | $ | [removed: 38,807] [added: 19,432] | | | | | | | |

The [removed: ongoing] COVID-19 global pandemic has impacted, and [removed: will likely continue to] [added: may further] impact, the Company’s results through its effect on claim frequency and severity.

The Company has also received COVID-19-related claims for longer-tailed casualty lines of business such as workers’ compensation and other liability; however, the estimated incurred loss impact for these reported claims [removed: appears to be modest] [added: are not material] at this time.

The Company has estimated the potential COVID-19 impact to its contingency and event cancellation, workers’ compensation, and other lines of business under a number of possible scenarios; however, due to COVID-19’s [added: continued] evolving [removed: impact and the still limited amount of available data,] [added: impact,] there remains a high degree of uncertainty around the Company’s COVID-19 reserves.

For the year ended December 31, [removed: 2020,] [added: 2021,] the Company recognized [added: current accident year] losses for COVID-19-related claims activity, net of reinsurance, of approximately [removed: $171] [added: $58] million, of which [removed: $161] [added: $54] million [removed: related] [added: relates] to the Insurance segment and [removed: $10] [added: $4] million [removed: related] [added: relates] to the Reinsurance & Monoline Excess segment.

Such [removed: $171] [added: $274] million of COVID-19-related losses included [removed: $95] [added: $239] million of reported losses and [removed: $76] [added: $35] million of IBNR.

Continuing the pattern seen in recent years, the overall favorable development in 2020 resulted from more significant favorable development on workers’ compensation business, which was partially offset by unfavorable development on professional liability, including excess professional [removed: liability.][added: liability]

Reported workers’ compensation losses in 2020 continued to be below our expectations at most of our [removed: operating units,] [added: businesses,] and were below the assumptions underlying our initial loss ratio picks and our previous reserve estimates for most prior accident years.

[added: For these lines of] business, we continue to see an increase in the number of large losses reported and a lengthening of the reporting “tail” beyond historical levels.

Our initial loss ratio “picks” for this line of business over the past few accident years have contemplated an increase in loss cost trends and reflect decreasing premium rates in the marketplace; reported workers’ compensation losses in 2019 continued to be below our expectations at most of our [removed: operating units, and were below the assumptions underlying our initial loss ratio picks and our previous reserve estimates.]

Favorable prior year development (net of additional and return premiums) was [removed: $39] [added: $7] million in [removed: 2018.][added: 2021.]

Insurance [removed: -] [added: –] Reserves for the Insurance segment developed favorably by [removed: $19] [added: $20] million in [removed: 2018.][added: 2021 (net of additional and return premiums).]

[removed: workers’ compensation losses in 2018 continued to be below our expectations at most of our] operating units, and were below the assumptions underlying our [added: initial loss ratio picks and our] previous reserve estimates.

Reinsurance & Monoline Excess [removed: -] [added: –] Reserves for the Reinsurance & Monoline Excess segment developed [removed: favorably] [added: unfavorably] by [removed: $20] [added: $13] million in [removed: 2018.][added: 2021.]

On February 23, 2022, the Company announced that it has entered into an agreement for the sale of a real estate investment consisting of an office building located at 52 Lime Street, London, U.K. (known as “The Scalpel”) for £718 million, subject to agreed upon adjustments.

The transaction is scheduled to close on March 7, 2022.

The Company estimates that it will realize a pretax gain of more than $300 million in the first quarter of 2022, subject to adjustment for final transaction expenses and certain items, including the impact of the foreign exchange rate at the date of the close.

At the same time, COVID-19 has led to reduced loss frequency in certain lines of business (which has begun to return to pre-pandemic levels as many economies and legal systems have reopened as a result of higher levels of vaccination).

While many of the potential impacts on the Company have receded as populations have begun to become vaccinated, new variants of the COVID-19 virus, including the “Omicron” variant, and the slowing of vaccination rates among certain populations, continue to create risks to the Company.

As a result, the impact of COVID-19 on the Company’s results of operations for the year of 2021 is not necessarily indicative of its impact for 2022 or beyond.

| 1% | | | $ | 98,916 | | | | | $ | 297,732 | | | | | $ | 546,252 | |

| 5% | | | 297,732 | | | | | | 504,422 | | | | | | 762,785 | | |

| 10% | | | 546,252 | | | | | | 762,785 | | | | | | 1,033,450 | | |

| December 31, 2021 | | | | | | | | | | | | | | | | | |

| Other liability | | | $ | 1,724,907 | | | | | $ | 3,319,665 | | | | | $ | 5,044,572 | |

| Workers’ compensation (1) | | | 1,016,014 | | | | | | 903,448 | | | | | | 1,919,462 | | |

| Professional liability | | | 468,680 | | | | | | 1,019,344 | | | | | | 1,488,024 | | |

| Commercial automobile | | | 504,821 | | | | | | 424,382 | | | | | | 929,203 | | |

| Short-tail lines (2) | | | 322,917 | | | | | | 356,242 | | | | | | 679,159 | | |

| Total Insurance | | | 4,037,339 | | | | | | 6,023,081 | | | | | | 10,060,420 | | |

| Reinsurance & Monoline Excess (1) (3) | | | 1,475,623 | | | | | | 1,312,319 | | | | | | 2,787,942 | | |

| Total | | | $ | 5,512,962 | | | | | $ | 7,335,400 | | | | | $ | 12,848,362 | |

| Other liability | | | $ | 1,534,514 | | | | | $ | 2,968,428 | | | | | $ | 4,502,942 | |

| Professional liability | | | 414,104 | | | | | | 771,495 | | | | | | 1,185,599 | | |

Loss cost trends have been impacted and may be further impacted by COVID-19-related claims in certain lines of business.

Losses incurred from COVID-19-related claims have been offset, to a certain extent, by lower claim frequency in certain lines of our businesses; however, as the economy and legal systems have reopened, the benefit of lower claim frequency has begun to abate.

Although as populations have continued to be vaccinated against the virus and the effects of the pandemic have receded in many jurisdictions, most particularly the United States, it remains too early to determine the ultimate net impact of COVID-19 on the Company.

New variants of the COVID-19 virus, including the “Omicron” variant, and the slowing of vaccination rates among certain populations continue to create risks with respect to loss costs and the potential for renewed impact of the other effects of COVID-19 associated with economic conditions, inflation, and social distancing and work from home rules.

In addition, should the pandemic continue or worsen as a result of new COVID-19 variants or otherwise, governments in the jurisdictions where we operate may renew their efforts to expand policy coverage terms beyond the policy’s intended coverage.

As of December 31, 2021, the Company had recognized losses for COVID-19-related claims activity, net of reinsurance, of approximately $274 million, of which $233 million relates to the Insurance segment and $41 million relates to the Reinsurance & Monoline Excess segment.

The overall favorable development in 2021 was attributable to favorable development on the 2020 accident year, partially offset by adverse development on the 2016 through 2019 accident years.

The favorable development on the 2020 accident year was largely concentrated in the commercial auto liability and other liability lines of business, including commercial multi-peril liability.

During 2020 the Company achieved larger rate increases in these lines of business than were contemplated in its budget and in its initial loss ratio selections.

The Company also experienced significantly lower reported claim frequency in these lines in 2020 relative to historical averages, and lower

reported incurred losses relative to its expectations.

We believe that the lower claim frequency and lower reported incurred losses were caused by the impacts of the COVID-19 pandemic, for example, lockdowns, reduced driving and traffic, work from home, and court closures.

However, due to the uncertainty regarding the ultimate impacts of the pandemic on accident year 2020 incurred losses, the Company elected not to react to these lower reported trends during 2020.

As more information became available and the 2020 accident year continued to mature, during 2021 the Company started to recognize favorable accident year 2020 development in response to the continuing favorable reported loss experience relative to its expectations.

The adverse development on the 2016 through 2019 accident years is concentrated largely in the other liability line of business, including commercial multi-peril liability, but is also seen to a lesser extent in commercial auto liability.

The adverse development for these accident years is driven by a higher than expected number of large losses reported, and particularly impacted the directors and officers liability, lawyers professional liability, and excess and surplus lines casualty classes of business.

We also believe that increased social inflation is contributing to the increased number of large losses, for example, higher jury awards on cases which go to trial, and the corresponding higher demands from plaintiffs and higher values required to reach settlement on cases which do not go to trial.

The unfavorable non-proportional reinsurance assumed liability and other liability development was associated with our U.S. and U.K. assumed reinsurance business, and related primarily to accounts insuring construction projects and professional liability exposures.

| Foreign government | | | 38 | | | | | | $ | 130,621 | | | | | $ | 38,849 | |

| Corporate | | | 8 | | | | | | 26,903 | | | | | | 1,644 | | |

Effective January 1, 2020, the Company adopted new accounting standard ASU 2016-13 Financial Instruments - Credit Losses.

Refer to Note 1 in the financial statements for further information on the accounting guidance and impact of its adoption on the Company's results and financial position.

The impact of the COVID-19 pandemic on our results of operations, financial position and liquidity is expected to include, among others:

Adverse Legislative and Regulatory Action.

Legislative and regulatory initiatives taken or that may be taken in response to COVID-19, such as those that seek to retroactively mandate or provide a presumption of coverage for losses which our insurance policies would not otherwise cover and were not priced to cover, may adversely affect us, particularly in our workers’ compensation and property coverages businesses.

Claim Losses Related to COVID-19 May Exceed Reserves.

Given the great uncertainties associated with COVID-19 and its impact and the limited information upon which our current assumptions and assessments have been made, our reserves and underlying estimated level of claim losses and costs arising from COVID-19 may materially change.

Claim Losses and Adjustment Expenses May Increase.

As the effects of COVID-19 on industry practices and economic, legal, judicial, social and other environmental conditions continue to evolve, unexpected and unintended issues related to claims and coverages may emerge (including in the area of property coverages where physical damage requirements and communicable disease exclusions are currently being challenged).

Reinsurance.

Reinsurers may dispute the applicability of reinsurance to COVID-19 related losses (including the application of reinsurance reinstatements) and, as a result, our reinsurers may refuse to pay reinsurance recoverables related thereto or they may not pay them on a timely basis.

In addition, we may be unable to renew our current reinsurance coverages or purchase new coverages with respect to certain exposures under our policies, including COVID-19-related exposures.

Premium Volumes May Be Negatively Impacted.

Reduced economic activity relating to the COVID-19 pandemic will likely decrease demand for our insurance products and services.

In addition, we may alter our view on the insurance coverages that are appropriate to offer in various jurisdictions, which could further negatively impact our premium volumes.

Investments.

Further disruptions in global financial markets due to the continuing impact of COVID-19 could cause us to incur additional unrealized and/or realized investment losses, including impairments in our fixed income portfolio and other investments.

Credit Risk.

