W. R. Berkley (WRB) 10-K risk factor changes: FY2024 vs FY2023

[removed: In addition to those] described below, our businesses may also be adversely affected by risks and uncertainties not currently known to us or that we currently consider immaterial.

The results of companies in the property casualty insurance industry historically have been subject to significant fluctuations and uncertainties in [added: supply and] demand and pricing, causing cyclical changes in the insurance and reinsurance industry.

The demand for insurance is influenced primarily by general economic conditions, while the supply of insurance is often directly related to available capacity [removed: or] [added: based on] the perceived profitability of the business.

[removed: Recently,] [added: Over the past several years,] premium rates have increased for most lines of business, while they have decreased in others, most notably workers' compensation and certain professional liability lines of business.

The adequacy of premium rates is affected mainly by the severity and frequency of claims, which are influenced by many factors, including natural [removed: disasters,] [added: disasters and other catastrophic events,] regulatory measures and court decisions that define and expand the extent of coverage, and the effects of economic and social inflation on the amount of claims payments due for injuries or losses.

However, loss costs have also increased and the duration and magnitude of the [removed: improving] [added: improved] pricing environment remains uncertain.

[removed: Despite higher interest rates, current price levels for certain lines of business] may remain below the prices required for us to achieve our long-term return objectives.

[removed: In recent years, various] [added: Various] types of investors [removed: have increasingly sought] [added: seek] to participate in the property and casualty insurance and reinsurance industries.

In addition, technology companies or other third parties have created, and may in the future [removed: create,] [added: create] technology-enabled business models, processes, platforms or alternate distribution channels that may adversely impact our competitive position in some parts of our business.

Our gross reserves for losses and loss expenses were approximately [removed: $18.7] [added: $20.4] billion as of December 31, [removed: 2023.][added: 2024.]

These estimates, which generally involve actuarial projections, are based on management's assessment of facts and circumstances then known, as [added: well as estimates of future trends in claims severity and frequency, inflation, judicial theories of liability, reinsurance coverage, legislative changes and other factors, including the actions of third parties, which are beyond our control.]

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

For example, [added: current accident year] catastrophe losses net of reinsurance [removed: recoveries, including COVID-19 related losses,] [added: recoveries] were [added: $298 million in 2024,] $195 million in 2023, [added: and] $212 [added: million in 2022.]

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

[removed: The COVID-19 pandemic materially and adversely affected our results of operations, and, whether as a result of COVID-19's long-term effects, or new] [added: New] or emerging [removed: variants, or other potential] pandemics, [added: whether related to COVID-19 or otherwise,] may [removed: further] materially and adversely affect our results of operations, financial position and liquidity in the future.

[removed: There] [added: - Our reinsurers] may [removed: be] [added: refuse to pay reinsurance recoverables due to] uncertainty [removed: surrounding the availability of] [added: regarding] reinsurance coverage for losses related to COVID-19 or any future [removed: pandemics as our reinsurers may dispute the applicability of reinsurance to such 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.][added: pandemics.]

[removed: Company’s] [added: Legal Proceedings," in December 2023, one of our] subsidiaries filed a lawsuit against certain reinsurers to recover in excess of $90 million in respect of certain losses [removed: paid to its policyholders] under certain event cancellation [removed: and related] insurance policies.

[removed: Consequently, any reduced] [added: - Reduced] economic activity relating to potential pandemics is likely to decrease demand for our insurance [removed: products and services and negatively impact our premium volumes (and, in certain cases, may result in return of premiums due to a decrease in exposures).][added: products.]

[added: -] Disruptions in global financial markets due to future pandemics could cause us to incur [removed: unrealized and/or realized] investment [removed: losses, including impairments in our fixed maturity portfolio and other investments.][added: losses.]

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

There is a scientific consensus that global warming and other climate change are altering the frequency, severity and peril characteristics of catastrophic weather events, such as hurricanes, windstorms, [removed: floods] [added: floods, wildfires] and other natural disasters.

Based on our [removed: 2023] [added: 2024] earned premiums, our aggregate deductible under TRIPRA during [removed: 2024] [added: 2025] is approximately [removed: $1,464] [added: $1,663] million.

Because of the uncertainties set forth above, additional liabilities may arise for amounts in excess of the current loss [added: reserves.]

- privacy, data protection, [added: cybersecurity] and [removed: cybersecurity;][added: artificial intelligence;]

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

In addition, the [removed: current] [added: new] U.S. administration and the volatile political environment [removed: (including, in particular, the upcoming U.S. presidential election in November 2024)] increases the chance of other federal legislative and regulatory changes that could affect us in ways we cannot predict.

In addition, despite the waiver of the Solvency II group capital requirements we received, [added: any changes in the application of] Solvency II [added: (or any further amendments to Solvency II itself)] may have the effect of increasing the capital requirements of our EU domiciled insurers.

Similar considerations apply to our U.K. subsidiaries, which are now subject to a separate U.K. prudential [removed: regime, which is broadly identical to] [added: regime that derives from] Solvency II.

However, the two regimes, and their respective requirements, [removed: are diverging] [added: have begun to diverge] due to both the EU’s [removed: review of] [added: recent amendments to] Solvency II described above and the [removed: recently adopted] reforms to the U.K.’s domestic prudential regime (please see “International Regulation” above for more information).

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

Our U.K. business could be specifically adversely impacted by [removed: the imposition of] trade barriers between the EU and the U.K. following Brexit, which has [removed: already] reduced the level of trade between the two markets and the U.K.’s overall trade exports, thereby negatively affecting the attractiveness of the U.K. market.

As of December 31, [removed: 2023,] [added: 2024,] the amount due from our reinsurers was approximately [removed: $3,535] [added: $3,558] million, including amounts due from state funds and industry pools where it was intended that we would bear no risk.

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 [removed: for impairment of long-term assets or goodwill and indemnification.]

A [removed: shut-down] [added: shutdown] of, or inability to access, one or more of our facilities, a power outage or a failure of one or more of our information technology, telecommunications or other computer systems could significantly impair our employees' ability to perform such functions on a timely basis.

In the event of a disaster such as a natural catastrophe, terrorist attack or industrial accident, physical or electronic security breaches, such as breaches by computer hackers, the infection of our systems [removed: by a malicious computer virus, denial of service attack, or other cybersecurity incident, our systems could be inaccessible for an extended period of time.]

In addition, because our information technology and telecommunications systems interface with and depend on third-party [removed: systems,] [added: systems and infrastructure beyond our control,] we could experience service denials or failures of controls if demand for our service exceeds capacity or a third-party system [added: or infrastructure] fails or experiences an interruption.

Cybersecurity breaches, including physical or electronic break-ins, computer viruses, malware, attacks by hackers, ransomware attacks, phishing attacks, supply chain attacks, breaches due to employee error or misconduct and other similar breaches can create system disruptions, shutdowns or unauthorized access to, or disclosure of, information maintained in our information technology systems and in the information technology systems of our [added: vendors and other third parties.]

We have in the past experienced cybersecurity [removed: breaches of] [added: incidents affecting] our information technology systems as well as the information technology systems of our vendors and other third parties, but, to our knowledge, we have not experienced any material cybersecurity breaches.

We expect cybersecurity [removed: breaches] [added: threats] to continue to occur in the future and we are constantly managing efforts to infiltrate and compromise our systems and data.

These increased risks, and expanding regulatory requirements regarding data security, including required compliance with applicable privacy and data protection laws (e.g., the GDPR, CCPA, and other state-specific privacy statutes and [removed: regulations,] [added: regulations),] could expose us to data loss, monetary and reputational damages and significant increases in compliance costs.

In addition to those

The uncertainty of an insurer’s ultimate loss costs, and fluctuating competitive conditions, result in alternating periods of “hard” markets (more profitable for insurers) and “soft” markets (less profitable for insurers).

In recent years, improvement (or deterioration) in various lines of property casualty insurance has become less uniform in its cyclicality, with changes frequently happening at different rates, and even at times in different directions.

Despite higher interest rates, current price levels for certain lines of business

New or emerging pandemics, whether related to COVID-19 or otherwise, may materially and adversely affect our results of operations, financial position and liquidity, including the following:

- Legislative and regulatory initiatives in response to pandemics may adversely affect us by, for example, retroactively mandating coverage for losses that our policies were not intended to cover.

- 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, there remains uncertainty around COVID-19's ultimate impact on the Company and its related reserves.

- Claims and coverage issues may emerge that extend coverage beyond our underwriting intent or increase the number and/or size of claims.

For example, as described in "Item 3.

In addition, we may be unable to renew our reinsurance coverages or obtain other appropriate reinsurance covers with respect to pandemic-related exposures.

As described in “International Regulation” above, the EU has recently amended certain provisions in Solvency II, which EU member states will implement in their domestic regulation over the next two years.

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

for impairment of long-term assets or goodwill and indemnification.

by a malicious computer virus, denial of service attack, or other cybersecurity incident, our systems could be inaccessible for an extended period of time.

Use of artificial intelligence technologies by us or third-parties on which we rely could expose us to technological, security, legal, and other risks.

Products or services offered that develop or adopt artificial intelligence (“AI”) technologies, including generative AI and machine learning, offer potential benefits (e.g., with respect to efficiency) but likewise may raise technological, security, legal and other risks and challenges that may adversely affect our operations, business, or reputation.

Such risks include the misuse, inadvertent or otherwise, of personal data or other sensitive, confidential or proprietary information; flaws in our models or training datasets resulting in biased, inaccurate or unanticipated outcomes; ethical considerations regarding the use and deployment of AI technologies; potential infringement of third-party intellectual property rights or the dilution of our intellectual property; and our ability to implement appropriate governance controls to ensure the ongoing, safe deployment of AI systems.

AI technologies may be misused, and that risk is increased by the relative newness of the technology, the speed at which it is being adopted, and ongoing uncertainty with respect to the laws, regulations, and standards governing its

development and deployment federally, across states, and internationally.

Such misuse, and a realization of the previously mentioned risks, could negatively impact our reputation, financial condition and results of operations, the demand for our products and services, otherwise cause competitive harm, and/or draw adverse legal and regulatory scrutiny.

Moreover, because some AI technologies are relatively new, such as generative AI, many of the potential risks regarding their use are currently unknown.

due to the then current financial environment.

the voting securities of that insurer or any parent company of such insurer.

well as estimates of future trends in claims severity and frequency, inflation, judicial theories of liability, reinsurance coverage, legislative changes and other factors, including the actions of third parties, which are beyond our control.

million in 2022, and $202 million in 2021.

The pandemic's impact on our business may continue, and potentially even worsen, whether as a result of COVID-19's long-term effects, or new or emerging variants, or even other potential pandemics.

We cannot predict the magnitude or duration of such impact, particularly given the uncertainties associated with COVID-19 or other potential pandemics.

The ultimate impact of COVID-19 or other potential pandemics on our results of operations, financial position and liquidity is not yet known, but includes the following:

Adverse Legislative and Regulatory Action.

Legislative and regulatory initiatives in response to COVID-19 or other similar future pandemics may adversely affect us, particularly in our workers’ compensation and property coverages businesses.

For example, our business may be subject to, certain initiatives, including, but not limited to: legislative and regulatory action that seeks to retroactively mandate coverage for losses that our insurance policies would not otherwise cover and which were not priced to cover; legislative and regulatory action providing for shifting presumptions with respect to the burdens of proof for “essential” workers on workers’ compensation coverages and varying definitions of “essential” workers; actions prohibiting us from cancelling insurance policies in accordance with our policy terms or non-renewing policies at their natural expiration; and/or orders to provide premium refunds, grant extended grace periods for premium payments, and provide extended time to pay past due premiums.

Any such action would likely increase both our underwriting losses and our expenses and any legal challenges to any such action could take years to resolve.

Claim Losses Related to COVID-19 May Exceed Reserves.

As of December 31, 2023, we recorded approximately $384 million for COVID-19-related losses.

Our reserves do not represent an exact calculation of liability, but represent an estimate of what management expects the ultimate settlement and claims administration will cost for claims that have occurred, whether known or unknown.

Accordingly, given the uncertainties still associated with COVID-19 and its impact, our reserves and the 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 or future pandemics on industry practices and economic, legal, judicial, social and other environmental conditions occur, unexpected and unintended issues related to claims and coverages may emerge.

These issues may adversely affect our business by extending coverage beyond our underwriting intent (including in the area of property coverages where physical damage requirements and communicable disease exclusions are currently being challenged) or by increasing the number and/or size of claims, each of which could adversely impact our results.

Reinsurance.

We purchase reinsurance in order to transfer part of the risk that we have assumed by writing insurance policies to reinsurance companies in exchange for part of the premium we receive in connection with assuming such risk.

Although reinsurance makes the reinsurer contractually liable to us to the extent the risk is transferred to the reinsurer, it does not relieve us of our liability to our policyholders.

On December 22, 2023, one of the

See, "Item 3.

Legal Proceedings." 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 exposures related to COVID-19 or any future pandemics, 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.

Premium Volumes May Be Negatively Impacted.

The demand for insurance is significantly influenced by general economic conditions.

Investments.

In addition, the economic uncertainty may result in a decline in interest rates, which may negatively impact our net investment income from future investment activity.

Operational Disruptions and Costs.

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 similar risks and uncertainties, 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.

