Loews Corp (L) is slightly undervalued and W.R. Berkley Corp (WRB) is fairly valued.
Against our estimates of intrinsic value, L trades at the wider discount: a margin of safety of +6%, against -2% for WRB.
Values as of the 22 Sept 2026 close.
Book value at 1.18x, the multiple a 9.2% return on equity justifies, blended with earnings, values the shares at $112.52; the price of $105.91 is 6% below that value.
Leak Score 62/100 on 9 of 12 signals
Book value at 2.50x, the multiple a 20.2% return on equity justifies, blended with earnings, values the shares at $67.15; the price of $68.17 is 2% above that value.
Leak Score 72/100 on 9 of 12 signals
| Metric | L | WRB |
|---|---|---|
| Verdict | Slightly undervalued | Fairly valued |
| Price | $105.91 | $68.17 |
| Intrinsic value | $112.52 | $67.15 |
| Margin of safety | +6% | -2% |
| Leak Score | 62/100 (9/12) | 72/100 (9/12) |
| Market cap | $21.7B | $25.3B |
| Revenue growth, 5 years | 6.0% | 12.7% |
| Operating margin | 14.0% | 16.9% |
| Net margin | 9.0% | 12.9% |
| Return on equity | 9.2% | 20.2% |
| Debt to equity | 0.47 | 0.32 |
| P/E | 13.0x | 14.0x |
| Forward P/E | — | 14.1x |
| P/B | 1.1x | 2.6x |
| Dividend yield | 0.2% | 2.0% |