As credit risk is generally a function of the economy, we face greater credit risk from our policyholders, independent agents and brokers in connection with the payment and remittance of premiums as a result of the economic conditions caused by COVID-19.

Similarly, our credit risk related to the reimbursement of deductibles from policyholders and in connection with reinsurance recoverables has increased.

Operational Disruptions and Costs.

Our operations could be disrupted if key members of our senior management or a significant percentage of our workforce or the workforce of our agents, brokers, suppliers or other third party service providers are unable to continue to work because of illness, government directives or otherwise.

In response to the COVID-19 pandemic, we have implemented remote working policies which have resulted in disruptions to our business routines, heightened risk to cybersecurity attacks and data security incidents and a greater dependency on internet and telecommunication access and capabilities.

| 1% | | | $ | 89,102 | | | | | $ | 268,193 | | | | | $ | 492,056 | |

| 5% | | | 268,193 | | | | | | 454,376 | | | | | | 687,105 | | |

| 10% | | | 492,056 | | | | | | 687,105 | | | | | | 930,917 | | |

| Other liability | | | $ | 1,534,514 | | | | | $ | 2,864,760 | | | | | $ | 4,399,274 | |

| Professional liability | | | 414,104 | | | | | | 875,163 | | | | | | 1,289,267 | | |

| December 31, 2019 | | | | | | | | | | | | | | | | | |

| Other liability | | | $ | 1,421,378 | | | | | $ | 2,522,957 | | | | | $ | 3,944,335 | |

| Workers’ compensation (1) | | | 918,619 | | | | | | 964,102 | | | | | | 1,882,721 | | |

| Professional liability | | | 399,411 | | | | | | 713,433 | | | | | | 1,112,844 | | |

| Commercial automobile | | | 412,036 | | | | | | 300,339 | | | | | | 712,375 | | |

| Short-tail lines (2) | | | 271,192 | | | | | | 269,914 | | | | | | 541,106 | | |

| Total Insurance | | | 3,422,636 | | | | | | 4,770,745 | | | | | | 8,193,381 | | |

| Reinsurance & Monoline Excess (1) (3) | | | 1,469,363 | | | | | | 1,035,254 | | | | | | 2,504,617 | | |

| Total | | | $ | 4,891,999 | | | | | $ | 5,805,999 | | | | | $ | 10,697,998 | |

Loss cost trends have been impacted and will likely be further impacted by COVID-19-related claims in certain lines of business, as well as by other effects of COVID-19 associated with economic conditions, inflation, and social distancing and work from home rules, for example.

Although it is still too early to determine the net impact, it appears that the losses incurred due to COVID-19-related claims are being offset, to a certain extent, by lower claim frequency in certain lines of our businesses, including commercial auto, workers’ compensation, and other liability.

However, given the continuing nature of the pandemic, the impact of COVID-19 could ultimately increase or decrease overall loss cost trends and is likely to have differing impacts on the Company's different lines of business.

The effective duration for the fixed maturity portfolio (including cash and cash equivalents) was 2.4 years at [added: both] December 31, [removed: 2020] [added: 2021] and [removed: 2.8 years at December 31, 2019.][added: 2020.]

The following table outlines the groups of fixed maturity securities and their effective duration at December 31, [removed: 2020:][added: 2021:]

| U.S. government and government agencies | | | [removed: 1.9] [added: 1.8] | | | | | | [removed: 603,871] [added: 855,343] | | |

| Asset-backed securities | | | 0.9 | | | | | | [removed: 3,194,586] [added: 4,490,565] | | |

The estimated fair value at specified levels at December 31, [removed: 2020] [added: 2021] would be as follows:

| Mortgage-backed securities | | | 4.2 | | | | | | $ | 1,073,536 | |

| State and municipal | | | 3.6 | | | | | | 3,384,098 | | |

| Corporate | | | 3.1 | | | | | | 5,595,675 | | |

| Foreign government | | | 2.6 | | | | | | 1,214,901 | | |

| Loans receivable | | | 1.6 | | | | | | 116,534 | | |

| Cash and cash equivalents | | | 0.0 | | | | | | 1,568,843 | | |

| Total | | | 2.4 | | | | | | $ | 18,299,495 | |

| | | | | | | | | | | | |

| 300 basis point rise | | | $ | 16,979,390 | | | | | $ | (1,320,105) | |

| 200 basis point rise | | | 17,405,419 | | | | | | (894,076) | | |

| 100 basis point rise | | | 17,850,047 | | | | | | (449,448) | | |

| Base scenario | | | 18,299,495 | | | | | | — | | |

| 100 basis point decline | | | 18,746,633 | | | | | | 447,138 | | |

| 200 basis point decline | | | 19,236,343 | | | | | | 936,848 | | |

| 300 basis point decline | | | 19,792,462 | | | | | | 1,492,967 | | |

| State and municipal | | | 3.9 | | | | | | $ | 3,700,200 | |

| Mortgage-backed securities | | | 3.5 | | | | | | 1,027,828 | | |

| Corporate | | | 3.1 | | | | | | 4,671,581 | | |

| Foreign government | | | 3.0 | | | | | | 975,563 | | |

| Loans receivable | | | 1.0 | | | | | | 86,596 | | |

| Cash and cash equivalents | | | — | | | | | | 2,372,366 | | |

| Total | | | 2.4 | | | | | | $ | 16,632,591 | |

| 300 basis point rise | | | $ | 15,429,092 | | | | | $ | (1,203,499) | |

| 200 basis point rise | | | 15,823,862 | | | | | | (808,729) | | |

| 100 basis point rise | | | 16,226,841 | | | | | | (405,750) | | |

| Base scenario | | | 16,632,591 | | | | | | — | | |

| 100 basis point decline | | | 17,074,947 | | | | | | 442,356 | | |

| 200 basis point decline | | | 17,521,813 | | | | | | 889,222 | | |

| 300 basis point decline | | | 18,005,098 | | | | | | 1,372,507 | | |

Our two reporting segments are each composed of individual [removed: operating units] [added: businesses] that serve a market defined by geography, products, services or industry served.

Each of our [removed: operating units] [added: businesses] is positioned close to its customer base and participates in a niche market requiring specialized knowledge.

This strategy of decentralized operations allows each of our [removed: units] [added: businesses] to identify and respond quickly and effectively to changing market conditions and specific customer needs, while capitalizing on the benefits of centralized capital, investment and reinsurance management, and corporate actuarial, financial, enterprise risk management and legal staff support.

Of our [removed: 53 operating units, 46] [added: 56 businesses, 49] have been organized and developed internally and seven have been added through acquisition.

Net premiums written, as reported based on United States generally accepted accounting principles (“GAAP”), for each of our [removed: operating] [added: reporting] segments for each of the past three years were as follows:

| (In thousands) | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | | | | | | | | | | | | | | | | | | | |

| Insurance | | | $ | [removed: 6,347,101] [added: 7,743,814] | | | | | $ | [removed: 6,086,009] [added: 6,347,101] | | | | | $ | [removed: 5,791,905] [added: 6,086,009] | | | | | | | | | | | | | | | | | | | |

| Reinsurance & Monoline Excess | | | [removed: 915,336] [added: 1,119,053] | | | | | | [removed: 777,490] [added: 915,336] | | | | | | [removed: 641,322] [added: 777,490] | | | | | | | | | | | | | | | | | | | | |

| Total | | | $ | [removed: 7,262,437] [added: 8,862,867] | | | | | $ | [removed: 6,863,499] [added: 7,262,437] | | | | | $ | [removed: 6,433,227] [added: 6,863,499] | | | | | | | | | | | | | | | | | | | |

| Insurance | | | 87.4 | | % | | | | [removed: 88.7] [added: 87.4] | | % | | | | [removed: 90.0] [added: 88.7] | | % | | | | | | | | | | | | | | | | | | |

| Reinsurance & Monoline Excess | | | 12.6 | | | | | | [removed: 11.3] [added: 12.6] | | | | | | [removed: 10.0] [added: 11.3] | | | | | | | | | | | | | | | | | | | | |

A.M. Best states: [removed: “The] [added: “A Best's] Financial Strength Rating [added: (FSR) is an independent] opinion [removed: addresses the relative ability] of an [removed: insurer] [added: insurer's financial strength and ability] to meet its ongoing insurance [added: policy and contract] obligations.

[removed: The ratings are] [added: An FSR is] not assigned to specific insurance policies or contracts and [removed: do] [added: does] not address any other risk.” A.M. Best reviews its ratings on a periodic basis, and its ratings of the Company's subsidiaries are therefore subject to change.

The following sections describe our reporting segments and their [removed: operating units] [added: businesses] in greater detail.

These [removed: operating units] [added: businesses] underwrite on behalf of one or more affiliated insurance companies within the group.

The [removed: operating units] [added: businesses] are identified by us for descriptive purposes only and are not legal entities, but for marketing purposes may sometimes be referred to individually as "a Berkley company" or collectively as "Berkley companies." Unless otherwise indicated, all references in this Form 10-K to “Berkley,” “we,” “us,” “our,” the “Company” or similar terms refer to W. R. Berkley Corporation together with its subsidiaries and [removed: operating units.][added: businesses.]

Our U.S.-based [removed: operating units] [added: businesses] predominantly underwrite commercial insurance business primarily throughout the United States, although many units offer coverage globally, focusing on the following general areas:

*Excess & Surplus Lines*: A number of our [removed: operating units] [added: businesses] are dedicated to the U.S. excess and surplus lines market.

Lines of business underwritten by our excess and surplus lines [removed: operating units] [added: businesses] include premises operations, commercial automobile, property, products liability, general liability and professional liability lines.

*Industry Specialty*: Certain other [removed: operating units] [added: businesses] focus on providing specialty coverages to customers within a particular industry that are best served by underwriters and claims professionals with specialized knowledge of that industry.

Each [removed: operating unit] [added: business] delivers its products through one or more distribution channels, including retail and wholesale agents, brokers, and managing general agents (MGAs), depending on the customer and the particular risks insured.

*Product Specialty*: Other [removed: operating units] [added: businesses] specialize in providing specific lines of insurance coverage, such as workers’ compensation or professional liability, to a wide range of customers.

Business is typically written on an admitted basis, although some [removed: units] [added: businesses] may offer non-admitted products in the U.S. and offer products internationally.

*Regional:* Certain [removed: operating units] [added: businesses] offer standard insurance products and services focused on meeting the specific needs of a geographically differentiated customer base.

Key clients [removed: of these units] are small-to-midsized businesses.

These regionally focused [removed: operating units] [added: businesses] provide a broad array of commercial insurance products to customers primarily in 45 states and the District of Columbia and have developed expertise in niches that reflect local economies.

In addition, through our non-U.S. insurance [removed: operating units,] [added: businesses,] we write business in more than 60 countries worldwide, with branches or offices in 29 locations outside the United States, including the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia.