Any remote working policies we implement may result 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.

reserves.

Dodd-Frank Act, such as proposals for the creation of an optional federal charter for insurance companies.

As described in “International Regulation” above, the EU is performing a review of Solvency II and various regulatory reforms are expected to be introduced during 2024, which EU member states will implement in their domestic regulation.

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.

vendors and other third parties.

We could be adversely affected by changes in U.S. Federal income tax laws.

Tax legislation commonly referred to as the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, fundamentally overhauled the U.S. tax system by, among other significant changes, reducing the U.S. corporate income tax rate to 21%.

In the context of the taxation of U.S. property/casualty insurance companies such as the Company, the Act also modified the loss reserve discounting rules and the proration rules that apply to reduce reserve deductions to reflect the lower corporate income tax rate.

It is possible that other legislation could be introduced and enacted by the current Congress or future Congresses that could have an adverse impact on us.

New regulations or pronouncements interpreting or clarifying provisions of the Act may be forthcoming.

We cannot predict if, when or in what form such regulations or pronouncements may be provided, whether such guidance will have a retroactive effect or their potential impact on us.

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: 2023:][added: 2024:]

Our net reserves for losses and loss expenses of approximately [removed: $15.7] [added: $17.2] billion as of December 31, [removed: 2023] [added: 2024] relate to multiple accident years.

Approximately [removed: $3.1] [added: $3.3] billion, or [removed: 20%,] [added: 19.1%,] of the Company’s net loss reserves as of December 31, [removed: 2023] [added: 2024] 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: 2023] [added: 2024] and [removed: 2022:][added: 2023:]

| (In thousands) | | | [added: 2024 | | | | | |] 2023 | | | | | | 2022 | | | [added: | | | | | |]

| Net reserves for losses and loss expenses | | | [removed: 15,661,820] [added: 17,166,641] | | | | | | [removed: 14,248,879] [added: 15,661,820] | | |

| Ceded reserves for losses and loss expenses | | | [removed: 3,077,832] [added: 3,201,389] | | | | | | [removed: 2,762,344] [added: 3,077,832] | | |

| Gross reserves for losses and loss expenses | | | $ | [removed: 18,739,652] [added: 20,368,030] | | | | | $ | [removed: 17,011,223] [added: 18,739,652] | |

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: 2023] [added: 2024] and [removed: 2022:][added: 2023:]

(1)Reserves for excess and assumed workers’ compensation business are net of an aggregate net discount of [removed: $390] [added: $405] million and [removed: $416] [added: $390] million as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

(3)Reinsurance & Monoline Excess includes property and casualty reinsurance as well as [added: certain program management business and] operations that solely retain risk on an excess basis.

| (In thousands) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | | | |

| Increase in prior year loss reserves | | | $ | [removed: (29,681)] [added: (14,350)] | | | | | $ | [removed: (54,511)] [added: (29,681)] | | | | | $ | [removed: (863)] [added: (54,511)] | | | | | | | |

| Increase in prior year earned premiums | | | [removed: 10,782] [added: 18,782] | | | | | | [removed: 18,106] [added: 10,782] | | | | | | [removed: 7,510] [added: 18,106] | | | | | | | | |

| Net [removed: (unfavorable)] favorable [added: (unfavorable)] prior year development | | | $ | [removed: (18,899)] [added: 4,432] | | | | | $ | [removed: (36,405)] [added: (18,899)] | | | | | $ | [removed: 6,647] [added: (36,405)] | | | | | | | |

[removed: Accordingly, the] [added: The] ultimate net impact of COVID-19 on the Company's reserves remains uncertain.

As of December 31, [removed: 2023,] [added: 2024,] the Company had recognized losses for COVID-19-related claims activity, net of reinsurance, of approximately [removed: $384] [added: $381] million, of which $326 million relates to the Insurance segment and [removed: $58] [added: $55] million relates to the Reinsurance & Monoline Excess segment.

Such [removed: $384] [added: $381] million of COVID-19-related losses included [removed: $381] [added: $379] million of reported losses and [removed: $3] [added: $2] million of IBNR.

Insurance – Reserves for the Insurance segment developed unfavorably by [removed: $24] [added: $21] million in 2023 (net of additional and return premiums).

The unfavorable development for the segment was concentrated in the early part of the [removed: year, with reserve development being flat overall during the second half of 2023.][added: year.]

Reinsurance & Monoline Excess – Reserves for the Reinsurance & Monoline Excess segment developed favorably by [removed: $5] [added: $2] million in 2023 (net of additional and return premiums).

The overall favorable prior year development for the segment was driven mainly by favorable development in excess workers’ compensation, substantially offset by unfavorable development in the non-proportional reinsurance assumed [removed: liability and] [added: liability,] excess general liability (including [removed: umbrella)] [added: umbrella), and commercial auto liability] lines of business.

The favorable excess workers’ compensation development was driven by continued lower claim frequency and reported losses [added: relative to our expectations, and favorable claim settlements.]

Insurance – Reserves for the Insurance segment developed unfavorably by [removed: $40] [added: $41] million in 2022 (net of additional and return premiums).

[removed: However, the Company believes that] as a result of these settlements the remaining level of uncertainty around the ultimate value of its known COVID-19 claims has been significantly reduced.

Due to the uncertainty regarding the ultimate impacts of the pandemic on accident years 2020 and 2021 incurred losses, the Company was cautious in reacting to these lower trends in [removed: setting and updating its loss ratio estimates for these years.]

Reinsurance & Monoline Excess – Reserves for the Reinsurance & Monoline Excess segment developed favorably by [removed: $4] [added: $5] million in 2022 (net of additional and return premiums).

The overall favorable development for the segment was driven mainly by favorable development in excess workers compensation, substantially offset by unfavorable development in the professional [removed: liability and] [added: liability,] non-proportional reinsurance assumed [added: liability, and commercial auto] liability lines of business.

Favorable prior year development (net of additional and return premiums) was [removed: $7] [added: $4] million in [removed: 2021.][added: 2024.]

Insurance – Reserves for the Insurance segment developed [removed: favorably] [added: unfavorably] by [removed: $20] [added: $8] million in [removed: 2021] [added: 2024] (net of additional and return premiums).

Reinsurance & Monoline Excess – Reserves for the Reinsurance & Monoline Excess segment developed [removed: unfavorably] [added: favorably] by [removed: $13] [added: $12] million in [removed: 2021.][added: 2024 (net of additional and return premiums).]

The [removed: unfavorable] [added: favorable] development [removed: in the segment] was driven [added: mainly] by [removed: the non-proportional reinsurance assumed liability and other liability lines of] [added: excess workers’ compensation] business, [removed: related primarily to accident years 2017 through 2019, and was] partially offset by [removed: favorable] [added: adverse] development in [removed: excess workers’ compensation business which was spread across many prior accident years.][added: the non-proportional reinsurance assumed liability line of business.]

The unfavorable [added: development for] non-proportional reinsurance [removed: assumed liability] [added: was concentrated mainly in accident years 2015 through 2019] and [removed: other liability development] was associated [added: primarily] with our U.S. and U.K. [removed: assumed] [added: excess general liability] reinsurance [removed: business, and related primarily to accounts] [added: businesses, including coverage for cedants] insuring construction [removed: projects and professional liability exposures.][added: projects.]

The amount of workers’ compensation reserves that were discounted was [removed: $1,352] [added: $1,358] million and [removed: $1,464] [added: $1,352] million at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

The aggregate net discount for those reserves, after reflecting the effects of ceded reinsurance, was [removed: $390] [added: $405] million and [removed: $416] [added: $390] million at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

At December 31, [removed: 2023,] [added: 2024,] discount rates by year ranged from 0.7% to 6.5%, with a weighted average discount rate of [removed: 3.4%.][added: 3.6%.]

Substantially all discounted workers’ compensation reserves (97% of total discounted reserves at December 31, [removed: 2023)] [added: 2024)] are excess workers’ compensation reserves.

The Company also discounts reserves for certain other long-duration workers’ compensation reserves (representing approximately 3% of total discounted reserves at December 31, [removed: 2023),] [added: 2024),] including reserves for quota share reinsurance and reserves related to losses regarding occupational lung disease.

Estimated assumed premiums receivable were approximately [removed: $65] [added: $51] million and [removed: $60] [added: $65] million at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

In making this assessment, the Company considers the extent to which fair value is less than amortized cost, changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among [removed: other factors.]

Commencing with the first quarter of 2024, the Company reclassified a program management business from the Insurance segment to the Reinsurance & Monoline Excess segment.

The reclassified business is a program management business offering support on a nationwide basis for commercial casualty and property program administrators.

Reclassifications have been made to the Company's 2023 and 2022 financial information to conform with this presentation.

On June 12, 2024, the Company announced that its Board of Directors approved a 3-for-2 common stock split which was paid in the form of a stock dividend to holders of record as of June 24, 2024.

The additional shares were issued on July 10, 2024.

Shares outstanding and per share amounts in this Form 10-K reflect such 3-for-2 common stock split.

| 1% | | | $ | 142,388 | | | | | $ | 428,582 | | | | | $ | 786,324 | |

| 5% | | | 428,582 | | | | | | 726,110 | | | | | | 1,098,020 | | |

| 10% | | | 786,324 | | | | | | 1,098,020 | | | | | | 1,487,640 | | |

| Insurance | | | $ | 13,881,574 | | | | | $ | 12,430,202 | |

| Reinsurance & Monoline Excess | | | 3,285,067 | | | | | | 3,231,618 | | |

| December 31, 2024 | | | | | | | | | | | | | | | | | |

| Other liability | | | $ | 2,104,721 | | | | | $ | 5,164,994 | | | | | $ | 7,269,715 | |

| Professional liability | | | 613,230 | | | | | | 1,503,908 | | | | | | 2,117,138 | | |

| Workers’ compensation (1) | | | 1,054,427 | | | | | | 771,367 | | | | | | 1,825,794 | | |

| Auto | | | 729,462 | | | | | | 936,319 | | | | | | 1,665,781 | | |

| Short-tail lines (2) | | | 410,138 | | | | | | 593,008 | | | | | | 1,003,146 | | |

| Total Insurance | | | 4,911,978 | | | | | | 8,969,596 | | | | | | 13,881,574 | | |

| Reinsurance & Monoline Excess (1) (3) | | | 1,622,399 | | | | | | 1,662,668 | | | | | | 3,285,067 | | |

| Total | | | $ | 6,534,377 | | | | | $ | 10,632,264 | | | | | $ | 17,166,641 | |

| Other liability | | | $ | 1,912,594 | | | | | $ | 4,607,507 | | | | | $ | 6,520,101 | |

| Auto | | | 645,707 | | | | | | 700,850 | | | | | | 1,346,557 | | |

| Short-tail lines (2) | | | 375,129 | | | | | | 412,369 | | | | | | 787,498 | | |

| Total Insurance | | | 4,480,430 | | | | | | 7,949,772 | | | | | | 12,430,202 | | |

| Reinsurance & Monoline Excess (1) (3) | | | 1,673,581 | | | | | | 1,558,037 | | | | | | 3,231,618 | | |

The adverse development was driven by the commercial auto liability and other liability occurrence lines of business, and was largely offset by favorable development for workers’ compensation, professional liability, products liability, and commercial property lines of business.

The adverse commercial auto liability development was concentrated in accident years 2021 through 2023, while the adverse other liability occurrence development was focused across accident years 2015 through 2022.

The majority of the other liability occurrence development was driven by umbrella and excess liability claims, of which a significant portion related to underlying commercial auto exposures.

The Company believes that commercial auto-related claims are being particularly impacted by social inflation, which is contributing to an increase in the frequency of large losses beyond expectations.

Social inflation can include higher settlement demands from plaintiffs, use of aggressive actions by the plaintiffs’ bar such as litigation funding, negative public sentiment towards large businesses and corporations, and erosion of tort reforms, among other factors.

The favorable workers’ compensation development for the Insurance segment was mainly related to accident years 2016 through 2023, with accident years 2020 through 2023 contributing the most.

For workers’ compensation, favorable reported claim frequency, below expectations, continued to be the main driver of the favorable reserve development.

The favorable development for both the professional liability and products liability lines of business was related mainly to accident years 2020 through 2023.

For both of these lines, reported claim frequency and incurred losses for accident years 2020 through 2023 were better than expected, which drove the favorable reserve development.

Business written in these years also benefitted from significant price increases, which the Company now believes will result in higher profitability than initially anticipated.

The favorable development for commercial property was mainly associated with the 2023 accident year, and resulted from better than expected settlements for both catastrophe related and non-catastrophe claims.

The favorable excess workers’ compensation development was driven by continued lower claim frequency and reported losses relative to expectations, and to favorable claim settlements spread across many prior accident years.

The unfavorable development for commercial auto liability was concentrated in the 2022 accident year and related to commercial auto program business.

However, the Company believes that

setting and updating its loss ratio estimates for these years.

In March 2022, the Company sold a real estate investment consisting of an office building located in London for £718 million.

The Company realized a pretax gain of $317 million in the first quarter of 2022, before transaction expenses and the impact of foreign currency, including the reversal of the currency translation adjustment.

The gain was $251 million after such adjustments.

In June 2023, the Company completed a sale of the property and casualty insurance services division of Breckenridge IS, Inc. and recognized a pre-tax net realized gain on investment of $89 million.

