W. R. Berkley Corporation (WRB) Goldman Sachs 2025 U.S. Financial Services Conference December 9, 2025 3:00 PM EST

Company Participants

W. Robert Berkley, Jr.

Conference Call Participants

Robert Cox - Goldman Sachs Group, Inc., Research Division

Presentation

Robert Cox Goldman Sachs Group, Inc., Research Division

All right. I think we’re right about out of time. So how about we get started. My pleasure to be joined on stage by Rob Berkley, CEO of W.R. Berkley. So thanks for being here with us, Rob.

W. Robert Berkley, Jr.

Thanks for the invitation. Nice to be here.

Question-and-Answer Session

Robert Cox Goldman Sachs Group, Inc., Research Division

And maybe we’ll just kick it off with the news that came out on Friday, MSI acquiring a 12.5% stake in Berkley. I know this was a previously announced transaction, but anything of additional context, update you want to provide on that?

W. Robert Berkley, Jr.

Maybe just a little bit of background, recognizing different folks may have a different knowledge base of the situation. But to make a long story short, some time ago, there was an announcement that was made that MSI, a large Japanese insurance company was going to be buying a 15% stake in the company. And I think what’s important to – there are a couple of things that are important to recognize.

One is that it’s been a relationship that the company I work for has had with MSI for more than a decade. My interpretation of the catalyst for their decision was they are one of the largest insurance companies in the world, certainly one of the largest Japanese insurance companies. And they are notably underweighted in the largest insurance market in the world, that being the United States.

From my perspective, they viewed it as a

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