In addition to providing insurance products, certain [removed: operating units] [added: businesses] also provide a wide variety of fee-based services, including claims, administrative and consulting services.

[removed: Operating units] [added: Businesses] comprising the Insurance segment are as follows:

*Berkley [removed: FinSecure*] [added: Financial Specialists*] serves the insurance needs of companies in the financial services sector and beyond.

It serves [removed: over 15,000] [added: thousands of] customers covering a broad spectrum of industries throughout the state.

*Verus [removed: Underwriting Managers*] [added: Specialty Insurance*] offers general liability, professional liability and property coverages for small to mid-sized commercial risks in the excess and surplus lines insurance market through a select group of appointed wholesale brokers.

The following table sets forth the percentage of gross premiums written by each Insurance [removed: operating unit:][added: business:]

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | | | | | | | | | | | | | | | | | | | |

| Acadia Insurance | | | [removed: 6.0%] [added: 5.5%] | | | | | | [removed: 5.9%] [added: 6.0%] | | | | | | [removed: 6.7%] [added: 5.9%] | | | | | | | | | | | | | | | | | | | | |

| Admiral Insurance | | | [removed: 5.6] [added: 5.9] | | | | | | [removed: 5.9] [added: 5.6] | | | | | | [removed: 5.8] [added: 5.9] | | | | | | | | | | | | | | | | | | | | |

| Berkley Accident and Health | | | [removed: 5.2] [added: 5.0] | | | | | | [removed: 5.7] [added: 5.2] | | | | | | 5.7 | | | | | | | | | | | | | | | | | | | | |

| Berkley Agribusiness | | | [removed: 1.2] [added: 0.8] | | | | | | [removed: 1.1] [added: 1.2] | | | | | | [removed: 1.2] [added: 1.1] | | | | | | | | | | | | | | | | | | | | |

| Berkley Alliance Managers | | | 2.8 | | | | | | [removed: 3.0] [added: 2.8] | | | | | | [removed: 2.6] [added: 3.0] | | | | | | | | | | | | | | | | | | | | |

| Berkley Aspire | | | [removed: 0.5] [added: 0.7] | | | | | | [removed: 0.4] [added: 0.5] | | | | | | [removed: 0.3] [added: 0.4] | | | | | | | | | | | | | | | | | | | | |

*Berkley Construction Solutions* provides excess liability coverage to residential and commercial contractors on a project or practice basis.

*Berkley Management Protection* offers a modular suite of management liability products for small and middle market companies through a bespoke and easy to use platform tailored towards independent agents.

The management liability coverages they provide include directors and officers, employment practices, fiduciary, cyber, crime and miscellaneous professional liability.

*Berkley Small Business Solutions* offers commercial insurance products for small businesses through a modern technology platform that leverages data and analytics.

Its initial product offering focuses on preferred risks in the non-fleet transportation market.

| Berkley Construction Solutions | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |

| Berkley Management Protection | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |

| Berkley Small Business Solutions | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |

| Verus Specialty Insurance | | | 0.8 | | | | | | 0.7 | | | | | | 0.8 | | | | | | | | | | | | | | | | | | | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | | | | | | | | | | | | | | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | | | | | | | | | | | | | | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | | | | | | | | | | | | | | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | | | | | | | | | | | | | | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | | | | | | | | | | | | | | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | | | | | | | | | | | | | | | |

| (In thousands) | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | | | |

| Ceded reserves | | | 2,542,526 | | |

Our U.S. insurance subsidiaries are principally regulated by their domiciliary state insurance departments and are

As of January 1, 2022, there are six domiciliary states related to our U.S. insurance subsidiaries.

Our excess and

In 2020, legislators of several states proposed bills that would mandate retroactive coverage of pandemic-related business interruption losses.

To date, however, none of these proposals has meaningfully progressed or been enacted.

There appears to be a broadly held and bipartisan consensus that pandemic risk is generally uninsurable absent some kind of publicly-funded backstop.

At the federal level, there are ongoing discussions regarding a federal response to the risk of future pandemics, some of which include proposals to create public-private partnerships with insurers.

It is too early to determine which proposal, if any, may ultimately gain the support of Congress, and how any new legislation might affect our business.

In 2020, the NAIC adopted amendments to the

model holding company act and regulation that implement the group capital calculation by requiring the ultimate controlling person of an insurer subject to holding company registration to file the group capital calculation with its lead state regulator.

The annual filing requirement will become effective once the states have adopted the NAIC holding company amendments.

The NAIC has proposed an accreditation standard for these amendments for a one-year comment period starting on January 1, 2022.

integrity and availability of the licensee’s information systems.

Additionally, the Federal Trade Commission amended the “Standards for Safeguarding Customer Information Rules (otherwise known as the “Safeguards Rule”) in 2021 to require covered financial institutions to implement certain data security measures and practices in their information security programs.

Many of the requirements of the amended Safeguards Rule are similar to the New York cybersecurity regulation and the Cybersecurity Model Law, but there are some differences that may impose increased operational burdens and compliance costs.

California subsequently enacted the California Privacy Rights Act (“CPRA”), which amends the CCPA to impose additional limitations and obligations with respect to covered businesses’ use and sharing of certain personal data.

The CPRA will come into full effect in January 2023; compliance with CCPA/CPRA

\- similar proposals.

For instance, Virginia and Colorado enacted data privacy laws in 2021 that will come into effect in January 2023 and July 2023, respectively.

These laws establish in those states many of the same data privacy and security requirements as other existing laws, such as the CCPA.

The topic of climate risk has come under increased scrutiny by insurance regulators.

The NYDFS also adopted an amendment to the regulation that governs enterprise risk management, effective as of August 13, 2021, that requires an insurance group to include certain additional risks, such as climate change risk, in its enterprise risk management function.

In addition, the Federal Insurance Office (the “FIO”) has been instructed by President Biden’s Executive Order on Climate-Related Financial Risk, dated May 20, 2021, to seek public comment on a series of questions that “will help inform FIO’s assessment of climate-related financial risks for the insurance sector.” The FIO’s Request for Information notes that it “plans to … take a leadership role in analyzing how the insurance sector may help mitigate climate-related risks \[and to that

It includes Berkley Prime Transportation, which leverages analytics and technology to provide quality products and responsive service to the commercial transportation industry.

| Verus Underwriting Managers | | | 0.7 | | | | | | 0.8 | | | | | | 0.9 | | | | | | | | | | | | | | | | | | | | |

| Ceded reserves | | | 2,164,037 | | |

In December 2020, the National Association of Insurance Commissioners (“NAIC”) expressed its view that a federal mechanism is necessary to address the business interruption coverage gap for pandemic risk.

Proposals for a prospective federal backstop for pandemic business interruption coverages are currently under development and consideration.

These legislative and regulatory initiatives may adversely affect our business.

The NAIC adopted the group capital calculation methodology and amendments to the NAIC’s model holding company act and regulation.

These amendments, which implement the annual filing requirement for the group capital calculation, now have to be adopted by state legislatures in order to become effective.

Its implementation will be based on adoption by state

legislatures.

Investments that do

The NYDFS will publish guidance on climate-related financial supervision, and it will incorporate questions on this topic into their examinations starting in 2021.

The Dodd-Frank Act created two new federal government bodies, the Federal Insurance Office (the “FIO”) and the Financial Stability Oversight Council (the “FSOC”), which may impact the regulation of insurance.

In May 2018, the Economic Growth, Regulatory Relief and Consumer Protection Act (“Economic Growth Act”) was signed into law.

Among other things, the Economic Growth Act addresses the roles played by federal regulators at international insurance standard-setting forums.

market will no longer be subject to “local presence” requirements.

Accordingly, in June 2019, the NAIC adopted amendments to its Credit for Reinsurance Model Law in order to satisfy the substantive and timing requirements of the Covered Agreements and to pave the way for U.S. states to similarly amend their credit for reinsurance laws and avoid potential federal pre-emption of these laws.

The

Lloyd’s applies a capital adequacy test to all Lloyd’s syndicates, including our syndicate, that is based on the U.K. prudential regime.

The U.K. has also implemented the GDPR.

Both the GDPR and the U.K. GDPR are extraterritorial in that they apply to all businesses in the EU and the U.K. respectively and any business outside the EU and the U.K. that process EU and/or U.K. personal data of individuals in the EU and/or the U.K..

Moreover, there are significant fines associated with non-compliance.

wide prescribed capital requirement for IAIGs and integrated into the rest of ComFrame.

In

For the fiscal year ended December 31, [removed: 2020][added: 2021]

The aggregate market value of the registrant's common stock held by non-affiliates as of June 30, [removed: 2020,] [added: 2021,] the last business day of the registrant’s most recently completed second fiscal quarter, was [removed: $8,077,532,224.][added: $10,893,170,124.]

Number of shares of common stock, $.20 par value, outstanding as of February [removed: 11, 2021: 177,361,868][added: 17, 2022: 176,790,914]

Portions of the Company’s definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, [removed: 2020,] [added: 2021,] are incorporated herein by reference in Part III.

| [SAFE HARBOR [removed: STATEMENT](#id8b99f3e4d0b485492066def62f1cbab_10)] [added: STATEMENT](#i67b60c53c37a48a19fb3486df5ad9bb6_10)] | | | | | | | | | | | |