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

| 1% | | | $ | 126,867 | | | | | $ | 381,863 | | | | | $ | 700,608 | |

| 5% | | | 381,863 | | | | | | 646,957 | | | | | | 978,326 | | |

| 10% | | | 700,608 | | | | | | 978,326 | | | | | | 1,325,474 | | |

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

| Insurance | | | $ | 12,518,591 | | | | | $ | 11,233,924 | |

| Reinsurance & Monoline Excess | | | 3,143,229 | | | | | | 3,014,955 | | |

| Other liability | | | $ | 1,927,701 | | | | | $ | 4,561,410 | | | | | $ | 6,489,111 | |

| Auto | | | 722,963 | | | | | | 734,832 | | | | | | 1,457,795 | | |

| Short-tail lines (2) | | | 377,278 | | | | | | 418,361 | | | | | | 795,639 | | |

| Total Insurance | | | 4,574,942 | | | | | | 7,943,649 | | | | | | 12,518,591 | | |

| Reinsurance & Monoline Excess (1) (3) | | | 1,579,069 | | | | | | 1,564,160 | | | | | | 3,143,229 | | |

| December 31, 2022 | | | | | | | | | | | | | | | | | |

| Other liability | | | $ | 1,808,700 | | | | | $ | 3,826,444 | | | | | $ | 5,635,144 | |

| Workers’ compensation (1) | | | 1,023,961 | | | | | | 899,215 | | | | | | 1,923,176 | | |

| Professional liability | | | 501,572 | | | | | | 1,243,604 | | | | | | 1,745,176 | | |

| Auto | | | 629,149 | | | | | | 528,398 | | | | | | 1,157,547 | | |

| Short-tail lines (2) | | | 403,974 | | | | | | 368,907 | | | | | | 772,881 | | |

| Total Insurance | | | 4,367,356 | | | | | | 6,866,568 | | | | | | 11,233,924 | | |

| Reinsurance & Monoline Excess (1) (3) | | | 1,551,687 | | | | | | 1,463,268 | | | | | | 3,014,955 | | |

| Total | | | $ | 5,919,043 | | | | | $ | 8,329,836 | | | | | $ | 14,248,879 | |

The COVID-19 global pandemic has impacted, and may further impact, the Company’s loss costs.

For the year ended December 31, 2023, the Company recognized current accident year losses for COVID-19-related claims activity, net of reinsurance, of approximately $1 million, all of which relates to the Insurance segment.

relative to our expectations, and to favorable claim settlements.

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 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 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

| Foreign government | | | 33 | | | | | | $ | 102,689 | | | | | $ | 107,301 | |

The effective duration for the fixed maturity portfolio (including cash and cash equivalents) was [added: 2.6 years and] 2.4 years at [removed: both] December 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023, respectively.]

The following table outlines the groups of fixed maturity securities and their effective duration at December 31, [removed: 2023:][added: 2024:]

| U.S. government and government agencies | | | [removed: 3.1] [added: 3.7] | | | | | | [removed: 1,716,731] [added: 2,235,341] | | |

| Foreign government | | | 2.7 | | | | | | [removed: 1,666,229] [added: 1,755,325] | | |

| Cash and cash equivalents | | | 0.0 | | | | | | [removed: 1,363,195] [added: 1,404,931] | | |

The estimated fair value at specified levels at December 31, [removed: 2023] [added: 2024] would be as follows:

| 100 basis point rise | | | [removed: 21,215,431] [added: 23,555,609] | | | | | | [removed: (527,555)] [added: (653,996)] | | |

| Mortgage-backed securities | | | 4.3 | | | | | | $ | 3,767,851 | |

| State and municipal | | | 2.7 | | | | | | 2,338,256 | | |

| Corporate | | | 2.6 | | | | | | 8,417,641 | | |

| Loans receivable | | | 2.4 | | | | | | 405,248 | | |

| Asset-backed securities | | | 1.4 | | | | | | 3,885,012 | | |

| Total | | | 2.6 | | | | | | $ | 24,209,605 | |

| 300 basis point rise | | | $ | 22,258,604 | | | | | $ | (1,951,001) | |

| 200 basis point rise | | | 22,898,254 | | | | | | (1,311,351) | | |

| Base scenario | | | 24,209,605 | | | | | | — | | |

| 100 basis point decline | | | 24,827,143 | | | | | | 617,538 | | |

| 200 basis point decline | | | 25,393,892 | | | | | | 1,184,287 | | |

| 300 basis point decline | | | 25,928,699 | | | | | | 1,719,094 | | |

| Mortgage-backed securities | | | 3.9 | | | | | | $ | 2,269,430 | |

| State and municipal | | | 3.2 | | | | | | 2,688,058 | | |

| Corporate | | | 2.5 | | | | | | 7,654,059 | | |

| Loans receivable | | | 1.4 | | | | | | 198,244 | | |

| Asset-backed securities | | | 1.1 | | | | | | 4,187,040 | | |

| Total | | | 2.4 | | | | | | $ | 21,742,986 | |

| 300 basis point rise | | | $ | 20,180,450 | | | | | $ | (1,562,536) | |

| 200 basis point rise | | | 20,691,790 | | | | | | (1,051,196) | | |

| Base scenario | | | 21,742,986 | | | | | | — | | |

| 100 basis point decline | | | 22,265,903 | | | | | | 522,917 | | |

| 200 basis point decline | | | 22,780,386 | | | | | | 1,037,400 | | |

| 300 basis point decline | | | 23,286,292 | | | | | | 1,543,306 | | |

- Reinsurance & Monoline Excess - Our Reinsurance businesses provide facultative and treaty reinsurance in the United States, [removed: as well as in] the Asia Pacific region, Australia, Continental Europe, South Africa and the United [removed: Kingdom.][added: Kingdom, as well as operations that solely retain risk on an excess basis and certain program management business.]

This strategy of decentralized operations allows each of our 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 [removed: legal staff] [added: compliance] support.

Of our [removed: 60] [added: 58] businesses, [removed: 53] [added: 51] have been organized and developed internally and seven have been added through acquisition.

| (In thousands) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | | | | | | | | | | | | | | | |

| Total | | | $ | [removed: 10,954,467] [added: 11,972,096] | | | | | $ | [removed: 10,004,070] [added: 10,954,467] | | | | | $ | [removed: 8,862,867] [added: 10,004,070] | | | | | | | | | | | | | | | | | | | |

[removed: Thirty-two] [added: Thirty-three] of our insurance company subsidiaries are rated by A.M. Best Company, Inc. ("A.M. Best") and have financial strength ratings of A+ (Superior) (the second highest rating out of 15 possible ratings).

In addition, through our non-U.S. insurance businesses, we [added: have the capability to] write business in [removed: more than 60] [added: 87] countries worldwide, with branches or offices in [removed: 43] [added: 40] cities outside the United States, in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom.

In each [removed: of our operating territories,] [added: geographic region in which] we [added: operate, we] have built decentralized structures that allow products and services to be tailored to each regional customer base.

It serves a limited distribution channel, including select [removed: Berkley business] agents.

*Berkley Insurance Asia* underwrites specialty commercial insurance coverages to clients in North Asia and Southeast Asia through offices in Hong Kong, [removed: Singapore, Labuan] [added: India, Shanghai] and [removed: Shanghai.][added: Singapore.]

*Berkley Latinoamérica* provides property, casualty, auto, surety, group life and workers' compensation products and services in [removed: its operating territories of] Argentina, Brazil, the Caribbean, Colombia, Mexico and Uruguay.

Its customer base includes risks [removed: of all sizes] that work in the oil patch, including operators, drillers, geophysical contractors, well-servicing contractors, and manufacturers/distributors of oil field products, as well as those in the renewable energy sector.

[removed: *Berkley] [added: Berkley] Program [removed: Specialists*] [added: Specialists] is a program management business offering both admitted and non-admitted insurance support on a nationwide basis for commercial casualty and property program administrators with specialized insurance expertise.

*Berkley Risk* provides at-risk and alternative risk insurance program management services for a broad range of groups and individuals including public entity pools, professional associations, [removed: captives] and self-insured clients.

*Berkley Surety* provides a full spectrum of surety bonds for construction, environmental and commercial surety accounts in the U.S. and Canada, through an independent agency and broker platform across [removed: 19] [added: seven] field locations.

*Intrepid Direct* provides [removed: business] [added: commercial] insurance coverages through a direct distribution model focused on the franchise market, with specialties including the restaurant, garage and fitness industries.

It serves [removed: thousands of customers covering] a broad spectrum of industries throughout the state.

[removed: *Union Standard*] [added: *Berkley Southwest*] offers preferred commercial property and casualty insurance products and services to a wide range of small to medium size commercial entities with a focus on the construction, farm/ranch, retail and service industries.

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | | | | | | | | | | | | | | | |

| Acadia Insurance | | | [removed: 5.3%] [added: 5.4%] | | | | | | [removed: 5.2%] [added: 5.4%] | | | | | | [removed: 5.5%] [added: 5.3%] | | | | | | | | | | | | | | | | | | | | |

| Admiral Insurance | | | [removed: 7.0] [added: 7.3] | | | | | | [removed: 6.2] [added: 7.0] | | | | | | [removed: 5.9] [added: 6.3] | | | | | | | | | | | | | | | | | | | | |

| Berkley Accident and Health | | | [removed: 5.3] [added: 5.9] | | | | | | [removed: 5.1] [added: 5.4] | | | | | | [removed: 5.0] [added: 5.2] | | | | | | | | | | | | | | | | | | | | |

| Berkley Agribusiness | | | [removed: 0.8] [added: 0.6] | | | | | | 0.8 | | | | | | 0.8 | | | | | | | | | | | | | | | | | | | | |

| Berkley Alliance Managers | | | 2.3 | | | | | | [removed: 2.7] [added: 2.4] | | | | | | 2.8 | | | | | | | | | | | | | | | | | | | | |

| Berkley Aspire | | | [removed: 1.2] [added: 1.3] | | | | | | [removed: 0.9] [added: 1.2] | | | | | | [removed: 0.7] [added: 1.0] | | | | | | | | | | | | | | | | | | | | |

| Berkley Asset Protection | | | 0.9 | | | | | | [removed: 1.0] [added: 0.9] | | | | | | [removed: 0.8] [added: 1.0] | | | | | | | | | | | | | | | | | | | | |

| Berkley Canada | | | 1.0 | | | | | | [removed: 1.2] [added: 1.0] | | | | | | 1.2 | | | | | | | | | | | | | | | | | | | | |

| Berkley Construction Solutions | | | [removed: 0.6] [added: 0.7] | | | | | | [removed: 0.4] [added: 0.6] | | | | | | [removed: —] [added: 0.4] | | | | | | | | | | | | | | | | | | | | |

| Berkley Custom Insurance | | | 2.9 | | | | | | [removed: 3.1] [added: 2.9] | | | | | | 3.2 | | | | | | | | | | | | | | | | | | | | |

| Berkley Cyber Risk Solutions | | | [removed: 0.8] [added: 0.7] | | | | | | [removed: 0.9] [added: 0.8] | | | | | | [removed: 0.8] [added: 0.9] | | | | | | | | | | | | | | | | | | | | |

| Berkley [removed: E&S] [added: Enterprise Risk] Solutions | | | [removed: 0.1] [added: 0.2] | | | | | | [removed: —] [added: 0.1] | | | | | | — | | | | | | | | | | | | | | | | | | | | |

| Berkley Entertainment | | | [removed: 1.7] [added: 1.6] | | | | | | [removed: 1.8] [added: 1.7] | | | | | | [removed: 1.8] [added: 1.9] | | | | | | | | | | | | | | | | | | | | |

| Berkley Fire & Marine | | | [removed: 0.9] [added: 0.8] | | | | | | [removed: 0.7] [added: 0.9] | | | | | | 0.8 | | | | | | | | | | | | | | | | | | | | |

| Berkley Healthcare | | | [removed: 1.5] [added: 1.2] | | | | | | [removed: 1.8] [added: 1.5] | | | | | | 1.8 | | | | | | | | | | | | | | | | | | | | |

| Berkley Human Services | | | [removed: 1.3] [added: 1.4] | | | | | | [removed: 1.1] [added: 1.3] | | | | | | [removed: 1.0] [added: 1.1] | | | | | | | | | | | | | | | | | | | | |

| Berkley Industrial Comp | | | [removed: 0.7] [added: 0.8] | | | | | | 0.7 | | | | | | [removed: 0.8] [added: 0.7] | | | | | | | | | | | | | | | | | | | | |

| Berkley Insurance Asia | | | [removed: 0.8] [added: 0.7] | | | | | | 0.8 | | | | | | 0.8 | | | | | | | | | | | | | | | | | | | | |

| Berkley Insurance Australia | | | [removed: 1.6] [added: 1.4] | | | | | | [removed: 1.7] [added: 1.6] | | | | | | 1.7 | | | | | | | | | | | | | | | | | | | | |

| Berkley Latinoamérica | | | [removed: 3.2] [added: 3.3] | | | | | | [removed: 2.9] [added: 3.2] | | | | | | [removed: 2.7] [added: 3.0] | | | | | | | | | | | | | | | | | | | | |

| Berkley Luxury Group | | | 0.7 | | | | | | [removed: 0.8] [added: 0.7] | | | | | | [removed: 0.9] [added: 0.8] | | | | | | | | | | | | | | | | | | | | |

| Insurance | | | $ | 10,549,550 | | | | | $ | 9,560,533 | | | | | $ | 8,609,028 | | | | | | | | | | | | | | | | | | | |

| Reinsurance & Monoline Excess | | | 1,422,546 | | | | | | 1,393,934 | | | | | | 1,395,042 | | | | | | | | | | | | | | | | | | | | |

| Insurance | | | 88.1 | | % | | | | 87.3 | | % | | | | 86.1 | | % | | | | | | | | | | | | | | | | | | |

| Reinsurance & Monoline Excess | | | 11.9 | | | | | | 12.7 | | | | | | 13.9 | | | | | | | | | | | | | | | | | | | | |

