WRBW.R. Berkley Corporation
Options Analysis Report•FIRE, MARINE & CASUALTY INSURANCE
Market Cap $25.0B|NYSE
● 2026-04-17$66.83
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y -0.7%YTD -3.6%7D +1.7%
Options Vol
76
30D
Implied Move
±7.9%
IV Rank
52%
WRB Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.5
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 41.6% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.77x — IV premium over HV
Sector Relative≤50%
Sector percentile 66% — above sector median
Term Structure
<1.1xFront/Back 1.04x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 33.7% — normal range
Spread-Adjusted Value
<80%Effective IV 99.1% (ATM 33.7% + spread 32.7% + bias) — expensive
Execution Efficiency
<3.0%Total drag 39.09% (spread 32.68% + slippage 6.41%) — high friction
Vega Efficiency
≥5.0Vega efficiency 2.25 (vega 7.346 / spread 32.68%) — spread drag
Sentiment
Bullish or bearish?
4.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -8%, Raw: -8%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -8% (neutral) — Raw: -8%
OI Skew Magnitude
≥15%|OI skew| 58.1% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -36.8%, OI skew +58.1% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 20%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +0%, ATM: -16%, OTM: +43% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 91% — very bearish vs sector
Activity
Unusual activity?
2.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 1.3% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +13.5% (5d) — building
Sector Relative≥60%
Sector activity percentile 15% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 44% — patient
Flow Conviction
≥30Conviction -8 (bearish) — mixed
Liquidity
Can I trade efficiently?
2.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 32.7% — wide
Adequate OI
≥10,000OI 5,656 — thin
Active Volume
≥500Volume 76/day — thin
Reasonable Cost
≤$0.50$1.63 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 68% — wider than sector
Order Book Depth
≥100 contractsDepth 130.60000000000002 contracts (bid:66.2 ask:64.4) — adequate
Execution Quality
<1.0%Avg slippage 6.41% — poor
Timing
Is now a good time?
5.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks3/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +4.2% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 42% — neutral
Event Detection
≥10pts kinkIV kink 2.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 202.38 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: Earnings in 4d (elevated risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -8% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls3.9
bullishIV expensive, mixed flow
Long Puts4.5
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put4.7
bullishIV rich premium, mixed flow
Covered Call5.3
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.