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| ITEM | | | 2. | | | [removed: [PROPERTIES](#id8b99f3e4d0b485492066def62f1cbab_25)] [added: [PROPERTIES](#i67b60c53c37a48a19fb3486df5ad9bb6_25)] | | | [removed: [30](#id8b99f3e4d0b485492066def62f1cbab_25)] [added: [36](#i67b60c53c37a48a19fb3486df5ad9bb6_25)] | | |

| ITEM | | | 3. | | | [LEGAL [removed: PROCEEDINGS](#id8b99f3e4d0b485492066def62f1cbab_28)] [added: PROCEEDINGS](#i67b60c53c37a48a19fb3486df5ad9bb6_28)] | | | [removed: [30](#id8b99f3e4d0b485492066def62f1cbab_28)] [added: [36](#i67b60c53c37a48a19fb3486df5ad9bb6_28)] | | |

| ITEM | | | 4. | | | [MINE SAFETY [removed: DISCLOSURES](#id8b99f3e4d0b485492066def62f1cbab_31)] [added: DISCLOSURES](#i67b60c53c37a48a19fb3486df5ad9bb6_31)] | | | [removed: [30](#id8b99f3e4d0b485492066def62f1cbab_31)] [added: [37](#i67b60c53c37a48a19fb3486df5ad9bb6_31)] | | |

| ITEM | | | 5. | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#id8b99f3e4d0b485492066def62f1cbab_37)] [added: SECURITIES](#i67b60c53c37a48a19fb3486df5ad9bb6_37)] | | | [removed: [31](#id8b99f3e4d0b485492066def62f1cbab_37)] [added: [38](#i67b60c53c37a48a19fb3486df5ad9bb6_37)] | | |

| ITEM | | | 7. | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#id8b99f3e4d0b485492066def62f1cbab_43)] [added: OPERATIONS](#i67b60c53c37a48a19fb3486df5ad9bb6_40)] | | | [removed: [33](#id8b99f3e4d0b485492066def62f1cbab_43)] [added: [40](#i67b60c53c37a48a19fb3486df5ad9bb6_40)] | | |

| ITEM | | | 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#id8b99f3e4d0b485492066def62f1cbab_61)] [added: RISK](#i67b60c53c37a48a19fb3486df5ad9bb6_58)] | | | [removed: [54](#id8b99f3e4d0b485492066def62f1cbab_61)] [added: [60](#i67b60c53c37a48a19fb3486df5ad9bb6_58)] | | |

| ITEM | | | 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#id8b99f3e4d0b485492066def62f1cbab_64)] [added: DATA](#i67b60c53c37a48a19fb3486df5ad9bb6_61)] | | | [removed: [55](#id8b99f3e4d0b485492066def62f1cbab_64)] [added: [61](#i67b60c53c37a48a19fb3486df5ad9bb6_61)] | | |

| ITEM | | | 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#id8b99f3e4d0b485492066def62f1cbab_181)] [added: DISCLOSURE](#i67b60c53c37a48a19fb3486df5ad9bb6_160)] | | | [removed: [107](#id8b99f3e4d0b485492066def62f1cbab_181)] [added: [113](#i67b60c53c37a48a19fb3486df5ad9bb6_160)] | | |

| ITEM | | | 9A. | | | [CONTROLS AND [removed: PROCEDURES](#id8b99f3e4d0b485492066def62f1cbab_184)] [added: PROCEDURES](#i67b60c53c37a48a19fb3486df5ad9bb6_163)] | | | [removed: [107](#id8b99f3e4d0b485492066def62f1cbab_184)] [added: [113](#i67b60c53c37a48a19fb3486df5ad9bb6_163)] | | |

| ITEM | | | 9B. | | | [OTHER [removed: INFORMATION](#id8b99f3e4d0b485492066def62f1cbab_187)] [added: INFORMATION](#i67b60c53c37a48a19fb3486df5ad9bb6_166)] | | | [removed: [109](#id8b99f3e4d0b485492066def62f1cbab_187)] [added: [115](#i67b60c53c37a48a19fb3486df5ad9bb6_166)] | | |

| ITEM | | | 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#id8b99f3e4d0b485492066def62f1cbab_193)] [added: GOVERNANCE](#i67b60c53c37a48a19fb3486df5ad9bb6_172)] | | | [removed: [110](#id8b99f3e4d0b485492066def62f1cbab_193)] [added: [116](#i67b60c53c37a48a19fb3486df5ad9bb6_172)] | | |

| ITEM | | | 11. | | | [EXECUTIVE [removed: COMPENSATION](#id8b99f3e4d0b485492066def62f1cbab_196)] [added: COMPENSATION](#i67b60c53c37a48a19fb3486df5ad9bb6_175)] | | | [removed: [110](#id8b99f3e4d0b485492066def62f1cbab_196)] [added: [116](#i67b60c53c37a48a19fb3486df5ad9bb6_175)] | | |

| ITEM | | | 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#id8b99f3e4d0b485492066def62f1cbab_199)] [added: MATTERS](#i67b60c53c37a48a19fb3486df5ad9bb6_178)] | | | [removed: [110](#id8b99f3e4d0b485492066def62f1cbab_199)] [added: [116](#i67b60c53c37a48a19fb3486df5ad9bb6_178)] | | |

| ITEM | | | 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#id8b99f3e4d0b485492066def62f1cbab_202)] [added: INDEPENDENCE](#i67b60c53c37a48a19fb3486df5ad9bb6_181)] | | | [removed: [110](#id8b99f3e4d0b485492066def62f1cbab_202)] [added: [116](#i67b60c53c37a48a19fb3486df5ad9bb6_181)] | | |

| ITEM | | | 14. | | | [PRINCIPAL [removed: ACCOUNT](#id8b99f3e4d0b485492066def62f1cbab_205)[ANT](#id8b99f3e4d0b485492066def62f1cbab_205) [FEES] [added: ACCOUNTANT FEES] AND [removed: SERVICES](#id8b99f3e4d0b485492066def62f1cbab_205)] [added: SERVICES](#i67b60c53c37a48a19fb3486df5ad9bb6_184)] | | | [removed: [110](#id8b99f3e4d0b485492066def62f1cbab_205)] [added: [116](#i67b60c53c37a48a19fb3486df5ad9bb6_184)] | | |

| ITEM | | | 15. | | | [removed: [EXHIBITS](#id8b99f3e4d0b485492066def62f1cbab_211) [AND](#id8b99f3e4d0b485492066def62f1cbab_211) [FINANCIAL] [added: [EXHIBITS AND FINANCIAL] STATEMENT [removed: SCHEDULES](#id8b99f3e4d0b485492066def62f1cbab_211)] [added: SCHEDULES](#i67b60c53c37a48a19fb3486df5ad9bb6_190)] | | | [removed: [111](#id8b99f3e4d0b485492066def62f1cbab_211)] [added: [117](#i67b60c53c37a48a19fb3486df5ad9bb6_190)] | | |

| ITEM | | | 16. | | | [FORM 10-K [removed: SUMMARY](#id8b99f3e4d0b485492066def62f1cbab_7)] [added: SUMMARY](#i67b60c53c37a48a19fb3486df5ad9bb6_7)] | | | [removed: [115](#id8b99f3e4d0b485492066def62f1cbab_220)] [added: [121](#i67b60c53c37a48a19fb3486df5ad9bb6_199)] | | |

| EX-4.1 | | | | | | [DESCRIPTION OF REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF [removed: 1934](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex41.htm)] [added: 1934](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex41.htm)] | | | | | |

| EX-21 | | | | | | [LIST OF COMPANIES AND [removed: SUBSIDIARIES](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex21.htm)] [added: SUBSIDIARIES](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex21.htm)] | | | | | |

| EX-23 | | | | | | [CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING [removed: FIRM](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex23.htm)] [added: FIRM](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex23.htm)] | | | | | |

| EX-31.1 | | | | | | [CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a) [removed: /15d-14(a)](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex311.htm)] [added: /15d-14(a)](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex311.htm)] | | | | | |

| EX-31.2 | | | | | | [CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a) [removed: /15d-14(a)](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex312.htm)] [added: /15d-14(a)](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex312.htm)] | | | | | |

| EX-32.1 | | | | | | [CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF [removed: 2002](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex321.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex321.htm)] | | | | | |

Any forward-looking statements contained in this report including statements related to our outlook for the industry and for our performance for the year [removed: 2021] [added: 2022] and beyond, are based upon our historical performance and on current plans, estimates and expectations.

- the impact of significant competition, including new [removed: alternative] entrants to the industry;

These risks and uncertainties could cause our actual results for the year [removed: 2021] [added: 2022] and beyond to differ materially from those expressed in any forward-looking statement we make.

| | | | | | | | | |

| | | | | | | | | |

| ITEM | | | 6. | | | RESERVED | | | | | |

| ITEM | | | 9C. | | | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#i67b60c53c37a48a19fb3486df5ad9bb6_1839) | | | [115](#i67b60c53c37a48a19fb3486df5ad9bb6_1839) | | |

| 5.900% Subordinated Debentures due 2056 | | | WRB-PC | | | New York Stock Exchange | | |

| 5.750% Subordinated Debentures due 2056 | | | WRB-PD | | | New York Stock Exchange | | |

| ITEM | | | 6. | | | Not Applicable | | | | | |

At December 31, [removed: 2020,] [added: 2021,] the Company had aggregate office space of [removed: 4,217,252] [added: 4,276,456] square feet, of which 1,105,205 were owned and [removed: 3,112,047] [added: 3,171,251] were leased.

Rental expense for the Company's operations was approximately [removed: $44,291,000, $44,107,000] [added: $44,051,000, $44,291,000] and [removed: $45,778,000] [added: $44,107,000] for [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018,] [added: 2019,] respectively.

Future minimum lease payments, without provision for sublease income, are [removed: $47,477,000] [added: $44,962,000] in [removed: 2021, $41,442,000] [added: 2022, $43,674,000] in [removed: 2022] [added: 2023] and [removed: $149,702,000] [added: $155,277,000] thereafter.

In [removed: 2020,] [added: 2021,] the Board declared regular quarterly cash dividends of [removed: $0.11] [added: $0.12] per share in the first quarter, and [removed: $0.12] [added: $0.13] per share in each of the remaining three [removed: quarters.][added: quarters, and special dividends of $0.50 per share in the second quarter and $1.00 per share in the fourth quarter.]

The approximate number of record holders of the common stock on February [removed: 11, 2021] [added: 17, 2022] was [removed: 311.][added: 302.]

*Assumes initial investment of $100 on January 1, [removed: 2015,] [added: 2016,] with dividends reinvested.*

[removed: ][added: ]

| | | | | | | [removed: 2015 | | |] 2016 | | | 2017 | | | 2018 | | | 2019 | | | 2020 | | | [added: 2021 | | |]

| S&P 500 Property and Casualty Insurance Index | | | Cum $ | | | 100.00 | | | [removed: 115.71] [added: 122.39] | | | [removed: 141.61] [added: 116.64] | | | [removed: 134.97] [added: 146.82] | | | [removed: 169.88] [added: 156.12] | | | [removed: 180.64] [added: 183.45] | | |

Set forth below is a summary of the shares repurchased by the Company during the fourth quarter of [removed: 2020] [added: 2021] and the remaining number of shares authorized for purchase by the Company during such period.

| W. R. Berkley Corporation | | | Cum $ | | | 100.00 | | | 110.18 | | | 115.26 | | | 165.78 | | | 160.56 | | | 204.45 | | |

| S&P 500 Index - Total Returns | | | Cum $ | | | 100.00 | | | 121.83 | | | 116.48 | | | 153.15 | | | 181.30 | | | 233.29 | | |

| October 2021 | | | — | | | | | | — | | | | | | — | | | | | | 4,982,103 | | |

| November 2021 (1) | | | — | | | | | | — | | | | | | — | | | | | | 10,000,000 | | |

| December 2021 | | | — | | | | | | — | | | | | | — | | | | | | 10,000,000 | | |

(1) The Company's repurchase authorization was increased to 10,000,000 shares on November 5, 2021.

| W. R. Berkley Corporation | | | Cum $ | | | 100.00 | | | 124.75 | | | 137.45 | | | 143.79 | | | 206.81 | | | 200.29 | | |

| S&P 500 Index - Total Returns | | | Cum $ | | | 100.00 | | | 111.96 | | | 136.40 | | | 130.41 | | | 171.46 | | | 202.98 | | |

| October 2020 | | | 55,636 | | | | | | 59.87 | | | | | | 55,636 | | | | | | 7,221,520 | | |

| November 2020 | | | 354,095 | | | | | | 63.89 | | | | | | 354,095 | | | | | | 6,867,425 | | |

| December 2020 | | | 132,703 | | | | | | 64.39 | | | | | | 132,703 | | | | | | 6,734,722 | | |

We have audited the accompanying consolidated balance sheets of W. R. Berkley Corporation and subsidiaries (the Company) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three‑year period ended December 31, [removed: 2020,] [added: 2021,] and the related notes and financial statement schedules II to VI (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2020,] [added: 2021,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 18, 2021] [added: 24, 2022] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

The reserves as of December 31, [removed: 2020] [added: 2021] were [removed: $13,784] [added: $15,391] million.