*Berkley Luxury Group* provides both admitted and non-admitted commercial package insurance solutions for premium real estate business including high-end cooperatives and condominiums, office buildings and upscale restaurants across major metropolitan markets throughout the continental U.S. It also offers non-admitted excess property coverage for high-value properties on a shared and layered basis across the U.S.

| Berkley Environmental | | | 7.3 | | | | | | 6.7 | | | | | | 5.7 | | | | | | | | | | | | | | | | | | | | |

| Berkley Southwest | | | 1.1 | | | | | | 1.3 | | | | | | 1.5 | | | | | | | | | | | | | | | | | | | | |

| W/R/B Underwriting | | | 4.1 | | | | | | 3.9 | | | | | | 3.7 | | | | | | | | | | | | | | | | | | | | |

| Other | | | 2.3 | | | | | | 1.8 | | | | | | 1.9 | | | | | | | | | | | | | | | | | | | | |

| Other liability | | | 39.0% | | | | | | 38.7% | | | | | | 37.5% | | | | | | | | | | | | | | | | | | | | |

| Short-tail lines (1) | | | 26.1 | | | | | | 24.7 | | | | | | 22.8 | | | | | | | | | | | | | | | | | | | | |

| Auto | | | 12.9 | | | | | | 12.7 | | | | | | 12.0 | | | | | | | | | | | | | | | | | | | | |

| Professional liability | | | 12.0 | | | | | | 13.1 | | | | | | 15.8 | | | | | | | | | | | | | | | | | | | | |

*Berkley Integrated Solutions* offers specialized solutions to clients through facultative reinsurance, turnkey offerings and program management through the following units: Berkley Re Solutions offers casualty facultative reinsurance products including automatic, semi-automatic and individual risk assumed to clients on a direct basis through a nationwide network of regional offices.

*Midwest Employers Casualty* offers tailored excess workers' compensation insurance coverage nationwide, as well as customized captive insurance coverage to U.S. domiciled and offshore captives.

It distributes its products through retail and wholesale agencies.

| Berkley Integrated Solutions | | | 14.1% | | | | | | 16.2% | | | | | | 22.5% | | | | | | | | | | | | | | | | | | | | |

| Berkley Re America | | | 34.4 | | | | | | 31.5 | | | | | | 30.9 | | | | | | | | | | | | | | | | | | | | |

| Berkley Re Asia Pacific | | | 13.8 | | | | | | 14.9 | | | | | | 13.7 | | | | | | | | | | | | | | | | | | | | |

| Berkley Re UK | | | 9.9 | | | | | | 10.6 | | | | | | 11.3 | | | | | | | | | | | | | | | | | | | | |

| Midwest Employers Casualty | | | 19.2 | | | | | | 18.0 | | | | | | 16.2 | | | | | | | | | | | | | | | | | | | | |

| Casualty | | | 49.1% | | | | | | 54.1% | | | | | | 61.1% | | | | | | | | | | | | | | | | | | | | |

| Property | | | 31.6 | | | | | | 27.9 | | | | | | 22.7 | | | | | | | | | | | | | | | | | | | | |

| Monoline Excess | | | 19.3 | | | | | | 18.0 | | | | | | 16.2 | | | | | | | | | | | | | | | | | | | | |

| Revenue | | | $ | 11,181,501 | | | | | $ | 9,827,866 | | | | | $ | 8,749,019 | | | | | | | | | | | | | |

| Income before income taxes | | | 1,942,083 | | | | | | 1,629,918 | | | | | | 1,445,745 | | | | | | | | | | | | | | |

| Revenue | | | 1,696,905 | | | | | | 1,615,277 | | | | | | 1,590,113 | | | | | | | | | | | | | | |

| Income before income taxes | | | 466,595 | | | | | | 449,285 | | | | | | 326,440 | | | | | | | | | | | | | | |

| Loss ratio | | | 62.8 | | % | | | | 62.3 | | % | | | | 61.4 | | % | | | | | | | | | | | | | | | | | | |

| Combined ratio | | | 91.2 | | % | | | | 90.6 | | % | | | | 89.1 | | % | | | | | | | | | | | | | | | | | | |

| Expense ratio | | | 29.4 | | | | | | 29.4 | | | | | | 29.2 | | | | | | | | | | | | | | | | | | | | |

| Combined ratio | | | 84.1 | | % | | | | 83.7 | | % | | | | 90.2 | | % | | | | | | | | | | | | | | | | | | |

| Ceded reserves | | | 3,201,389 | | |

IAIS member states, including the U.S., will now update their domestic insurance group capital requirements where necessary to fully reflect the ICS.

The NAIC has indicated that it intends to work domestically on its approach to the group capital aggregation method with respect to U.S. implementation of the ICS.

or are considering legislation similar to the CCPA.

Additionally, the NAIC is developing amendments to update the Privacy of Consumer Financial and Health Information Regulation to reflect the extensive innovations in communications and technology since its adoption.

The proposed amendments would expand the definition of nonpublic personal information; add consumer rights to request access, correction and deletion of nonpublic personal information; and add requirements for contracts with third-party service providers.

The deadline to finalize the amendments was recently extended until December 31, 2025.

It is expected that Colorado will further adopt governance and testing regulations for other lines of insurance.

Monoline Excess businesses retain risk solely on an excess basis.

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

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

| Insurance | | | $ | 9,657,121 | | | | | $ | 8,784,146 | | | | | $ | 7,743,814 | | | | | | | | | | | | | | | | | | | |

| Reinsurance & Monoline Excess | | | 1,297,346 | | | | | | 1,219,924 | | | | | | 1,119,053 | | | | | | | | | | | | | | | | | | | | |

| Insurance | | | 88.2 | | % | | | | 87.8 | | % | | | | 87.4 | | % | | | | | | | | | | | | | | | | | | |

| Reinsurance & Monoline Excess | | | 11.8 | | | | | | 12.2 | | | | | | 12.6 | | | | | | | | | | | | | | | | | | | | |

*Berkley E&S Solutions* provides general liability excess and surplus lines coverages for mid-market U.S. companies with generally hard-to-place, specialized risks that involve moderate to high degrees of hazard and require tailored terms, primarily utilizing self-insurance retentions.

The distribution of products is highly limited to a small number of individually appointed wholesale brokers.

*Berkley Luxury Group* provides commercial package insurance programs for high-end cooperative, condominium, and quality rental apartment buildings and upscale restaurants in the New York, New Jersey, Chicago and Washington, D.C. metropolitan markets, as well as other select markets.

Its book is built around blocks of homogeneous business and programs.

| Berkley Enterprise Risk Solutions | | | 0.1 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |

| Berkley Environmental | | | 6.6 | | | | | | 5.6 | | | | | | 5.2 | | | | | | | | | | | | | | | | | | | | |

| Berkley Program Specialists | | | 0.9 | | | | | | 1.7 | | | | | | 2.0 | | | | | | | | | | | | | | | | | | | | |

| Union Standard | | | 1.3 | | | | | | 1.5 | | | | | | 1.7 | | | | | | | | | | | | | | | | | | | | |

| W/R/B Underwriting | | | 3.9 | | | | | | 3.6 | | | | | | 4.0 | | | | | | | | | | | | | | | | | | | | |

| Other | | | 1.7 | | | 2.1 | | | 2.1 | | | | | | 1.2 | | | | | | | | | | | | | | | | | | | | |

| Other liability | | | 38.4% | | | | | | 37.0% | | | | | | 35.6% | | | | | | | | | | | | | | | | | | | | |

| Short-tail lines (1) | | | 25.1 | | | | | | 23.2 | | | | | | 22.2 | | | | | | | | | | | | | | | | | | | | |

| Professional liability | | | 13.0 | | | | | | 15.5 | | | | | | 17.3 | | | | | | | | | | | | | | | | | | | | |

| Auto | | | 12.7 | | | | | | 12.6 | | | | | | 12.5 | | | | | | | | | | | | | | | | | | | | |

*Berkley Re Solutions* is a direct casualty facultative reinsurance underwriter serving clients through a nationwide network of regional offices.

Its facultative reinsurance products include automatic, semi-automatic and individual risk assumed reinsurance.

*Midwest Employers Casualty* provides excess workers' compensation insurance products to individual employers, groups and workers' compensation insurance companies across the United States.

Its workers' compensation excess of loss products include self-insured excess of loss coverages and large deductible policies.

Through its relationship with Berkley Net Underwriters, Midwest Employers Casualty also offers multi-state coverage for group self-insureds.

It has developed sophisticated, proprietary analytical tools and risk management services designed to help its insureds lower their total cost of risk.

| Berkley Re America | | | 33.7% | | | | | | 34.6% | | | | | | 31.2% | | | | | | | | | | | | | | | | | | | | |

| Berkley Re Asia Pacific | | | 16.0 | | | | | | 15.6 | | | | | | 15.4 | | | | | | | | | | | | | | | | | | | | |

| Berkley Re Solutions | | | 10.2 | | | | | | 12.5 | | | | | | 13.8 | | | | | | | | | | | | | | | | | | | | |

| Berkley Re UK | | | 11.4 | | | | | | 12.8 | | | | | | 13.8 | | | | | | | | | | | | | | | | | | | | |

| Midwest Employers Casualty | | | 19.3 | | | | | | 18.4 | | | | | | 19.0 | | | | | | | | | | | | | | | | | | | | |

| Casualty | | | 56.4% | | | | | | 61.7% | | | | | | 61.8% | | | | | | | | | | | | | | | | | | | | |

| Property | | | 24.4 | | | | | | 19.9 | | | | | | 19.2 | | | | | | | | | | | | | | | | | | | | |

| Monoline Excess | | | 19.2 | | | | | | 18.4 | | | | | | 19.0 | | | | | | | | | | | | | | | | | | | | |

| Revenue | | | $ | 9,961,152 | | | | | $ | 8,952,493 | | | | | $ | 7,578,592 | | | | | | | | | | | | | |

| Income before income taxes | | | 1,640,438 | | | | | | 1,455,658 | | | | | | 1,219,798 | | | | | | | | | | | | | | |

| Revenue | | | 1,481,991 | | | | | | 1,386,639 | | | | | | 1,203,647 | | | | | | | | | | | | | | |

| Income before income taxes | | | 438,765 | | | | | | 316,527 | | | | | | 270,563 | | | | | | | | | | | | | | |

| Combined ratio | | | 90.7 | | % | | | | 89.2 | | % | | | | 89.4 | | % | | | | | | | | | | | | | | | | | | |

For the fiscal year ended December 31, [removed: 2023][added: 2024]

The aggregate market value of the registrant's common stock held by non-affiliates as of June 30, [removed: 2023,] [added: 2024,] the last business day of the registrant’s most recently completed second fiscal quarter, was [removed: $12,125,876,386.][added: $15,700,741,833.]

