W R Berkley Corporation (0HMZ.L) Q1 2025 Earnings Report

W R Berkley Corporation delivered a solid first quarter of 2025, with revenue of $3.547B, up 8.92% year-over-year, and a net income of $417.6M, yielding an implied net margin of 11.77%. However, core profitability declined modestly on a sequential basis, as margins compressed: gross margin fell to 22.13% from 25.25% in the prior quarter, and operating and net margins followed suit (operating margin 15.18% vs. Q4’s ~19.9% and net margin ~11.8% vs. ~15%). EBITDA stood at $560.5M with an EBITDAR ratio of 0.158. Cash generation remained strong, with operating cash flow of $743.8M and free cash flow of $727.6M, supporting a robust balance sheet and substantial liquidity (cash and short-term investments of $25.3B; ending cash of $1.72B). The company maintained a disciplined capital allocation stance, including a $49.2M share repurchase and a modest dividend payout, reflecting a conservative approach to capital deployment in an environment of earnings volatility.