- evaluating the Company’s actuarial point estimate by performing independent actuarial analyses for certain of the larger, more complex [removed: operating units;][added: businesses;]

- evaluating the Company’s actuarial point estimate by examining the Company actuaries’ process, and certain key assumptions for the remaining [removed: operating units;][added: businesses;]

| (In thousands, except per share data) | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Net premiums written | | | $ | [removed: 7,262,437] [added: 8,862,867] | | | | | $ | [removed: 6,863,499] [added: 7,262,437] | | | | | $ | [removed: 6,433,227] [added: 6,863,499] | |

| Change in net unearned premiums | | | [removed: (331,594)] [added: (756,836)] | | | | | | [removed: (230,211)] [added: (331,594)] | | | | | | [removed: (61,722)] [added: (230,211)] | | |

| Net premiums earned | | | [removed: 6,930,843] [added: 8,106,031] | | | | | | [removed: 6,633,288] [added: 6,930,843] | | | | | | [removed: 6,371,505] [added: 6,633,288] | | |

| Net investment income | | | [removed: 583,821] [added: 671,618] | | | | | | [removed: 645,614] [added: 583,821] | | | | | | [removed: 674,235] [added: 645,614] | | |

| Net realized and unrealized gains on investments | | | [removed: 73,514] [added: 106,958] | | | | | | [removed: 120,703] [added: 73,514] | | | | | | [removed: 160,175] [added: 120,703] | | |

| Change in allowance for expected credit losses on investments | | | [removed: 29,486] [added: (16,326)] | | | | | | [removed: —] [added: 29,486] | | | | | | [removed: (5,687)] [added: —] | | |

| Net investment gains | | | [removed: 103,000] [added: 90,632] | | | | | | [removed: 120,703] [added: 103,000] | | | | | | [removed: 154,488] [added: 120,703] | | |

| Revenues from non-insurance businesses | | | [removed: 389,888] [added: 489,151] | | | | | | [removed: 406,541] [added: 389,888] | | | | | | [removed: 372,985] [added: 406,541] | | |

| Insurance service fees | | | [removed: 88,777] [added: 93,857] | | | | | | [removed: 92,680] [added: 88,777] | | | | | | [removed: 117,757] [added: 92,680] | | |

| Other income | | | [removed: 2,596] [added: 4,177] | | | | | | [removed: 3,370] [added: 2,596] | | | | | | [removed: 681] [added: 3,370] | | |

| Total revenues | | | [removed: 8,098,925] [added: 9,455,466] | | | | | | [removed: 7,902,196] [added: 8,098,925] | | | | | | [removed: 7,691,651] [added: 7,902,196] | | |

| Losses and loss expenses | | | [removed: 4,468,706] [added: 4,953,960] | | | | | | [removed: 4,131,116] [added: 4,468,706] | | | | | | [removed: 3,974,702] [added: 4,131,116] | | |

| Other operating costs and expenses | | | [removed: 2,390,392] [added: 2,599,270] | | | | | | [removed: 2,362,082] [added: 2,390,392] | | | | | | [removed: 2,383,221] [added: 2,362,082] | | |

| Expenses from non-insurance businesses | | | [removed: 384,488] [added: 472,151] | | | | | | [removed: 402,669] [added: 384,488] | | | | | | [removed: 364,449] [added: 402,669] | | |

| Interest expense | | | [removed: 150,537] [added: 147,180] | | | | | | [removed: 153,409] [added: 150,537] | | | | | | [removed: 157,185] [added: 153,409] | | |

| Total operating costs and expenses | | | [removed: 7,394,123] [added: 8,172,561] | | | | | | [removed: 7,049,276] [added: 7,394,123] | | | | | | [removed: 6,879,557] [added: 7,049,276] | | |

| Income before income taxes | | | [removed: 704,802] [added: 1,282,905] | | | | | | [removed: 852,920] [added: 704,802] | | | | | | [removed: 812,094] [added: 852,920] | | |

| Income tax expense | | | [removed: (171,817)] [added: (251,890)] | | | | | | [removed: (168,935)] [added: (171,817)] | | | | | | [removed: (163,028)] [added: (168,935)] | | |

| Net income before noncontrolling interests | | | [removed: 532,985] [added: 1,031,015] | | | | | | [removed: 683,985] [added: 532,985] | | | | | | [removed: 649,066] [added: 683,985] | | |

| Noncontrolling interests | | | [removed: (2,315)] [added: (8,525)] | | | | | | [removed: (2,041)] [added: (2,315)] | | | | | | [removed: (8,317)] [added: (2,041)] | | |

| Net income to common stockholders | | | $ | [removed: 530,670] [added: 1,022,490] | | | | | $ | [removed: 681,944] [added: 530,670] | | | | | $ | [removed: 640,749] [added: 681,944] | |

| Basic | | | $ | [removed: 2.84] [added: 5.53] | | | | | $ | [removed: 3.58] [added: 2.84] | | | | | $ | [removed: 3.37] [added: 3.58] | |

| Diluted | | | $ | [removed: 2.81] [added: 5.48] | | | | | $ | [removed: 3.52] [added: 2.81] | | | | | $ | [removed: 3.33] [added: 3.52] | |

[added: |] See accompanying notes to consolidated financial statements. [added: | | | | | | | | | | | |]

| (In thousands) | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Net income before noncontrolling interests | | | $ | [removed: 532,985] [added: 1,031,015] | | | | | $ | [removed: 683,985] [added: 532,985] | | | | | $ | [removed: 649,066] [added: 683,985] | |

| Other comprehensive [removed: gain (loss):] [added: loss] | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| Change in unrealized translation adjustments | | | [removed: 29,927] [added: (20,969)] | | | | | | [removed: 37,166] [added: 29,927] | | | | | | [removed: (112,099)] [added: 37,166] | | |

| Change in unrealized investment [removed: gains (losses),] [added: (losses) gains,] net of taxes | | | [removed: 140,250] [added: (198,812)] | | | | | | [removed: 215,902] [added: 140,250] | | | | | | [removed: (252,327)] [added: 215,902] | | |

| Other comprehensive [removed: gain] (loss) [added: gain] | | | [removed: 170,177] [added: (219,781)] | | | | | | [removed: 253,068] [added: 170,177] | | | | | | [removed: (364,426)] [added: 253,068] | | |

| Comprehensive income | | | [removed: 703,162] [added: 811,234] | | | | | | [removed: 937,053] [added: 703,162] | | | | | | [removed: 284,640] [added: 937,053] | | |

| Comprehensive income to the noncontrolling interest | | | [removed: (2,313)] [added: (8,523)] | | | | | | [removed: (2,144)] [added: (2,313)] | | | | | | [removed: (8,271)] [added: (2,144)] | | |

| Comprehensive income to common stockholders | | | $ | [removed: 700,849] [added: 802,711] | | | | | $ | [removed: 934,909] [added: 700,849] | | | | | $ | [removed: 276,369] [added: 934,909] | |

February 24, 2022

| Trading account payable to brokers and clearing organizations | | | 53,636 | | | | | | — | | |

| Net income to common stockholders | | | $ | 1,022,490 | | | | | $ | 530,670 | | | | | $ | 681,944 | |

| Beginning of period | | | $ | 289,714 | | | | | $ | (351,886) | | | | | | | | | | | $ | (62,172) | |

| Other comprehensive loss before reclassifications | | | (222,359) | | | | | | (20,969) | | | | | | | | | | | | (243,328) | | |

| Other comprehensive loss | | | (198,812) | | | | | | (20,969) | | | | | | | | | | | | (219,781) | | |

| Ending balance | | | $ | 90,900 | | | | | $ | (372,855) | | | | | | | | | | | $ | (281,955) | |

| Pre-tax | | | $ | (254,939) | | | | | $ | (20,969) | | | | | | | | | | | $ | (275,908) | |

| Other comprehensive loss | | | $ | (198,812) | | | | | $ | (20,969) | | | | | | | | | | | $ | (219,781) | |

| December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| State and municipal | | | $ | 69,539 | | | | | $ | (387) | | | | | $ | 10,813 | | | | | $ | — | | | | | $ | 79,965 | | | | | $ | 69,152 | | | | | | | |

| Residential mortgage-backed | | | 4,829 | | | | | | — | | | | | | 632 | | | | | | — | | | | | | 5,461 | | | | | | 4,829 | | | | | | | | |

| Total held to maturity | | | 74,368 | | | | | | (387) | | | | | | 11,445 | | | | | | — | | | | | | 85,426 | | | | | | 73,981 | | | | | | | | |

| U.S. government and government agency | | | 851,128 | | | | | | — | | | | | | 8,509 | | | | | | (4,294) | | | | | | 855,343 | | | | | | 855,343 | | | | | | | | |

| Special revenue | | | 2,016,382 | | | | | | — | | | | | | 62,961 | | | | | | (5,706) | | | | | | 2,073,637 | | | | | | 2,073,637 | | | | | | | | |

| State general obligation | | | 388,110 | | | | | | — | | | | | | 23,152 | | | | | | (1,015) | | | | | | 410,247 | | | | | | 410,247 | | | | | | | | |

| Pre-refunded | | | 202,633 | | | | | | — | | | | | | 14,891 | | | | | | (574) | | | | | | 216,950 | | | | | | 216,950 | | | | | | | | |

| Corporate backed | | | 166,943 | | | | | | — | | | | | | 7,191 | | | | | | (1,532) | | | | | | 172,602 | | | | | | 172,602 | | | | | | | | |

| Local general obligation | | | 401,974 | | | | | | — | | | | | | 29,455 | | | | | | (732) | | | | | | 430,697 | | | | | | 430,697 | | | | | | | | |