Number of shares of common stock, $.20 par value, outstanding as of February [removed: 15, 2024: 256,548,669][added: 13, 2025: 379,226,056]

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: 2023,] [added: 2024,] are incorporated herein by reference in Part III.

| [SAFE HARBOR [removed: STATEMENT](#ic13c8039c28646a096934b3ce547e717_10)] [added: STATEMENT](#i00f6c772b2784a239fcaf48012a18d4d_10)] | | | | | | | | | | | |

| ITEM | | | 1. | | | [removed: [BUSINESS](#ic13c8039c28646a096934b3ce547e717_16)] [added: [BUSINESS](#i00f6c772b2784a239fcaf48012a18d4d_16)] | | | [removed: [7](#ic13c8039c28646a096934b3ce547e717_16)] [added: [6](#i00f6c772b2784a239fcaf48012a18d4d_16)] | | |

| ITEM | | | 1A. | | | [RISK [removed: FACTORS](#ic13c8039c28646a096934b3ce547e717_19)] [added: FACTORS](#i00f6c772b2784a239fcaf48012a18d4d_19)] | | | [removed: [27](#ic13c8039c28646a096934b3ce547e717_19)] [added: [25](#i00f6c772b2784a239fcaf48012a18d4d_19)] | | |

| ITEM | | | 1B. | | | [UNRESOLVED STAFF [removed: COMMENTS](#ic13c8039c28646a096934b3ce547e717_22)] [added: COMMENTS](#i00f6c772b2784a239fcaf48012a18d4d_22)] | | | [removed: [39](#ic13c8039c28646a096934b3ce547e717_22)] [added: [36](#i00f6c772b2784a239fcaf48012a18d4d_22)] | | |

| ITEM | | | 1C. | | | [removed: [CYBERSECURITY](#ic13c8039c28646a096934b3ce547e717_1881)] [added: [CYBERSECURITY](#i00f6c772b2784a239fcaf48012a18d4d_25)] | | | [removed: [39](#ic13c8039c28646a096934b3ce547e717_1881)] [added: [36](#i00f6c772b2784a239fcaf48012a18d4d_25)] | | |

| ITEM | | | 2. | | | [removed: [PROPERTIES](#ic13c8039c28646a096934b3ce547e717_25)] [added: [PROPERTIES](#i00f6c772b2784a239fcaf48012a18d4d_28)] | | | [removed: [40](#ic13c8039c28646a096934b3ce547e717_25)] [added: [37](#i00f6c772b2784a239fcaf48012a18d4d_28)] | | |

| ITEM | | | 3. | | | [LEGAL [removed: PROCEEDINGS](#ic13c8039c28646a096934b3ce547e717_28)] [added: PROCEEDINGS](#i00f6c772b2784a239fcaf48012a18d4d_31)] | | | [removed: [40](#ic13c8039c28646a096934b3ce547e717_28)] [added: [37](#i00f6c772b2784a239fcaf48012a18d4d_31)] | | |

| ITEM | | | 4. | | | [MINE SAFETY [removed: DISCLOSURES](#ic13c8039c28646a096934b3ce547e717_31)] [added: DISCLOSURES](#i00f6c772b2784a239fcaf48012a18d4d_34)] | | | [removed: [40](#ic13c8039c28646a096934b3ce547e717_31)] [added: [38](#i00f6c772b2784a239fcaf48012a18d4d_34)] | | |

| ITEM | | | 5. | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#ic13c8039c28646a096934b3ce547e717_37)] [added: SECURITIES](#i00f6c772b2784a239fcaf48012a18d4d_40)] | | | [removed: [41](#ic13c8039c28646a096934b3ce547e717_37)] [added: [39](#i00f6c772b2784a239fcaf48012a18d4d_40)] | | |

| ITEM | | | 7. | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#ic13c8039c28646a096934b3ce547e717_40)] [added: OPERATIONS](#i00f6c772b2784a239fcaf48012a18d4d_43)] | | | [removed: [43](#ic13c8039c28646a096934b3ce547e717_40)] [added: [41](#i00f6c772b2784a239fcaf48012a18d4d_43)] | | |

| ITEM | | | 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#ic13c8039c28646a096934b3ce547e717_58)] [added: RISK](#i00f6c772b2784a239fcaf48012a18d4d_61)] | | | [removed: [62](#ic13c8039c28646a096934b3ce547e717_58)] [added: [61](#i00f6c772b2784a239fcaf48012a18d4d_61)] | | |

| ITEM | | | 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#ic13c8039c28646a096934b3ce547e717_61)] [added: DATA](#i00f6c772b2784a239fcaf48012a18d4d_64)] | | | [removed: [63](#ic13c8039c28646a096934b3ce547e717_61)] [added: [62](#i00f6c772b2784a239fcaf48012a18d4d_64)] | | |

| ITEM | | | 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#ic13c8039c28646a096934b3ce547e717_166)] [added: DISCLOSURE](#i00f6c772b2784a239fcaf48012a18d4d_166)] | | | [removed: [113](#ic13c8039c28646a096934b3ce547e717_166)] [added: [114](#i00f6c772b2784a239fcaf48012a18d4d_166)] | | |

| ITEM | | | 9A. | | | [CONTROLS AND [removed: PROCEDURES](#ic13c8039c28646a096934b3ce547e717_169)] [added: PROCEDURES](#i00f6c772b2784a239fcaf48012a18d4d_169)] | | | [removed: [113](#ic13c8039c28646a096934b3ce547e717_169)] [added: [114](#i00f6c772b2784a239fcaf48012a18d4d_169)] | | |

| ITEM | | | 9B. | | | [OTHER [removed: INFORMATION](#ic13c8039c28646a096934b3ce547e717_172)] [added: INFORMATION](#i00f6c772b2784a239fcaf48012a18d4d_172)] | | | [removed: [115](#ic13c8039c28646a096934b3ce547e717_172)] [added: [116](#i00f6c772b2784a239fcaf48012a18d4d_172)] | | |

| ITEM | | | 9C. | | | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT [removed: INSPECTIONS](#ic13c8039c28646a096934b3ce547e717_175)] [added: INSPECTIONS](#i00f6c772b2784a239fcaf48012a18d4d_175)] | | | [removed: [115](#ic13c8039c28646a096934b3ce547e717_175)] [added: [116](#i00f6c772b2784a239fcaf48012a18d4d_175)] | | |

| ITEM | | | 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#ic13c8039c28646a096934b3ce547e717_181)] [added: GOVERNANCE](#i00f6c772b2784a239fcaf48012a18d4d_181)] | | | [removed: [116](#ic13c8039c28646a096934b3ce547e717_181)] [added: [117](#i00f6c772b2784a239fcaf48012a18d4d_181)] | | |

| ITEM | | | 11. | | | [EXECUTIVE [removed: COMPENSATION](#ic13c8039c28646a096934b3ce547e717_184)] [added: COMPENSATION](#i00f6c772b2784a239fcaf48012a18d4d_184)] | | | [removed: [116](#ic13c8039c28646a096934b3ce547e717_184)] [added: [117](#i00f6c772b2784a239fcaf48012a18d4d_184)] | | |

| ITEM | | | 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#ic13c8039c28646a096934b3ce547e717_187)] [added: MATTERS](#i00f6c772b2784a239fcaf48012a18d4d_187)] | | | [removed: [116](#ic13c8039c28646a096934b3ce547e717_187)] [added: [117](#i00f6c772b2784a239fcaf48012a18d4d_187)] | | |

| ITEM | | | 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#ic13c8039c28646a096934b3ce547e717_190)] [added: INDEPENDENCE](#i00f6c772b2784a239fcaf48012a18d4d_190)] | | | [removed: [116](#ic13c8039c28646a096934b3ce547e717_190)] [added: [117](#i00f6c772b2784a239fcaf48012a18d4d_190)] | | |

| ITEM | | | 14. | | | [PRINCIPAL ACCOUNTANT FEES AND [removed: SERVICES](#ic13c8039c28646a096934b3ce547e717_193)] [added: SERVICES](#i00f6c772b2784a239fcaf48012a18d4d_193)] | | | [removed: [116](#ic13c8039c28646a096934b3ce547e717_193)] [added: [117](#i00f6c772b2784a239fcaf48012a18d4d_193)] | | |

| ITEM | | | 15. | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#ic13c8039c28646a096934b3ce547e717_199)] [added: SCHEDULES](#i00f6c772b2784a239fcaf48012a18d4d_199)] | | | [removed: [117](#ic13c8039c28646a096934b3ce547e717_199)] [added: [118](#i00f6c772b2784a239fcaf48012a18d4d_199)] | | |

| ITEM | | | 16. | | | [FORM 10-K [removed: SUMMARY](#ic13c8039c28646a096934b3ce547e717_7)] [added: SUMMARY](#i00f6c772b2784a239fcaf48012a18d4d_7)] | | | [removed: [121](#ic13c8039c28646a096934b3ce547e717_208)] [added: [122](#i00f6c772b2784a239fcaf48012a18d4d_208)] | | |

| EX-21 | | | | | | [LIST OF COMPANIES AND [removed: SUBSIDIARIES](https://www.sec.gov/Archives/edgar/data/11544/000001154424000005/wrb1231202310-kex21.htm)] [added: SUBSIDIARIES](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb1231202410-kex21.htm)] | | | | | |

| EX-23 | | | | | | [CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING [removed: FIRM](https://www.sec.gov/Archives/edgar/data/11544/000001154424000005/wrb1231202310-kex23.htm)] [added: FIRM](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb1231202410-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/11544/000001154424000005/wrb1231202310-kex311.htm)] [added: /15d-14(a)](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb1231202410-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/11544/000001154424000005/wrb1231202310-kex312.htm)] [added: /15d-14(a)](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb1231202410-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/11544/000001154424000005/wrb1231202310-kex321.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb1231202410-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: 2024] [added: 2025] and beyond, are based upon our historical performance and on current plans, estimates and expectations.

- investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, municipal bonds, mortgage-backed securities, loans receivable, investment funds, including real estate, merger arbitrage, [removed: energy related] [added: energy-related] and private equity investments;

- the [removed: ongoing] [added: risk of future pandemics, as well as continuing] effects of the COVID-19 [removed: pandemic or other potential pandemics;][added: pandemic;]

These risks and uncertainties could cause our actual results for the year [removed: 2024] [added: 2025] and beyond to differ materially from those expressed in any forward-looking statement we make.

| EX-19.1 | | | | | | [INSIDER TRADING POLICY](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb12312024ex191insidertra.htm) | | | | | |

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

- the use of artificial intelligence technologies by us or third-parties on which we rely could expose us to technological, security, legal, and other risks;

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

| EX-10.12 | | | | | | [FORM OF 2023 PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT UNDER THE W. R. BERKLEY CORPORATION 2018 STOCK INCENTIVE PLAN](https://www.sec.gov/Archives/edgar/data/11544/000001154424000005/wrb1231202310-kex1012.htm) | | | | | |

| EX-97 | | | | | | [W. R. BERKLEY CORPORATION CLAWBACK POLICY](https://www.sec.gov/Archives/edgar/data/11544/000001154424000005/wrb1231202310-kex97.htm) | | | | | |

Cybersecurity [removed: Strategy and] Risk Management [removed: Program][added: and Strategy]

The Company has a documented information security program (the [removed: Program)] [added: "Program"), which is integrated into its overall risk management processes,] to identify, assess, monitor and manage potential cybersecurity threats and incidents.

For a discussion regarding risks associated with cybersecurity threats, see [removed: Risk] [added: “Risk] Factors – Risks Relating to Our Business – [removed: “If] [added: If] our information technology, telecommunications or other computer systems become unavailable or unreliable, our ability to conduct our business could be negatively or severely impacted” and “Failure to maintain the security of information technology systems and confidential data may expose us to [removed: liability.”][added: liability”; and “Use of artificial intelligence technologies, by us or third-parties on whom we rely, could expose us to technological, security, legal, and other risks.”]

The entire Board of Directors has oversight of risks from cybersecurity threats and receives periodic updates on such risks from the Company’s management, including from the Company’s President and CEO and its [added: Senior] Vice [removed: President,] [added: President -] Chief Information Security Officer (CISO).

Our [removed: CISO] [added: CISO, who has over 25 years of information security experience and] is [added: licensed as a Certified Information Systems Security Professional, is] principally responsible for assessing and managing all aspects of the Program, including the Company’s Regional Information Security Officers (RISOs), third-party consultants, development of industry trends and control testing and tracking by risk level.

Our CISO meets periodically with senior executives, including the Company’s President and [removed: Chief Executive Officer,] [added: CEO,] to discuss the Company’s cybersecurity strategy, and its monitoring, prevention, detection, mitigation, and remediation of cybersecurity risks.

Regular reporting on the Program is also provided to the Company’s Enterprise Risk Management Committee, which is comprised of the President and CEO, Senior Vice President – Enterprise Risk Management, Executive Vice President – Investments, Executive Vice President – Chief Financial Officer, [added: and] Executive Vice President – [removed: Secretary, and the Of Counsel and Assistant] Secretary.

In the event of a potentially material cybersecurity incident, the Company’s incident response plans establish escalation protocols for relevant IT leaders and functional leaders within [removed: Enterprise Risk Management,] Legal, Compliance and Internal Audit to engage management as appropriate.

The Company engages third party consultants with respect to cybersecurity, including to conduct vulnerability assessments and penetration testing of its information technology systems.

The Company has established a regular vendor risk management process to evaluate and address potential risks associated with the use of such third parties.

Our CISO has over 25 years of information security experience and is licensed as a Certified Information Systems Security Professional.

W. R. Berkley [added: Corporation] and its subsidiaries own or lease office buildings or office space suitable to conduct their operations.

At December 31, [removed: 2023,] [added: 2024,] the Company had aggregate office space of [removed: 4,333,225] [added: 4,177,891] square feet, of which [removed: 1,042,156] [added: 1,051,681] were owned and [removed: 3,291,069] [added: 3,126,210] were leased.

Rental expense for the Company's operations was approximately [removed: $44,256,000, $43,383,000] [added: $45,718,000, $44,256,000] and [removed: $44,051,000] [added: $43,383,000] for [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021,] [added: 2022,] respectively.

Future minimum lease payments, without provision for sublease income, are [removed: $50,222,000] [added: $48,822,000] in [removed: 2024, $41,249,000] [added: 2025, $41,861,000] in [removed: 2025] [added: 2026] and [removed: $166,192,000] [added: $172,679,000] thereafter.

In [removed: 2023,] [added: 2024,] the Board declared regular quarterly cash dividends of [removed: $0.10] [added: $0.07] per share in the first quarter and [removed: $0.11] [added: $0.08] per share in each of the remaining three quarters, as well as special dividends of [added: $0.33 per share, $0.25 per share and] $0.50 per share in the [removed: first,] [added: second,] third, and fourth quarters, for a total of [removed: $501] [added: $532] million in aggregate dividends in [removed: 2023.][added: 2024.]

