Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is W. R. Berkley Corporation (WRB) Halal?

FAIL

W. R. Berkley Corporation · NYSE: WRB · Financials

The short answer

W. R. Berkley fails the Shariah business-activity gate: it is a conventional property and casualty insurer and reinsurer. Net investment income of $1,429.1M is 9.7% of revenue (over the 5% ceiling), and interest-bearing debt of $2,839.7M is 11.1% of its ~$25.48 billion market cap.

Gate 1 — Business activity: FAIL

Gate 1 — business activity: FAIL. W. R. Berkley Corporation, per its FY2025 Form 10-K (filed February 27, 2026), is an insurance holding company headquartered in Greenwich, Connecticut (founded 1967), operating property and casualty insurance businesses - commercial property and casualty coverage, excess and surplus lines, professional liability, workers' compensation, commercial automobile, marine, and other specialty products - plus reinsurance, in the United States and selected international markets.

This is a conventional insurer and reinsurer: underwriting insurance and earning investment income on policyholder float is the core business. Conventional insurance is the business, not an ancillary line. The business fails gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (11.1%, ceiling 33%). Per W. R. Berkley's FY2025 Form 10-K consolidated balance sheet, interest-bearing debt was about $2,839.7 million (senior notes $1,829.2 million plus subordinated debentures $1,010.5 million).

$2,839.7 million against a market capitalization of about $25.48 billion (Finnhub, October 2, 2026; NYSE: WRB) is about 11.1%, under the 33% ceiling. The debt gate passes, but the result is moot given the business-gate failure.

Gate 3 — Non-compliant income: FAIL

Gate 3 — non-compliant income: FAIL (9.7%, ceiling 5%). W. R. Berkley's FY2025 Form 10-K consolidated statement of income reports net investment income of $1,429.067 million against total revenue of $14,707.856 million - about 9.7%, over the 5% non-compliant income ceiling. (The company does not disclose a separate interest-income line; net investment income is the pipeline-consistent numerator for insurers.)

Investment income on policyholder float is core to the insurance business model. Expected for a conventional insurer, and reported for the record.

Key figures used

Frequently asked questions

What does W. R. Berkley do?

W. R. Berkley Corporation (NYSE: WRB) is an insurance holding company headquartered in Greenwich, Connecticut, founded in 1967 by William R. Berkley (executive chairman until his death in July 2026; CEO W. Robert Berkley Jr.). Per its FY2025 Form 10-K (filed February 27, 2026), it operates property and casualty insurance businesses - commercial lines, excess and surplus lines, professional liability, workers' compensation, commercial auto, marine, and other specialty products - plus reinsurance operations in the US and selected international markets.

Is W. R. Berkley's business Shariah compliant?

No - W. R. Berkley fails the business-activity gate. It is a conventional property and casualty insurer and reinsurer: underwriting insurance and earning investment income on policyholder float is the core business. Conventional insurance is the business, not an ancillary line. Assessed on the filed business description and consistent with this screener's treatment of conventional insurers, the business fails this screener's first gate.

How much interest-bearing debt does W. R. Berkley have?

W. R. Berkley's FY2025 Form 10-K reports interest-bearing debt of about $2,839.7 million (senior notes $1,829.2 million plus subordinated debentures $1,010.5 million). Against a market capitalization of about $25.48 billion (Finnhub, October 2, 2026), that is about 11.1% - under the 33% ceiling. The debt gate passes, but the result is moot given the business-gate failure.

How much interest income does W. R. Berkley earn?

W. R. Berkley's FY2025 Form 10-K reports net investment income of $1,429.067 million against total revenue of $14,707.856 million - about 9.7%, over the 5% non-compliant income ceiling. (The company does not disclose a separate interest-income line; net investment income is the pipeline-consistent numerator for insurers.) Expected for a conventional insurer, and reported for the record.

What do third-party Shariah screeners say about W. R. Berkley?

Zoya flags WRB as not Shariah-compliant, consistent with this page's FAIL. I could not verify a Musaffa rating page for WRB or a ShariaPortfolio rating from public sources. Note: WRB-PE, WRB-PF, WRB-PG, and WRB-PH are subordinated debentures - different securities from WRB common stock. Third-party screeners apply different assumptions and update on different schedules - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).