| Total state and municipal | | | 3,176,042 | | | | | | — | | | | | | 137,650 | | | | | | (9,559) | | | | | | 3,304,133 | | | | | | 3,304,133 | | | | | | | | |

| Residential | | | 940,744 | | | | | | — | | | | | | 9,896 | | | | | | (11,321) | | | | | | 939,319 | | | | | | 939,319 | | | | | | | | |

| Commercial | | | 125,709 | | | | | | — | | | | | | 3,388 | | | | | | (341) | | | | | | 128,756 | | | | | | 128,756 | | | | | | | | |

| Total mortgage-backed securities | | | 1,066,453 | | | | | | — | | | | | | 13,284 | | | | | | (11,662) | | | | | | 1,068,075 | | | | | | 1,068,075 | | | | | | | | |

| Asset-backed securities | | | 4,504,950 | | | | | | — | | | | | | 4,409 | | | | | | (18,794) | | | | | | 4,490,565 | | | | | | 4,490,565 | | | | | | | | |

| Industrial | | | 3,231,520 | | | | | | (16) | | | | | | 62,751 | | | | | | (21,092) | | | | | | 3,273,163 | | | | | | 3,273,163 | | | | | | | | |

| Financial | | | 1,739,282 | | | | | | — | | | | | | 30,709 | | | | | | (6,591) | | | | | | 1,763,400 | | | | | | 1,763,400 | | | | | | | | |

| Utilities | | | 396,242 | | | | | | — | | | | | | 13,262 | | | | | | (3,202) | | | | | | 406,302 | | | | | | 406,302 | | | | | | | | |

| Other | | | 154,210 | | | | | | — | | | | | | 125 | | | | | | (1,525) | | | | | | 152,810 | | | | | | 152,810 | | | | | | | | |

| Total corporate | | | 5,521,254 | | | | | | (16) | | | | | | 106,847 | | | | | | (32,410) | | | | | | 5,595,675 | | | | | | 5,595,675 | | | | | | | | |

| Foreign government | | | 1,277,109 | | | | | | (22,222) | | | | | | 7,508 | | | | | | (47,494) | | | | | | 1,214,901 | | | | | | 1,214,901 | | | | | | | | |

| Total available for sale | | | 16,396,936 | | | | | | (22,238) | | | | | | 278,207 | | | | | | (124,213) | | | | | | 16,528,692 | | | | | | 16,528,692 | | | | | | | | |

| Total investments in fixed maturity securities | | | $ | 16,471,304 | | | | | $ | (22,625) | | | | | $ | 289,652 | | | | | $ | (124,213) | | | | | $ | 16,614,118 | | | | | $ | 16,602,673 | | | | | | | |

| | | | 2021 | | | | | | | | | | | | | | | | | | 2020 | | | | | | | | | | | | | | |

| Allowance for expected credit losses, end of period | | | $ | 22,222 | | | | | $ | 16 | | | | | $ | 22,238 | | | | | $ | 1,264 | | | | | $ | 518 | | | | | $ | 1,782 | |

During the year ended December 31, 2021, the Company increased the allowance for expected credit losses utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to foreign government securities that had no reserve in prior periods.

| Due in one year or less | | | $ | 1,589,823 | | | | | $ | 1,586,470 | |

| Due after ten years | | | 2,086,810 | | | | | | 2,110,874 | | |

| Mortgage-backed securities | | | 1,071,282 | | | | | | 1,073,536 | | |

| Total | | | $ | 16,470,917 | | | | | $ | 16,614,118 | |

| December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

February 18, 2021

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Cash received in connection with business disposition | | | — | | | | | | — | | | | | | 8,664 | | |

| Payment for business purchased, net of cash acquired | | | — | | | | | | — | | | | | | (6,637) | | |

| Cash and cash equivalents at beginning of year | | | 1,023,710 | | | | | | 817,602 | | | | | | 950,471 | | |

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses, which amended the accounting guidance for credit losses on financial instruments.

The updated guidance amended the current other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to expected credit losses through an allowance account and limits

the amount of credit loss to the difference between a security’s amortized cost basis and its fair value.

This guidance also applies a new current expected credit loss model for determining credit-related impairments for financial instruments measured at amortized cost, such as reinsurance recoverables.

The updated guidance was effective for reporting periods beginning after December 15, 2019.

Prior to January 1, 2020, for available for sale securities the portion of the decline in value considered to be a credit loss (i.e., the difference between the present value of cash flows expected to be collected and the amortized cost basis of the security) was recognized in earnings as an other-than-temporary impairment.

The portion of the decline in value not considered to be a credit loss (i.e., the difference in the present value of cash flows expected to be collected and the fair value of the security) was recognized in other comprehensive income.

The adoption of this guidance on January 1, 2020 resulted in the recognition of an allowance for expected credit losses in connection with operating assets (premiums and fees receivable and due from reinsurers) of $5.7 million (net of tax) and a corresponding cumulative effect adjustment that decreased common stockholders' equity.

Certain investments (primarily fixed maturity securities available for sale) established an allowance for expected credit loss of $24.8 million (net of tax), with a cumulative effect adjustment decreasing retained earnings by $24.8 million (net of tax) and increasing accumulated other comprehensive (loss) income ("AOCI") by $25.0 million (net of tax), resulting in $0.2 million net impact to total common stockholders' equity.

| Beginning of period | | | $ | (91,491) | | | | | $ | (418,979) | | | | | | | | | | | $ | (510,470) | |

| Other comprehensive income before reclassifications | | | 224,011 | | | | | | 37,166 | | | | | | | | | | | | 261,177 | | |

| Other comprehensive income | | | 215,902 | | | | | | 37,166 | | | | | | | | | | | | 253,068 | | |

| Ending balance | | | $ | 124,514 | | | | | $ | (381,813) | | | | | | | | | | | $ | (257,299) | |

| Pre-tax | | | $ | 261,970 | | | | | $ | 37,166 | | | | | | | | | | | $ | 299,136 | |

| Other comprehensive income | | | $ | 215,902 | | | | | $ | 37,166 | | | | | | | | | | | $ | 253,068 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Residential mortgage-backed | | | 8,371 | | | | | | 994 | | | | | | — | | | | | | 9,365 | | | | | | 8,371 | | |

| Total held to maturity | | | 78,683 | | | | | | 13,994 | | | | | | — | | | | | | 92,677 | | | | | | 78,683 | | |

| U.S. government and government agency | | | 775,157 | | | | | | 13,249 | | | | | | (1,475) | | | | | | 786,931 | | | | | | 786,931 | | |

| Special revenue | | | 2,343,209 | | | | | | 64,586 | | | | | | (4,152) | | | | | | 2,403,643 | | | | | | 2,403,643 | | |

| State general obligation | | | 359,298 | | | | | | 22,074 | | | | | | (97) | | | | | | 381,275 | | | | | | 381,275 | | |

| Pre-refunded | | | 364,571 | | | | | | 20,342 | | | | | | (128) | | | | | | 384,785 | | | | | | 384,785 | | |

| Corporate backed | | | 255,230 | | | | | | 7,232 | | | | | | (903) | | | | | | 261,559 | | | | | | 261,559 | | |

| Local general obligation | | | 432,333 | | | | | | 32,684 | | | | | | (647) | | | | | | 464,370 | | | | | | 464,370 | | |

| Total state and municipal | | | 3,754,641 | | | | | | 146,918 | | | | | | (5,927) | | | | | | 3,895,632 | | | | | | 3,895,632 | | |

| Residential | | | 1,298,145 | | | | | | 23,230 | | | | | | (5,155) | | | | | | 1,316,220 | | | | | | 1,316,220 | | |

| Commercial | | | 304,506 | | | | | | 5,214 | | | | | | (346) | | | | | | 309,374 | | | | | | 309,374 | | |

| Total mortgage-backed securities | | | 1,602,651 | | | | | | 28,444 | | | | | | (5,501) | | | | | | 1,625,594 | | | | | | 1,625,594 | | |

| Industrial | | | 2,260,073 | | | | | | 72,900 | | | | | | (3,800) | | | | | | 2,329,173 | | | | | | 2,329,173 | | |

| Financial | | | 1,447,589 | | | | | | 37,681 | | | | | | (4,118) | | | | | | 1,481,152 | | | | | | 1,481,152 | | |

| Utilities | | | 325,762 | | | | | | 15,281 | | | | | | (402) | | | | | | 340,641 | | | | | | 340,641 | | |

| Total corporate | | | 4,038,643 | | | | | | 126,092 | | | | | | (8,320) | | | | | | 4,156,415 | | | | | | 4,156,415 | | |

| Foreign government | | | 924,284 | | | | | | 16,465 | | | | | | (93,673) | | | | | | 847,076 | | | | | | 847,076 | | |

During the quarter ended December 31, [removed: 2020,] [added: 2021,] there have been no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Based on our evaluation under the framework in Internal Control - Integrated Framework, our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2020.][added: 2021.]

To the Stockholders and [added: the] Board of Directors

We have audited W. R. Berkley Corporation and subsidiaries’ (the Company) internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2020,] [added: 2021,] and the related notes and financial statement schedules II to VI (collectively, the consolidated financial statements), and our report dated February [removed: 18, 2021] [added: 24, 2022] expressed an unqualified opinion on those consolidated financial statements.

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying [removed: Managements’] [added: Management's] Report On Internal Control Over Financial Reporting.

February 24, 2022

February 18, 2021

PART III

Not applicable.

PART III

Reference is made to the registrant's definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, [removed: 2020,] [added: 2021,] and which is incorporated herein by reference.

Reference is made to the registrant's definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, [removed: 2020,] [added: 2021,] and which is incorporated herein by reference.

Reference is made to the registrant's definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, [removed: 2020,] [added: 2021,] and which is incorporated herein by reference.

Reference is made to the registrant's definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, 2021, and which is incorporated herein by reference.

Reference is made to the registrant's definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, 2021, and which is incorporated herein by reference.

Reference is made to the registrant's definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, 2021, and which is incorporated herein by reference.

Reference is made to the registrant's definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, [removed: 2020,] [added: 2021,] and which is incorporated herein by reference.

Reference is made to the registrant's definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, [removed: 2020,] [added: 2021,] and which is incorporated herein by reference.