The approximate number of record holders of the common stock on February [removed: 15, 2024] [added: 13, 2025] was 327.

*Assumes initial investment of $100 on January 1, [removed: 2018,] [added: 2019,] with dividends reinvested.*

[removed: ][added: ]

As of December 31, [removed: 2023,] [added: 2024,] the S&P 500® Property and Casualty Insurance Index [removed: consists] [added: consisted] of The Allstate Corporation, Arch Capital Group Ltd. (added Nov.

2022), Chubb Limited, Cincinnati Financial Corporation, The Hartford Financial Services Group, Inc., Loews Corporation (CNA), The Progressive Corporation, The Travelers Companies, Inc., and W. R. Berkley [removed: Corporation (added Dec.][added: Corporation.]

| | | | | | | [removed: 2018 | | |] 2019 | | | 2020 | | | 2021 | | | 2022 | | | 2023 | | | [added: 2024 | | |]

| S&P 500 Property and Casualty Insurance Index | | | Cum $ | | | 100.00 | | | [removed: 125.87] [added: 106.33] | | | [removed: 133.84] [added: 124.95] | | | [removed: 157.28] [added: 148.60] | | | [removed: 187.04] [added: 164.61] | | | [removed: 207.20] [added: 222.06] | | |

Set forth below is a summary of the shares repurchased by the Company during the fourth quarter of [removed: 2023] [added: 2024] and the remaining number of shares authorized for purchase by the Company during such period.

| W. R. Berkley Corporation | | | Cum $ | | | 100.00 | | | 96.85 | | | 123.32 | | | 165.10 | | | 165.50 | | | 210.49 | | |

| S&P 500 Index - Total Returns | | | Cum $ | | | 100.00 | | | 118.38 | | | 152.33 | | | 124.65 | | | 157.48 | | | 196.49 | | |

| October 2024 | | | 715,920 | | | | | | $ | 57.91 | | | | | 715,920 | | | | | | 14,608,875 | | |

| November 2024 | | | 449,947 | | | | | | 57.69 | | | | | | 449,947 | | | | | | 14,158,928 | | |

| December 2024 | | | — | | | | | | — | | | | | | — | | | | | | 14,158,928 | | |

2019).

| W. R. Berkley Corporation | | | Cum $ | | | 100.00 | | | 143.83 | | | 139.30 | | | 177.37 | | | 237.46 | | | 238.04 | | |

| S&P 500 Index - Total Returns | | | Cum $ | | | 100.00 | | | 131.48 | | | 155.64 | | | 200.28 | | | 163.89 | | | 207.05 | | |

| October 2023 | | | 371,497 | | | | | | $ | 63.75 | | | | | 371,497 | | | | | | 14,430,487 | | |

| November 2023 | | | — | | | | | | — | | | | | | — | | | | | | 14,430,487 | | |

| December 2023 | | | 1,189,204 | | | | | | 69.75 | | | | | | 1,189,204 | | | | | | 13,241,283 | | |

We have audited the accompanying consolidated balance sheets of W. R. Berkley Corporation and subsidiaries (the Company) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] 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: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 23, 2024] [added: 24, 2025] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

The reserves as of December 31, [removed: 2023] [added: 2024] were [removed: $18.7] [added: $20.4] billion.

| (In thousands, except per share data) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Net premiums written | | | $ | [removed: 10,954,467] [added: 11,972,096] | | | | | $ | [removed: 10,004,070] [added: 10,954,467] | | | | | $ | [removed: 8,862,867] [added: 10,004,070] | |

| Change in net unearned premiums | | | [removed: (553,780)] [added: (423,611)] | | | | | | [removed: (442,641)] [added: (553,780)] | | | | | | [removed: (756,836)] [added: (442,641)] | | |

| Net premiums earned | | | [removed: 10,400,687] [added: 11,548,485] | | | | | | [removed: 9,561,429] [added: 10,400,687] | | | | | | [removed: 8,106,031] [added: 9,561,429] | | |

| Net investment income | | | [removed: 1,052,835] [added: 1,333,161] | | | | | | [removed: 779,185] [added: 1,052,835] | | | | | | [removed: 671,618] [added: 779,185] | | |

| Net realized and unrealized gains on investments | | | [removed: 47,540] [added: 79,738] | | | | | | [removed: 217,311] [added: 47,540] | | | | | | [removed: 106,958] [added: 217,311] | | |

| Change in allowance for expected credit losses on investments | | | [removed: (498)] [added: 37,970] | | | | | | [removed: (14,914)] [added: (498)] | | | | | | [removed: (16,326)] [added: (14,914)] | | |

| Net investment gains | | | [removed: 47,042] [added: 117,708] | | | | | | [removed: 202,397] [added: 47,042] | | | | | | [removed: 90,632] [added: 202,397] | | |

| Revenues from non-insurance businesses | | | [removed: 535,508] [added: 528,012] | | | | | | [removed: 509,548] [added: 535,508] | | | | | | [removed: 489,151] [added: 509,548] | | |

| Insurance service fees | | | [removed: 106,485] [added: 108,935] | | | | | | [removed: 110,544] [added: 106,485] | | | | | | [removed: 93,857] [added: 110,544] | | |

| Other income | | | [removed: 381] [added: 2,451] | | | | | | [removed: 3,396] [added: 381] | | | | | | [removed: 4,177] [added: 3,396] | | |

| Total revenues | | | [removed: 12,142,938] [added: 13,638,752] | | | | | | [removed: 11,166,499] [added: 12,142,938] | | | | | | [removed: 9,455,466] [added: 11,166,499] | | |

| Losses and loss expenses | | | [removed: 6,372,142] [added: 7,131,595] | | | | | | [removed: 5,861,750] [added: 6,372,142] | | | | | | [removed: 4,953,960] [added: 5,861,750] | | |

| Other operating costs and expenses | | | [removed: 3,363,936] [added: 3,602,306] | | | | | | [removed: 2,961,505] [added: 3,363,936] | | | | | | [removed: 2,599,270] [added: 2,961,505] | | |

| Expenses from non-insurance businesses | | | [removed: 524,998] [added: 513,451] | | | | | | [removed: 493,189] [added: 524,998] | | | | | | [removed: 472,151] [added: 493,189] | | |

| Interest expense | | | [removed: 127,459] [added: 126,907] | | | | | | [removed: 130,374] [added: 127,459] | | | | | | [removed: 147,180] [added: 130,374] | | |

| Total operating costs and expenses | | | [removed: 10,388,535] [added: 11,374,259] | | | | | | [removed: 9,446,818] [added: 10,388,535] | | | | | | [removed: 8,172,561] [added: 9,446,818] | | |

| Income before income taxes | | | [removed: 1,754,403] [added: 2,264,493] | | | | | | [removed: 1,719,681] [added: 1,754,403] | | | | | | [removed: 1,282,905] [added: 1,719,681] | | |

| Income tax expense | | | [removed: (370,557)] [added: (509,916)] | | | | | | [removed: (334,727)] [added: (370,557)] | | | | | | [removed: (251,890)] [added: (334,727)] | | |

| Net income before noncontrolling interests | | | [removed: 1,383,846] [added: 1,754,577] | | | | | | [removed: $] [added: 1,383,846] | [removed: 1,384,954] | | | | | [removed: 1,031,015] [added: 1,384,954] | | |

| Noncontrolling interests | | | [removed: (2,487)] [added: 1,538] | | | | | | [removed: (3,892)] [added: (2,487)] | | | | | | [removed: (8,525)] [added: (3,892)] | | |

| Net income to common stockholders | | | $ | [removed: 1,381,359] [added: 1,756,115] | | | | | $ | [removed: 1,381,062] [added: 1,381,359] | | | | | $ | [removed: 1,022,490] [added: 1,381,062] | |

| (In thousands) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Net income before noncontrolling interests | | | $ | [removed: 1,383,846] [added: 1,754,577] | | | | | $ | [removed: 1,384,954] [added: 1,383,846] | | | | | $ | [removed: 1,031,015] [added: 1,384,954] | |

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

| Change in unrealized translation adjustments | | | [removed: 32,192] [added: (77,615)] | | | | | | [removed: 1,179] [added: 32,192] | | | | | | [removed: (20,969)] [added: 1,179] | | |

| Change in unrealized investment gains (losses), net of taxes | | | [removed: 306,553] [added: 69,182] | | | | | | [removed: (983,803)] [added: 306,553] | | | | | | [removed: (198,812)] [added: (983,803)] | | |

| Other comprehensive [removed: gain] (loss) [added: gain] | | | [removed: 338,745] [added: (8,433)] | | | | | | [removed: (982,624)] [added: 338,745] | | | | | | [removed: (219,781)] [added: (982,624)] | | |

| Comprehensive income | | | [removed: 1,722,591] [added: 1,746,144] | | | | | | [removed: 402,330] [added: 1,722,591] | | | | | | [removed: 811,234] [added: 402,330] | | |

| Noncontrolling interests | | | [removed: (2,485)] [added: 1,536] | | | | | | [removed: (3,890)] [added: (2,485)] | | | | | | [removed: (8,523)] [added: (3,890)] | | |

| Comprehensive income to common stockholders | | | $ | [removed: 1,720,106] [added: 1,747,680] | | | | | $ | [removed: 398,440] [added: 1,720,106] | | | | | $ | [removed: 802,711] [added: 398,440] | |

| (In thousands, except [added: per] share data) | | | [added: | | | | | | | | | | | | | | | | | | 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Fixed maturity securities (amortized cost of [removed: $20,915,245] [added: $23,010,899] and [removed: $18,715,483;] [added: $20,915,245;] allowance for expected credit losses of [removed: $36,751] [added: $671] and [removed: $37,466] [added: $36,751] at December 31, [removed: 2023] [added: 2024] and [removed: 2022)] [added: 2023)] | | | $ | [removed: 20,178,308] [added: 22,397,865] | | | | | $ | [removed: 17,587,349] [added: 20,178,308] | |

| Investment funds | | | [removed: 1,621,655] [added: 1,468,246] | | | | | | [removed: 1,608,548] [added: 1,621,655] | | |

| Real estate | | | [removed: 1,249,874] [added: 1,291,455] | | | | | | [removed: 1,340,622] [added: 1,249,874] | | |

| Arbitrage trading account | | | [removed: 938,049] [added: 1,122,599] | | | | | | [removed: 944,230] [added: 938,049] | | |

February 24, 2025

| Basic | | | $ | 4.39 | | | | | $ | 3.40 | | | | | $ | 3.33 | |

| Diluted | | | $ | 4.36 | | | | | $ | 3.37 | | | | | $ | 3.29 | |

| Authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 380,066,070 and 384,817,136 shares, respectively | | | 158,705 | | | | | | 158,705 | | |

| Additional paid-in capital | | | 984,825 | | | | | | 964,789 | | |

| Treasury stock, at cost, 413,455,739 and 408,704,807 shares, respectively | | | (4,079,220) | | | | | | (3,783,133) | | |

| Beginning of period | | | | | | | | | | | | | | | | | | | | | $ | 964,789 | | | | | $ | 944,632 | | | | | $ | 928,202 | |

| End of period | | | | | | | | | | | | | | | | | | | | | $ | 984,825 | | | | | $ | 964,789 | | | | | $ | 944,632 | |

Shares outstanding and per share amounts have been adjusted to reflect the 3-for-2 common stock split effected on July 10, 2024.

Additionally, commencing with the first quarter of 2024, the Company reclassified a program management business from the Insurance segment to the Reinsurance & Monoline Excess segment.

The reclassified business is a program management business offering support on a nationwide basis for commercial casualty and property program administrators.

Investment income from fixed maturity

term assumptions linearly over 5 years beyond the forecast period.

In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, *Improvements to Reportable Segment Disclosures*, which enhances current segment disclosures and requires additional disclosures of significant segment expenses.

When applying this disclosure requirement, an entity identifies the significant expenses for each reportable segment that are regularly provided to its chief operating decision maker and included in the reported measures of a segment’s profit or loss.

The guidance was effective for public business entities for annual reporting periods beginning after December 15, 2023, and interim reporting periods beginning after December 15, 2024.

