W. R. BERKLEY $WRB Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.74B (Est. $3.83B) 🔴 🔹 Adj. EPS: $1.17 (Est. $1.15) 🟢; +6% YoY 🔹 Operating Income: $456.5M (Est. $444M) 🟢 🔹 Gross Premiums Written: $3.95B; vs $3.84B LY 🔹 Net Premiums Written: $3.27B; vs $3.23B LY 🔹 Combined Ratio: 90.8%; vs 90.9% LY Segment Gross Premiums Written: 🔹 Insurance: $3.56B 🔹 Reinsurance & Monoline Excess: $391.5M Other Q3 Metrics: 🔹 Net Investment Income: $383.5M 🔹 Pre-Tax Underwriting Income: $237.7M; +11% YoY 🔹 Accident Year Combined Ratio ex-Cat: 88.1% 🔹 Catastrophe Losses: 2.7 loss ratio points 🔹 Operating Return on Equity: 18.8% 🔹 Return on Equity: 18.4% 🔹 Net Income: $446.0M 🔹 GAAP EPS: $1.14 Capital Return: 🔹 Buybacks: $21.1M Key Updates: 🔹 Operating income excludes after-tax net investment gains (losses) and after-tax net foreign currency gains (losses) 🔹 Average rate increases excluding workers' compensation: ~4.0% 🔹 Insurance segment premiums written: gross +4.9%, net +3.2%

W(q, p) is allowed to be negative. That single liberty turns a classical phase-space density into a complete encoding of a quantum state. Wigner defined it in 1932 so that the ordinary integrals W(q, p) = (1/π) ∫ ψ*(q + y) ψ(q − y) exp(2 i p y) dy recover the correct position and momentum probabilities as marginals, while expectation values of Weyl-ordered operators become ordinary averages against W. Only Gaussian wave packets stay non-negative everywhere; every other pure state must oscillate through negative regions, the visible imprint of quantum interference. The same idea, discretized by parity, paints each point of the Bloch sphere with a characteristic pattern of positive and negative values.