Our independent registered public accounting firm is KPMG LLP, New York, NY, Auditor Firm ID: 185.

| | | | [Schedule II — Condensed Financial Information of [removed: Registrant](#id8b99f3e4d0b485492066def62f1cbab_226)] [added: Registrant](#i67b60c53c37a48a19fb3486df5ad9bb6_205)] | | | [removed: [117](#id8b99f3e4d0b485492066def62f1cbab_226)] [added: [123](#i67b60c53c37a48a19fb3486df5ad9bb6_205)] | | |

| | | | [Schedule III — Supplementary Insurance [removed: Information](#id8b99f3e4d0b485492066def62f1cbab_232)] [added: Information](#i67b60c53c37a48a19fb3486df5ad9bb6_208)] | | | [removed: [121](#id8b99f3e4d0b485492066def62f1cbab_232)] [added: [127](#i67b60c53c37a48a19fb3486df5ad9bb6_208)] | | |

| | | | [Schedule V — Valuation and Qualifying [removed: Accounts](#id8b99f3e4d0b485492066def62f1cbab_238)] [added: Accounts](#i67b60c53c37a48a19fb3486df5ad9bb6_214)] | | | [removed: [123](#id8b99f3e4d0b485492066def62f1cbab_238)] [added: [129](#i67b60c53c37a48a19fb3486df5ad9bb6_214)] | | |

| | | | [Schedule VI — Supplementary Information Concerning Property — Casualty Insurance [removed: Operations](#id8b99f3e4d0b485492066def62f1cbab_241)] [added: Operations](#i67b60c53c37a48a19fb3486df5ad9bb6_217)] | | | [removed: [124](#id8b99f3e4d0b485492066def62f1cbab_241)] [added: [130](#i67b60c53c37a48a19fb3486df5ad9bb6_217)] | | |

| [removed: ([4.1](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex41.htm))] [added: ([4.1](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex41.htm))] | | | Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of [removed: 1934 (incorporated by reference to Exhibit 4.1 of the Company’s Annual Report on Form 10-K (File No. 1-15202) filed with the Commission on February 20, 2020).] [added: 1934.] | | |

| [removed: ([4.8](http://www.sec.gov/Archives/edgar/data/11544/000119312516487120/d149496dex41.htm))] [added: [(](https://www.sec.gov/Archives/edgar/data/11544/000119312518095381/d542041dex41.htm)[4.10)](https://www.sec.gov/Archives/edgar/data/11544/000119312518095381/d542041dex41.htm)] | | | Subordinated Indenture, dated as of March [removed: 1, 2016,] [added: 26, 2018,] between the Company and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.1 of the [removed: Company's] [added: Company’s] Current Report on Form 8-K (File No. 1-15202) filed with the Commission on March [removed: 1, 2016).] [added: 26, 2018).] | | |

| [removed: ([4.9](http://www.sec.gov/Archives/edgar/data/11544/000119312516487120/d149496dex42.htm))] [added: [(](https://www.sec.gov/Archives/edgar/data/11544/000119312518095381/d542041dex42.htm)[4.11)](https://www.sec.gov/Archives/edgar/data/11544/000119312518095381/d542041dex42.htm)] | | | First Supplemental Indenture, dated as of March [removed: 1, 2016,] [added: 26, 2018,] between the Company and The Bank of New York Mellon, as Trustee, relating to [removed: $110,000,000] [added: $185,000,000] principal amount of the [removed: Company's 5.9%] [added: Company’s 5.7%] Subordinated Debentures due [removed: 2056,] [added: 2058,] including the form of the Securities as Exhibit A (incorporated by reference to Exhibit 4.2 of the [removed: Company's] [added: Company’s] Current Report on Form 8-K (File No. 1-15202) filed with the Commission on March [removed: 1, 2016).] [added: 26, 2018).] | | |

| [removed: ([4.10](http://www.sec.gov/Archives/edgar/data/11544/000119312516601712/d51674dex42.htm))] [added: [(4.12)](https://www.sec.gov/Archives/edgar/data/11544/000119312519315039/d797169dex42.htm)] | | | Second Supplemental Indenture, dated as of [removed: May 25, 2016,] [added: December 16, 2019,] between the Company and [removed: The] [added: the] Bank of New York Mellon, as Trustee, relating to [removed: $290,000,000] [added: $300,000,000] principal amount of the Company's [removed: 5.75%] [added: 5.10%] Subordinated Debentures due [removed: 2056,] [added: 2059,] including the form of the Securities as Exhibit A (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K (File No. 1-15202) filed with the Commission on [removed: May 25, 2016).] [added: December 16, 2019).] | | |

| [removed: ([4.11](http://www.sec.gov/Archives/edgar/data/11544/000119312518095381/d542041dex41.htm))] [added: ([4.1](http://www.sec.gov/Archives/edgar/data/11544/000119312520249826/d70744dex42.htm)[3](http://www.sec.gov/Archives/edgar/data/11544/000119312520249826/d70744dex42.htm)[)](http://www.sec.gov/Archives/edgar/data/11544/000119312520249826/d70744dex42.htm)] | | | [removed: Subordinated] [added: Third Supplemental] Indenture, dated as of [removed: March 26, 2018,] [added: September 21, 2020,] between the Company and The Bank of New York Mellon, as [removed: Trustee] [added: Trustee, relating to $250,000,000 principal amount of the Company’s 4.25% Subordinated Debentures Notes due 2060, including form of the Securities as Exhibit A] (incorporated by reference to Exhibit [removed: 4.1] [added: 4.2] of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on [removed: March 26, 2018).] [added: September 21, 2020).] | | |

| [removed: ([4.12](http://www.sec.gov/Archives/edgar/data/11544/000119312518095381/d542041dex42.htm))] [added: [(4.14)](https://www.sec.gov/Archives/edgar/data/11544/000119312521035890/d17400dex42.htm)] | | | [removed: First] [added: Fourth] Supplemental Indenture, dated as of [removed: March 26, 2018,] [added: February 10, 2021,] between the Company and The Bank of New York Mellon, as Trustee, relating to [removed: $185,000,000] [added: $300,000,000] principal amount of the Company’s [removed: 5.7%] [added: 4.125%] Subordinated Debentures [added: Notes] due [removed: 2058,] [added: 2061,] including [removed: the] form of the Securities as Exhibit A (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on [removed: March 26, 2018).] [added: February 10, 2021).] | | |

| [removed: ([4.13](http://www.sec.gov/Archives/edgar/data/11544/000119312519315039/d797169dex42.htm))] [added: [(4.8)](https://www.sec.gov/Archives/edgar/data/0000011544/000119312521082861/d130286dex42.htm)] | | | Second Supplemental Indenture, dated as of [removed: December] [added: March] 16, [removed: 2019,] [added: 2021,] between the Company and [removed: the] [added: The] Bank of New York Mellon, as Trustee, relating to [removed: $300,000,000] [added: $400,000,000] principal amount of the [removed: Company's 5.10% Subordinated Debentures] [added: Company’s 3.550% Senior Notes] due [removed: 2059,] [added: 2052,] including [removed: the] form of the [removed: Securities] [added: Notes] as Exhibit A (incorporated by reference to Exhibit 4.2 of the [removed: Company's] [added: Company’s] Current Report on Form 8-K (File No. 1-15202) filed with the Commission on [removed: December] [added: March] 16, [removed: 2019).] [added: 2021).] | | |

| [removed: ([4.14)](http://www.sec.gov/Archives/edgar/data/11544/000119312520249826/d70744dex42.htm)] [added: [(4.9)](https://www.sec.gov/Archives/edgar/data/0000011544/000119312521273619/d225177dex42.htm)] | | | Third Supplemental Indenture, dated as of September [removed: 21, 2020,] [added: 15, 2021,] between the Company and The Bank of New York Mellon, as Trustee, relating to [removed: $250,000,000] [added: $350,000,000] principal amount of the Company’s [removed: 4.25% Subordinated Debentures] [added: 3.150% Senior] Notes due [removed: 2060,] [added: 2061,] including form of the [removed: Securities] [added: Notes] as Exhibit A (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on September [removed: 21, 2020).] [added: 15, 2021).] | | |

| [removed: (4.16)] [added: (4.15)] | | | The instruments defining the rights of holders of the other long term debt securities of the Company are omitted pursuant to Section (b)(4)(iii)(A) of Item 601 of Regulation S-K. The Company agrees to furnish supplementally copies of these instruments to the Commission upon request. | | |

| ([10.11](http://www.sec.gov/Archives/edgar/data/11544/000095012307016856/y44975exv10w1.htm)) | | | W. R. Berkley Corporation Deferred Compensation Plan for Officers as amended and restated [removed: November 2, 2016] [added: effective December 1, 2021] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] of the Company’s [removed: Quarterly] [added: Current] Report on Form [removed: 10-Q] [added: 8-K] (File No. 1-15202) filed with the Commission on November [removed: 7, 2018).] [added: 12, 2021).] | | |

| [removed: ([10.12](https://www.sec.gov/Archives/edgar/data/11544/000089914020000563/b39435898b.htm))] [added: [(10.12)](https://www.sec.gov/Archives/edgar/data/11544/000095012307016856/y44975exv10w2.htm)] | | | [removed: Amendment to the] W. R. Berkley Corporation Deferred Compensation Plan for [removed: Officers, effective] [added: Directors] as [removed: of] [added: amended and restated effective] December [removed: 31, 2020] [added: 1, 2021] (incorporated by reference to Exhibit [removed: 10.1] [added: 10.2] of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on [removed: December 16, 2020).] [added: November 12, 2021).] | | |

| [removed: ([10.13](http://www.sec.gov/Archives/edgar/data/11544/000095012307016856/y44975exv10w2.htm))] [added: [(10.13)](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813b.htm)] | | | W. R. Berkley Corporation [removed: Deferred] [added: Amended and Restated Annual Incentive] Compensation Plan [removed: for Directors as amended and restated effective December 3, 2007] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] of the [removed: Company’s] [added: Company's] Current Report on Form 8-K (File No. 1-15202) filed with the Commission on [removed: December 19, 2007).] [added: February 25, 2019).] | | |

| [removed: ([10.14](http://www.sec.gov/Archives/edgar/data/11544/000089914020000563/b39435898c.htm))] [added: [(10.16)](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813c.htm)] | | | [removed: Amendment to the] W. R. Berkley Corporation [removed: Deferred Compensation] [added: 2019 Long-Term Incentive] Plan [removed: for Directors, effective as of December 31, 2020] (incorporated by reference to Exhibit 10.2 of the [removed: Company’s Current] [added: Company's current] Report on Form 8-K (File No. 1-15202) filed with the Commission on [removed: December 16, 2020).] [added: February 25, 2019).] | | |

| [removed: ([10.15](http://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813b.htm))] [added: [(10.17)](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813e.htm)] | | | [added: Form of 2019 Performance Unit Award Agreement under the] W. R. Berkley Corporation [removed: Amended and Restated Annual] [added: 2019 Long-Term] Incentive [removed: Compensation] Plan (incorporated by reference to Exhibit [removed: 10.1] [added: 10.3] of the [removed: Company's] [added: Company’s] Current Report on Form 8-K (File No. 1-15202) filed with the Commission on February 25, 2019). | | |