The Company adopted this guidance for the year ended December 31, 2024.

| Beginning of period | | | $ | (586,354) | | | | | $ | (339,484) | | | | | | | | | | | $ | (925,838) | |

| Ending balance | | | $ | (517,170) | | | | | $ | (417,099) | | | | | | | | | | | $ | (934,269) | |

| Pre-tax | | | $ | 84,474 | | | | | $ | (77,615) | | | | | | | | | | | $ | 6,859 | |

| Other comprehensive income (loss) | | | $ | 69,182 | | | | | $ | (77,615) | | | | | | | | | | | $ | (8,433) | |

| December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| State and municipal | | | $ | 42,145 | | | | | $ | (25) | | | | | $ | 1,492 | | | | | $ | — | | | | | $ | 43,612 | | | | | $ | 42,120 | | | | | | | |

| Total held to maturity | | | 44,437 | | | | | | (25) | | | | | | 1,561 | | | | | | — | | | | | | 45,973 | | | | | | 44,412 | | | | | | | | |

| U.S. government and government agency | | | 2,268,596 | | | | | | — | | | | | | 9,608 | | | | | | (42,863) | | | | | | 2,235,341 | | | | | | 2,235,341 | | | | | | | | |

| Special revenue | | | 1,581,778 | | | | | | — | | | | | | 3,521 | | | | | | (67,591) | | | | | | 1,517,708 | | | | | | 1,517,708 | | | | | | | | |

| State general obligation | | | 272,936 | | | | | | — | | | | | | 1,439 | | | | | | (8,981) | | | | | | 265,394 | | | | | | 265,394 | | | | | | | | |

| Pre-refunded | | | 85,340 | | | | | | — | | | | | | 599 | | | | | | (347) | | | | | | 85,592 | | | | | | 85,592 | | | | | | | | |

| Corporate backed | | | 158,322 | | | | | | — | | | | | | 1,079 | | | | | | (5,827) | | | | | | 153,574 | | | | | | 153,574 | | | | | | | | |

| Local general obligation | | | 278,165 | | | | | | — | | | | | | 922 | | | | | | (6,711) | | | | | | 272,376 | | | | | | 272,376 | | | | | | | | |

| Total state and municipal | | | 2,376,541 | | | | | | — | | | | | | 7,560 | | | | | | (89,457) | | | | | | 2,294,644 | | | | | | 2,294,644 | | | | | | | | |

| Residential | | | 3,411,796 | | | | | | (5) | | | | | | 11,047 | | | | | | (189,630) | | | | | | 3,233,208 | | | | | | 3,233,208 | | | | | | | | |

| Commercial | | | 534,936 | | | | | | (425) | | | | | | 1,201 | | | | | | (3,430) | | | | | | 532,282 | | | | | | 532,282 | | | | | | | | |

| Total mortgage-backed securities | | | 3,946,732 | | | | | | (430) | | | | | | 12,248 | | | | | | (193,060) | | | | | | 3,765,490 | | | | | | 3,765,490 | | | | | | | | |

| Asset-backed securities | | | 3,910,363 | | | | | | — | | | | | | 16,161 | | | | | | (41,512) | | | | | | 3,885,012 | | | | | | 3,885,012 | | | | | | | | |

| Industrial | | | 3,746,501 | | | | | | — | | | | | | 14,518 | | | | | | (93,820) | | | | | | 3,667,199 | | | | | | 3,667,199 | | | | | | | | |

| Financial | | | 3,339,718 | | | | | | — | | | | | | 18,871 | | | | | | (38,076) | | | | | | 3,320,513 | | | | | | 3,320,513 | | | | | | | | |

| Utilities | | | 795,839 | | | | | | — | | | | | | 2,970 | | | | | | (20,115) | | | | | | 778,694 | | | | | | 778,694 | | | | | | | | |

| Other | | | 653,194 | | | | | | — | | | | | | 2,493 | | | | | | (4,452) | | | | | | 651,235 | | | | | | 651,235 | | | | | | | | |

| Total corporate | | | 8,535,252 | | | | | | — | | | | | | 38,852 | | | | | | (156,463) | | | | | | 8,417,641 | | | | | | 8,417,641 | | | | | | | | |

February 23, 2024

| Basic | | | $ | 5.10 | | | | | $ | 4.99 | | | | | $ | 3.69 | |

| Diluted | | | $ | 5.05 | | | | | $ | 4.94 | | | | | $ | 3.66 | |

| Authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 256,544,757 and 264,546,100 shares, respectively | | | 105,803 | | | | | | 105,803 | | |

| Additional paid-in capital | | | 1,017,691 | | | | | | 997,534 | | |

| Treasury stock, at cost, 272,469,871 and 264,468,528 shares, respectively | | | (3,783,133) | | | | | | (3,251,429) | | |

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

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

| Beginning of period | | | | | | | | | | | | | | | | | | | | | $ | 997,534 | | | | | $ | 981,104 | | | | | $ | 977,215 | |

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

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

| End of period | | | | | | | | | | | | | | | | | | | | | $ | 1,017,691 | | | | | $ | 997,534 | | | | | $ | 981,104 | |

| Cash and cash equivalents at beginning of year | | | 1,449,346 | | | | | | 1,568,843 | | | | | | 2,372,366 | | |

For the year ended December 31, 2021, the Company did not correct the proceeds from sale of fixed maturity securities and purchase of fixed maturity securities lines within the consolidated statements of cash flows for an incremental inter-company elimination as the effects were not material and had no impact on the total amount of investing activities.

corresponding credit or charge to interest income or expense.

All accounting and reporting standards that became effective in 2023 were either not applicable to the Company or their adoption did not have a material impact on the Company.

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

| Beginning of period | | | $ | 90,900 | | | | | $ | (372,855) | | | | | | | | | | | $ | (281,955) | |

| Ending balance | | | $ | (892,905) | | | | | $ | (371,676) | | | | | | | | | | | $ | (1,264,581) | |

| Pre-tax | | | $ | (1,248,128) | | | | | $ | 1,179 | | | | | | | | | | | $ | (1,246,949) | |

| Other comprehensive (loss) income | | | $ | (983,803) | | | | | $ | 1,179 | | | | | | | | | | | $ | (982,624) | |

| December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| State and municipal | | | $ | 47,802 | | | | | $ | (114) | | | | | $ | 4,239 | | | | | $ | — | | | | | $ | 51,927 | | | | | $ | 47,688 | |

| Total held to maturity | | | 51,410 | | | | | | (114) | | | | | | 4,277 | | | | | | — | | | | | | 55,573 | | | | | | 51,296 | | |

| U.S. government and government agency | | | 960,479 | | | | | | — | | | | | | 937 | | | | | | (69,158) | | | | | | 892,258 | | | | | | 892,258 | | |

| Special revenue | | | 1,837,309 | | | | | | — | | | | | | 3,662 | | | | | | (119,474) | | | | | | 1,721,497 | | | | | | 1,721,497 | | |

| State general obligation | | | 387,709 | | | | | | — | | | | | | 2,651 | | | | | | (21,335) | | | | | | 369,025 | | | | | | 369,025 | | |

| Pre-refunded | | | 156,106 | | | | | | — | | | | | | 2,741 | | | | | | (7) | | | | | | 158,840 | | | | | | 158,840 | | |

| Corporate backed | | | 210,228 | | | | | | — | | | | | | 334 | | | | | | (10,923) | | | | | | 199,639 | | | | | | 199,639 | | |

| Local general obligation | | | 454,983 | | | | | | — | | | | | | 2,967 | | | | | | (16,853) | | | | | | 441,097 | | | | | | 441,097 | | |

| Total state and municipal | | | 3,046,335 | | | | | | — | | | | | | 12,355 | | | | | | (168,592) | | | | | | 2,890,098 | | | | | | 2,890,098 | | |

| Residential | | | 1,308,019 | | | | | | (18) | | | | | | 395 | | | | | | (171,595) | | | | | | 1,136,801 | | | | | | 1,136,801 | | |

| Commercial | | | 547,757 | | | | | | — | | | | | | 215 | | | | | | (19,363) | | | | | | 528,609 | | | | | | 528,609 | | |

| Total mortgage-backed securities | | | 1,855,776 | | | | | | (18) | | | | | | 610 | | | | | | (190,958) | | | | | | 1,665,410 | | | | | | 1,665,410 | | |

| Asset-backed securities | | | 4,132,365 | | | | | | — | | | | | | 2,730 | | | | | | (152,322) | | | | | | 3,982,773 | | | | | | 3,982,773 | | |

| Industrial | | | 3,491,645 | | | | | | (1,704) | | | | | | 4,439 | | | | | | (241,381) | | | | | | 3,252,999 | | | | | | 3,252,999 | | |

| Financial | | | 2,585,247 | | | | | | (2,997) | | | | | | 5,505 | | | | | | (117,383) | | | | | | 2,470,372 | | | | | | 2,470,372 | | |

| Utilities | | | 586,066 | | | | | | — | | | | | | 1,307 | | | | | | (36,325) | | | | | | 551,048 | | | | | | 551,048 | | |

| Other | | | 441,230 | | | | | | — | | | | | | — | | | | | | (11,657) | | | | | | 429,573 | | | | | | 429,573 | | |

| Total corporate | | | 7,104,188 | | | | | | (4,701) | | | | | | 11,251 | | | | | | (406,746) | | | | | | 6,703,992 | | | | | | 6,703,992 | | |

During the quarter ended December 31, [removed: 2023,] [added: 2024,] there [removed: have been] [added: were] 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: 2023.][added: 2024.]

We have audited W. R. Berkley Corporation and subsidiaries’ (the Company) internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] 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: 2023,] [added: 2024,] and the related notes and financial statement schedules II to VI (collectively, the consolidated financial statements), and our report dated February [removed: 23, 2024] [added: 24, 2025] expressed an unqualified opinion on those consolidated financial statements.

February 24, 2025

February 23, 2024

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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] and which is incorporated herein by reference.

| | | | [Schedule II — Condensed Financial Information of [removed: Registrant](#ic13c8039c28646a096934b3ce547e717_214)] [added: Registrant](#i00f6c772b2784a239fcaf48012a18d4d_214)] | | | [removed: [123](#ic13c8039c28646a096934b3ce547e717_214)] [added: [125](#i00f6c772b2784a239fcaf48012a18d4d_214)] | | |

| | | | [Schedule III — Supplementary Insurance [removed: Information](#ic13c8039c28646a096934b3ce547e717_217)] [added: Information](#i00f6c772b2784a239fcaf48012a18d4d_217)] | | | [removed: [127](#ic13c8039c28646a096934b3ce547e717_217)] [added: [129](#i00f6c772b2784a239fcaf48012a18d4d_217)] | | |

| | | | [Schedule IV — [removed: Reinsurance](#ic13c8039c28646a096934b3ce547e717_220)] [added: Reinsurance](#i00f6c772b2784a239fcaf48012a18d4d_220)] | | | [removed: [128](#ic13c8039c28646a096934b3ce547e717_220)] [added: [130](#i00f6c772b2784a239fcaf48012a18d4d_220)] | | |

| | | | [Schedule V — Valuation and Qualifying [removed: Accounts](#ic13c8039c28646a096934b3ce547e717_223)] [added: Accounts](#i00f6c772b2784a239fcaf48012a18d4d_223)] | | | [removed: [129](#ic13c8039c28646a096934b3ce547e717_223)] [added: [131](#i00f6c772b2784a239fcaf48012a18d4d_223)] | | |

| | | | [Schedule VI — Supplementary Information Concerning Property — Casualty Insurance [removed: Operations](#ic13c8039c28646a096934b3ce547e717_226)] [added: Operations](#i00f6c772b2784a239fcaf48012a18d4d_226)] | | | [removed: [130](#ic13c8039c28646a096934b3ce547e717_226)] [added: [132](#i00f6c772b2784a239fcaf48012a18d4d_226)] | | |

| [removed: ([4.](http://www.sec.gov/Archives/edgar/data/11544/000119312520140282/d867995dex42.htm)6)] [added: ([4.6](http://www.sec.gov/Archives/edgar/data/11544/000119312520140282/d867995dex42.htm))] | | | First Supplemental Indenture, dated as of May 12, 2020, between the Company and The Bank of New York Mellon, as Trustee, relating to $470,000,000 principal amount of the Company’s 4.000% Senior Notes due 2050, including the form of the 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 May 12, 2020). | | |

| [removed: ([10.](http://www.sec.gov/Archives/edgar/data/11544/000095012310073981/y85252exv10w1.htm)5)] [added: ([10.](https://www.sec.gov/Archives/edgar/data/11544/000095012310073981/y85252exv10w1.htm)5)] | | | Form of Restricted Stock Unit Agreement under the W. R. Berkley Corporation 2003 Stock 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 6, 2010). | | |

| [removed: ([10.](http://www.sec.gov/Archives/edgar/data/11544/000001154412000092/wrb9302012ex101.htm)6)] [added: ([10.](https://www.sec.gov/Archives/edgar/data/11544/000001154412000092/wrb9302012ex101.htm)6)] | | | Form of Restricted Stock Unit Agreement under the W. R. Berkley Corporation 2012 Stock 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 November 8, 2012). | | |

| [removed: ([10.](http://www.sec.gov/Archives/edgar/data/11544/000001154414000066/wrb9302014ex101.htm)7)] [added: ([10.](https://www.sec.gov/Archives/edgar/data/11544/000001154414000066/wrb9302014ex101.htm)7)] | | | Form of 2014 Performance-Based Restricted Stock Unit Agreement under the W. R. Berkley Corporation 2012 Stock 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 November 7, 2014). | | |

| [removed: ([10.](http://www.sec.gov/Archives/edgar/data/11544/000001154415000076/wrb9302015ex101.htm)8)] [added: ([10.](https://www.sec.gov/Archives/edgar/data/11544/000001154415000076/wrb9302015ex101.htm)8)] | | | Form of 2015 Performance-Based Restricted Stock Unit Agreement under the W. R. Berkley Corporation 2012 Stock 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 November 9, 2015). | | |

| [removed: ([10.](http://www.sec.gov/Archives/edgar/data/11544/000001154417000088/wrb9302017ex101.htm)9)] [added: ([10.](https://www.sec.gov/Archives/edgar/data/11544/000001154417000088/wrb9302017ex101.htm)9)] | | | Form of 2017 Performance-Based Restricted Stock Unit Agreement under the W. R. Berkley Corporation 2012 Stock 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 November 8, 2017). | | |

