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W. R. Berkley warns property market is under a false sense of comfort
During its Q2 2026 earnings call, CEO Rob Berkley said “clouds are building” in property lines, and cited concerns about shared and layered programs.
W. R. Berkley’s CEO Rob Berkley cautioned on the company’s Q2 2026 earnings call that recent calm in the property market could be misleading, arguing that the industry may be moving from a temporary period of stability into tougher conditions. He said the property segment is where risk signals are emerging first, warning that it will get harder before it gets easier.
Berkley pointed to what he called the industry’s most reckless behavior in property, specifically calling out shared and layered programs. He also said irrational practices beginning in those areas could cascade into broader property lines, affecting underwriting discipline across the market, according to Reinsurance News.
On casualty reinsurance, Berkley flagged reinsurance-side willingness to write business and questioned ceding commissions that “don’t make sense” to the company. He contrasted that with the discipline he said its reinsurance leadership brings to cycle management.
W. R. Berkley reported record gross written premiums of $4.1 billion for Q2 2026, up from $3.97 billion in Q2 2025. Net income rose 12.7% to $452.3 million, while operating income increased 18.2% to $497.1 million.