| [removed: ([10.16](http://www.sec.gov/Archives/edgar/data/11544/000119312514133484/d704105ddef14a.htm))] [added: [(](https://www.sec.gov/Archives/edgar/data/11544/000119312514133484/d704105ddef14a.htm)[10.14](https://www.sec.gov/Archives/edgar/data/11544/000119312514133484/d704105ddef14a.htm)[)](https://www.sec.gov/Archives/edgar/data/11544/000119312514133484/d704105ddef14a.htm)] | | | W. R. Berkley Corporation 2014 Long-Term Incentive Plan (incorporated by reference to Annex A of the Company’s 2014 Proxy Statement (File No. 1-15202) filed with the Commission on April 7, 2014). | | |

| [removed: ([10.17](http://www.sec.gov/Archives/edgar/data/11544/000001154418000022/wrb331201810qex101.htm))] [added: [(](https://www.sec.gov/Archives/edgar/data/11544/000001154418000022/wrb331201810qex101.htm)[10.15)](https://www.sec.gov/Archives/edgar/data/11544/000001154418000022/wrb331201810qex101.htm)] | | | Form of 2018 Performance Unit Award Agreement under the W. R. Berkley Corporation 2014 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q (File No. 1-15202) filed with the Commission on May 7, 2018). | | |

| [removed: ([10.18](http://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813c.htm))] [added: [(10.18)](https://www.sec.gov/Archives/edgar/data/11544/000001154420000087/wrb630202010-qex101.htm)] | | | [added: Form of 2020 Performance Unit Award Agreement under the] W. R. Berkley Corporation 2019 Long-Term Incentive Plan (incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] of the [removed: Company's current] [added: Company’s Quarterly] Report on Form [removed: 8-K] [added: 10-Q] (File No. 1-15202) filed with the Commission on [removed: February 25, 2019).] [added: August 3, 2020).] | | |

| [removed: ([10.19](http://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813e.htm))] [added: [(10.19)](https://www.sec.gov/Archives/edgar/data/0000011544/000001154421000078/wrb930202110-qex101.htm)] | | | Form of [removed: 2019] [added: 2021] Performance Unit Award Agreement under the W. R. Berkley Corporation 2019 Long-Term Incentive Plan (incorporated by reference to Exhibit [removed: 10.3] [added: 10.1] of the Company’s [removed: Current] [added: Quarterly] Report on Form [removed: 8-K] [added: 10-Q] (File No. 1-15202) filed with the Commission on [removed: February 25, 2019).] [added: November 4, 2021).] | | |

| [removed: ([10.21](http://www.sec.gov/Archives/edgar/data/11544/000119312515138266/d910510ddef14a.htm))] [added: [(](https://www.sec.gov/Archives/edgar/data/11544/000119312515138266/d910510ddef14a.htm)[10.20)](https://www.sec.gov/Archives/edgar/data/11544/000119312515138266/d910510ddef14a.htm)] | | | W. R. Berkley Corporation 2009 Directors Stock Plan (incorporated by reference to Annex B of the Company’s [removed: 2015] [added: 2021] Proxy Statement (File No. 1-15202) filed with the Commission on April [removed: 20, 2015).] [added: 27, 2021).] | | |

| [removed: ([10.22](http://www.sec.gov/Archives/edgar/data/11544/000001154412000021/wrb12312011ex10-14serp.htm))] [added: [(](https://www.sec.gov/Archives/edgar/data/11544/000001154412000021/wrb12312011ex10-14serp.htm)[10.21)](https://www.sec.gov/Archives/edgar/data/11544/000001154412000021/wrb12312011ex10-14serp.htm)] | | | Supplemental Benefits Agreement between William R. Berkley and the Company as amended and restated as of December 21, 2011 (incorporated by reference to Exhibit 10.14 of the Company's Annual Report on Form 10-K (File No. 1-15202) filed with the Commission on February 28, 2012). | | |

| [removed: ([21](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex21.htm))] [added: ([21](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex21.htm))] | | | List of the Company’s subsidiaries. | | |

| [removed: ([23](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex23.htm))] [added: ([23](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex23.htm))] | | | Consent of Independent Registered Public Accounting Firm. | | |

| [removed: ([31.1](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex311.htm))] [added: ([31.1](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex311.htm))] | | | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/ 15d-14(a). | | |

| [removed: ([31.2](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex312.htm))] [added: ([31.2](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex312.htm))] | | | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/ 15d-14(a). | | |

| [removed: ([32.1](https://www.sec.gov/Archives/edgar/data/11544/000001154421000013/wrb1231202010-kex321.htm))] [added: ([32.1](https://www.sec.gov/Archives/edgar/data/11544/000001154422000007/wrb1231202110-kex321.htm))] | | | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | |

| | | | [Schedule IV — Reinsurance](#i67b60c53c37a48a19fb3486df5ad9bb6_211) | | | [128](#i67b60c53c37a48a19fb3486df5ad9bb6_211) | | |

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| | | | [Schedule IV — Reinsurance](#id8b99f3e4d0b485492066def62f1cbab_235) | | | [122](#id8b99f3e4d0b485492066def62f1cbab_235) | | |

| ([4.15](http://www.sec.gov/Archives/edgar/data/11544/000119312521035890/d17400dex42.htm)) | | | Fourth Supplemental Indenture, dated as of February 10, 2021, between the Company and The Bank of New York Mellon, as Trustee, relating to $300,000,000 principal amount of the Company’s 4.125% Subordinated Debentures Notes due 2061, including form of the Securities as Exhibit A (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on February 10, 2021). | | |

| ([10.20](http://www.sec.gov/Archives/edgar/data/11544/000001154420000087/wrb630202010-qex101.htm)) | | | Form of 2020 Performance Unit Award Agreement under the W. R. Berkley Corporation 2019 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q (File No. 1-15202) filed with the Commission on August 3, 2020). | | |

| /s/ William R. Berkley | | | | | | Executive Chairman | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| /s/ W. Robert Berkley, Jr. | | | | | | President | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| /s/ Christopher L. Augostini | | | | | | Director | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| /s/ Ronald E. Blaylock | | | | | | Director | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| /s/ Mark E. Brockbank | | | | | | Director | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| /s/ Mary C. Farrell | | | | | | Director | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| /s/ María Luisa Ferré | | | | | | Director | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| /s/ Leigh Ann Pusey | | | | | | Director | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| /s/ Mark L. Shapiro | | | | | | Director | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| /s/ Jonathan Talisman | | | | | | Director | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| /s/ Richard M. Baio | | | | | | Executive Vice President | | | | | | February [removed: 18, 2021] [added: 24, 2022] | | |

| Richard M. Baio | | | | | | [added: and] Chief Financial Officer [removed: and Treasurer] | | | | | | | | |

| (In thousands) | | | [added: 2021 | | | | | |] 2020 | | | | | | 2019 | | |

| Cash and cash equivalents [removed: |] [added: at beginning of year] | | [removed: $] | 296,960 | | | | | [removed: $] | 389,801 | | [added: | | | | 83,950 | | |]

| Fixed maturity securities available for sale at fair value (cost [removed: $792,752] [added: $805,211] and [removed: $718,642] [added: $792,752] at December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively) | | | [removed: 800,263] [added: 806,074] | | | | | | [removed: 723,959] [added: 800,263] | | |

| Equity securities, at fair value (cost $3,430 in [removed: 2020] [added: 2021] and [removed: 2019 respectively.)] [added: 2020 respectively)] | | | 3,430 | | | | | | 3,430 | | |

| Investment in subsidiaries | | | [removed: 7,957,501] [added: 8,516,916] | | | | | | [removed: 7,623,639] [added: 7,957,501] | | |

| Current federal income taxes | | | [removed: —] [added: 23,424] | | | | | | [removed: 18,857] [added: —] | | |

| Property, furniture and equipment at cost, less accumulated depreciation | | | [removed: 11,412] [added: 11,916] | | | | | | [removed: 12,323] [added: 11,412] | | |

| Other assets | | | [removed: 11,231] [added: 43,793] | | | | | | [removed: 13,294] [added: 11,231] | | |

| Total assets | | | $ | [removed: 9,156,586] [added: 10,194,783] | | | | | $ | [removed: 8,841,097] [added: 9,156,586] | |

| Due to subsidiaries | | | $ | [removed: 77,860] [added: 138,376] | | | | | $ | [removed: 107,245] [added: 77,860] | |

| Other liabilities | | | [removed: 106,064] [added: 146,892] | | | | | | [removed: 118,593] [added: 106,064] | | |

| Current federal income taxes | | | [removed: 15,662] [added: —] | | | | | | [removed: —] [added: 15,662] | | |

| Deferred federal income taxes | | | [removed: 31,851] [added: —] | | | | | | [removed: 22,846] [added: 31,851] | | |

| Subordinated debentures | | | [removed: 1,102,309] [added: 1,007,652] | | | | | | [removed: 1,198,704] [added: 1,102,309] | | |

| Senior notes | | | [removed: 1,512,038] [added: 2,248,852] | | | | | | [removed: 1,318,770] [added: 1,512,038] | | |

| Total liabilities | | | [removed: 2,845,784] [added: 3,541,772] | | | | | | [removed: 2,766,158] [added: 2,845,784] | | |

| Additional paid-in capital | | | [removed: 1,012,483] [added: 1,016,372] | | | | | | [removed: 1,056,042] [added: 1,012,483] | | |

| Retained earnings (including accumulated undistributed net income of subsidiaries of [removed: $5,700,515] [added: $6,463,882] and [removed: $5,564,980] [added: $5,700,515] at December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively) | | | [removed: 8,348,381] [added: 9,015,135] | | | | | | [removed: 7,932,372] [added: 8,348,381] | | |

| Accumulated other comprehensive [removed: income] [added: loss] | | | [removed: (62,172)] [added: (281,955)] | | | | | | [removed: (257,299)] [added: (62,172)] | | |

| Treasury stock, at cost | | | [removed: (3,058,425)] [added: (3,167,076)] | | | | | | [removed: (2,726,711)] [added: (3,058,425)] | | |

| Total stockholders’ equity | | | [removed: 6,310,802] [added: 6,653,011] | | | | | | [removed: 6,074,939] [added: 6,310,802] | | |

| Total liabilities and stockholders’ equity | | | $ | [removed: 9,156,586] [added: 10,194,783] | | | | | $ | [removed: 8,841,097] [added: 9,156,586] | |

| (In thousands) | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Management fees and investment income including dividends from subsidiaries of [added: $520,251,] $617,424, [removed: $416,027,] and [removed: $639,477] [added: $416,027] for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018,] [added: 2019,] respectively | | | $ | [removed: 654,485] [added: 548,512] | | | | | $ | [removed: 470,773] [added: 654,485] | | | | | $ | [removed: 697,687] [added: 470,773] | |