| [removed: ([10.](http://www.sec.gov/Archives/edgar/data/11544/000001154418000089/wrb930201810qex101.htm)10)] [added: ([10.](https://www.sec.gov/Archives/edgar/data/11544/000001154418000089/wrb930201810qex101.htm)10)] | | | Form of 2018 Performance-Based Restricted Stock Unit Agreement under the W. R. Berkley Corporation 2018 Stock 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 November 7, 2018). | | |

| [(10.12)](https://www.sec.gov/Archives/edgar/data/11544/000001154424000005/wrb1231202310-kex1012.htm) | | | Form of 2023 Performance-Based Restricted Stock Unit Agreement Under the W. R. Berkley Corporation 2018 Stock Incentive [removed: Plan.] [added: Plan (incorporated by reference to Exhibit 10.12 of the Company's Annual Report on Form 10-K (File No. 1-15202) filed with the Commission on February 23, 2024).] | | |

| [removed: ([10.1](http://www.sec.gov/Archives/edgar/data/11544/000095012307016856/y44975exv10w1.htm)3)] [added: ([10.14](https://www.sec.gov/Archives/edgar/data/11544/000089914021000723/w47655837b.htm))] | | | W. R. Berkley Corporation Deferred Compensation Plan for Officers as amended and restated effective December 1, 2021 (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on November 12, 2021). | | |

| [removed: [(10.1](https://www.sec.gov/Archives/edgar/data/11544/000095012307016856/y44975exv10w2.htm)[4](https://www.sec.gov/Archives/edgar/data/11544/000095012307016856/y44975exv10w2.htm)[)](https://www.sec.gov/Archives/edgar/data/11544/000095012307016856/y44975exv10w2.htm)] [added: [(10.15)](https://www.sec.gov/Archives/edgar/data/11544/000089914021000723/w47655837c.htm)] | | | W. R. Berkley Corporation Deferred Compensation Plan for Directors as amended and restated effective December 1, 2021 (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on November 12, 2021). | | |

| [removed: [(10.1](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813b.htm)[5](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813b.htm)[)](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813b.htm)] [added: [(10.16)](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813b.htm)] | | | W. R. Berkley Corporation Amended and Restated Annual Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K (File No. 1-15202) filed with the Commission on February 25, 2019). | | |

| [removed: [(10.1](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813c.htm)[6](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813c.htm)[)](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813c.htm)] [added: [(10.17)](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813c.htm)] | | | W. R. Berkley Corporation 2019 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 of the Company's current Report on Form 8-K (File No. 1-15202) filed with the Commission on February 25, 2019). | | |

| [removed: [(10.](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813e.htm)[17](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813e.htm)[)](https://www.sec.gov/Archives/edgar/data/11544/000089914019000260/b28130813e.htm)] [added: [(10.18)](https://www.sec.gov/Archives/edgar/data/11544/000001154421000078/wrb930202110-qex101.htm)] | | | Form of [removed: 2020] [added: 2021] 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 [removed: August 3, 2020).] [added: November 4, 2021).] | | |

| [removed: [(10.1](https://www.sec.gov/Archives/edgar/data/11544/000001154420000087/wrb630202010-qex101.htm)[8](https://www.sec.gov/Archives/edgar/data/11544/000001154420000087/wrb630202010-qex101.htm)[)](https://www.sec.gov/Archives/edgar/data/11544/000001154420000087/wrb630202010-qex101.htm)] [added: [(10.19)](https://www.sec.gov/Archives/edgar/data/11544/000001154422000016/wrb331202210-qex101.htm)] | | | Form of [removed: 2021] [added: 2022] 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 [removed: November 4, 2021).] [added: May 3, 2022).] | | |

| [removed: [(10.1](https://www.sec.gov/Archives/edgar/data/0000011544/000001154421000078/wrb930202110-qex101.htm)[9](https://www.sec.gov/Archives/edgar/data/0000011544/000001154421000078/wrb930202110-qex101.htm)[)](https://www.sec.gov/Archives/edgar/data/0000011544/000001154421000078/wrb930202110-qex101.htm)] [added: [(10.20)](https://www.sec.gov/Archives/edgar/data/11544/000001154423000008/wrb331202310-qex101.htm)] | | | Form of [removed: 2022] [added: 2023] 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 May [removed: 3, 2022).] [added: 4, 2023).] | | |

| [removed: (10.20)] [added: [(10.21)](https://www.sec.gov/Archives/edgar/data/11544/000001154424000012/wrb331202410-qex101.htm)] | | | Form of [removed: 2023] [added: 2024] 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 May [removed: 4, 2023).] [added: 3, 2024).] | | |

| [removed: [(10.2](https://www.sec.gov/Archives/edgar/data/11544/000119312515138266/d910510ddef14a.htm)[1](https://www.sec.gov/Archives/edgar/data/11544/000119312515138266/d910510ddef14a.htm)[)](https://www.sec.gov/Archives/edgar/data/11544/000119312515138266/d910510ddef14a.htm)] [added: [(10.22)](https://www.sec.gov/Archives/edgar/data/11544/000119312521134407/d118162ddef14a.htm)] | | | W. R. Berkley Corporation 2009 Directors Stock Plan (incorporated by reference to Annex B of the Company’s 2021 Proxy Statement (File No. 1-15202) filed with the Commission on April 27, 2021). | | |

| [removed: [(10.2](https://www.sec.gov/Archives/edgar/data/11544/000001154412000021/wrb12312011ex10-14serp.htm)[2](https://www.sec.gov/Archives/edgar/data/11544/000001154412000021/wrb12312011ex10-14serp.htm)[)](https://www.sec.gov/Archives/edgar/data/11544/000001154412000021/wrb12312011ex10-14serp.htm)] [added: [(10.23)](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/11544/000001154424000005/wrb1231202310-kex21.htm))] [added: ([21](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb1231202410-kex21.htm))] | | | List of the Company’s subsidiaries. | | |

| [removed: ([23](https://www.sec.gov/Archives/edgar/data/11544/000001154424000005/wrb1231202310-kex23.htm))] [added: ([23](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb1231202410-kex23.htm))] | | | Consent of Independent Registered Public Accounting Firm. | | |

| [removed: ([31.1](https://www.sec.gov/Archives/edgar/data/11544/000001154424000005/wrb1231202310-kex311.htm))] [added: ([31.1](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb1231202410-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/11544/000001154424000005/wrb1231202310-kex312.htm))] [added: ([31.2](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb1231202410-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/11544/000001154424000005/wrb1231202310-kex321.htm))] [added: ([32.1](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb1231202410-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. | | |

| ([97](https://www.sec.gov/Archives/edgar/data/11544/000001154424000005/wrb1231202310-kex97.htm)) | | | W. R. Berkley Corporation Clawback [removed: Policy.] [added: Policy (incorporated by reference to Exhibit 97 of the Company's Annual Report on Form 10-K (File No. 1-15202) filed with the Commission on February 23, 2024).] | | |

| [(10.13)](https://www.sec.gov/Archives/edgar/data/11544/000001154424000028/wrb930202410-qex101.htm) | | | Form of 2024 Performance-Based Restricted Stock Unit Agreement Under the W. R. Berkley Corporation 2018 Stock 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 November 4, 2024). | | |

| ([19.1](https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb12312024ex191insidertra.htm)) | | | Insider Trading Policy | | |

| | | | | | |

| | | | | | |

| | | | | | |

| /s/ William R. Berkley | | | | | | Executive Chairman | | | | | | February [removed: 23, 2024] [added: 24, 2025] | | |

| /s/ W. Robert Berkley, Jr. | | | | | | President | | | | | | February [removed: 23, 2024] [added: 24, 2025] | | |

| /s/ Christopher L. Augostini | | | | | | Director | | | | | | February [removed: 23, 2024] [added: 24, 2025] | | |

| /s/ Ronald E. Blaylock | | | | | | Director | | | | | | February [removed: 23, 2024] [added: 24, 2025] | | |

| /s/ Mary C. Farrell | | | | | | Director | | | | | | February [removed: 23, 2024] [added: 24, 2025] | | |

| /s/ María Luisa Ferré | | | | | | Director | | | | | | February [removed: 23, 2024] [added: 24, 2025] | | |

| /s/ Daniel L. Mosley | | | | | | Director | | | | | | February [removed: 23, 2024] [added: 24, 2025] | | |

| /s/ Mark L. Shapiro | | | | | | Director | | | | | | February [removed: 23, 2024] [added: 24, 2025] | | |

| /s/ Jonathan Talisman | | | | | | Director | | | | | | February [removed: 23, 2024] [added: 24, 2025] | | |

| /s/ Richard M. Baio | | | | | | Executive Vice President | | | | | | February [removed: 23, 2024] [added: 24, 2025] | | |

| (In thousands) | | | [added: 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Cash and cash equivalents [removed: |] [added: at beginning of year] | | [removed: $] | 128,434 | | | | | [removed: $] | 103,522 | | [added: | | | | 684,037 | | |]

| Fixed maturity securities available for sale at fair value (cost [removed: $190,708] [added: $251,938] and [removed: $285,900] [added: $190,708] at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively) | | | [removed: 189,189] [added: 251,800] | | | | | | [removed: 275,511] [added: 189,189] | | |

| Loans receivable (net of allowance for expected credit losses of [removed: $1,146] [added: $591] and [removed: $559] [added: $1,146] at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively) | | | [removed: 91,304] [added: 27,659] | | | | | | [removed: 109,793] [added: 91,304] | | |

| Equity securities, at fair value (cost $3,430 [removed: in] [added: at] both [removed: 2023] [added: December 31, 2024] and [removed: 2022)] [added: 2023)] | | | 3,430 | | | | | | 3,430 | | |

| Investment in subsidiaries | | | [removed: 9,887,117] [added: 10,770,734] | | | | | | [removed: 8,888,455] [added: 9,887,117] | | |

| Current federal income taxes | | | [removed: —] [added: 36,417] | | | | | | [removed: 34,452] [added: —] | | |

| Deferred federal income taxes | | | [removed: 278,946] [added: 228,329] | | | | | | [removed: 304,191] [added: 278,946] | | |

| Property, furniture and equipment at cost, less accumulated depreciation | | | [removed: 10,382] [added: 9,320] | | | | | | [removed: 11,356] [added: 10,382] | | |

| Other assets | | | [removed: 44,186] [added: 126,799] | | | | | | [removed: 39,741] [added: 44,186] | | |

| Total assets | | | $ | [removed: 10,632,988] [added: 11,567,419] | | | | | $ | [removed: 9,770,451] [added: 10,632,988] | |

| Due to subsidiaries | | | $ | [removed: 178,676] [added: 182,445] | | | | | $ | [removed: 53,029] [added: 178,676] | |

| Other liabilities | | | [removed: 166,399] [added: 158,281] | | | | | | [removed: 139,150] [added: 166,399] | | |

| Current federal income taxes | | | [removed: 1,721] [added: —] | | | | | | [removed: —] [added: 1,721] | | |

| Subordinated debentures | | | [removed: 1,009,090] [added: 1,009,808] | | | | | | [removed: 1,008,371] [added: 1,009,090] | | |

| Senior notes | | | [removed: 1,821,671] [added: 1,821,774] | | | | | | [removed: 1,821,569] [added: 1,821,671] | | |

| Total liabilities | | | [removed: 3,177,557] [added: 3,172,308] | | | | | | [removed: 3,022,119] [added: 3,177,557] | | |

| Preferred stock | | | [added: —] | | | | | | — | | |

| Retained earnings (including accumulated undistributed net income of subsidiaries of [removed: $8,497,674] [added: $9,216,210] and [removed: $7,975,360] [added: $8,497,674] at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively) | | | [removed: 11,040,908] [added: 12,265,070] | | | | | | [removed: 10,161,005] [added: 11,040,908] | | |

| Accumulated other comprehensive loss | | | [removed: (925,838)] [added: (934,269)] | | | | | | [removed: (1,264,581)] [added: (925,838)] | | |

| Treasury stock, at cost | | | [removed: (3,783,133)] [added: (4,079,220)] | | | | | | [removed: (3,251,429)] [added: (3,783,133)] | | |

| Total stockholders’ equity | | | [removed: 7,455,431] [added: 8,395,111] | | | | | | [removed: 6,748,332] [added: 7,455,431] | | |

| Total liabilities and stockholders’ equity | | | $ | [removed: 10,632,988] [added: 11,567,419] | | | | | $ | [removed: 9,770,451] [added: 10,632,988] | |

| (In thousands) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Management fees and investment income including dividends from subsidiaries of [added: $1,196,538,] $1,261,166, [removed: $22,807,] and [removed: $520,251] [added: $22,807] for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021,] [added: 2022,] respectively | | | $ | [removed: 1,325,997] [added: 1,252,194] | | | | | $ | [removed: 32,585] [added: 1,325,997] | | | | | $ | [removed: 548,512] [added: 32,585] | |

| Net investment [removed: (losses)] gains [added: (losses)] | | | [removed: (5,895)] [added: 90,284] | | | | | | [removed: 1,007] [added: (5,895)] | | | | | | [removed: 1,474] [added: 1,007] | | |

| Other income | | | [removed: 368] [added: 853] | | | | | | [removed: 1,916] [added: 368] | | | | | | [removed: 1,138] [added: 1,916] | | |