AM Best Affirms Credit Ratings of W. R. Berkley Corporation and Its Subsidiaries
The positive outlook for the Long-Term ICR reflects the Berkley Group’s favorable operating performance and balance sheet metrics. Berkley Group has grown its GAAP surplus organically over the most recent 10-year period. Additionally, Berkley Group has improved its financial leverage.
The Credit Ratings (ratings) of the Berkley Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
Berkley Group’s balance sheet strength assessment is anchored by its risk-adjusted capitalization consistently being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Debt leverage has trended downward over the past five years and was
The group continues to maintain its favorable market share in its core lines of business, as well as continuing to grow organically through new businesses and opportunities. The group’s historically consistent operating results and profitability metrics point to agile underwriting and pricing discipline, as well as effective risk management expertise. Berkley Group reported net premium growth across most of its core business in the first quarter of 2025, with a GAAP return-on-equity (ROE) ratio of
The ratings of Berkley Life and Health reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect the financial and operational support of the parent company.
Berkley Life and Health’s balance sheet strength assessment is supported by its strongest level of risk-adjusted capitalization, as measured by BCAR. Despite paying a
Berkley Life and Health has grown net premium annually over the last five years driven by new and renewal sales of its group captive and medical stop-loss products. Except for 2024, the company has reported increasing net underwriting income annually during this period, with slightly lower net underwriting income reported at year-end 2024.
While Berkley Life and Health is a leader in the group captive market and maintains a niche in the small group medical stop-loss space, it operates in a highly competitive medical stop-loss market dominated by larger national insurers. The company benefits from explicit and implicit support provided by W. R. Berkley, and is fully integrated into the parent’s strategy, operations and ERM.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed, with a stable outlook for the FSR and positive outlooks for the Long-Term ICRs for the following members of W. R. Berkley Insurance Group:
- Acadia Insurance Company
- Admiral Indemnity Company
- Admiral Insurance Company
- Berkley Casualty Company
- Berkley Assurance Company
- Berkley Insurance Company
- Berkley National Insurance Company
- Berkley Prestige Insurance Company
- Berkley Regional Insurance Company
- Berkley Specialty Insurance Company
- Carolina Casualty Insurance Company
- Clermont Insurance Company
- Continental Western Insurance Company
-
Firemen’s Insurance Company of
Washington, D.C. - Gemini Insurance Company
- Great Divide Insurance Company
- Intrepid Casualty Company
- Intrepid Insurance Company
- Intrepid Specialty Insurance Company
- Key Risk Insurance Company
- Midwest Employers Casualty Company
- Nautilus Insurance Company
- Preferred Employers Insurance Company
- Queen’s Island Insurance Company, Ltd.
- Riverport Insurance Company
- StarNet Insurance Company
-
Tri-State Insurance Company of
Minnesota - Union Insurance Company
- Union Standard Lloyds
- W. R. Berkley Europe AG
- Berkley International Seguros Mexico S.A.
-
Berkley International Compania de
Garantias Mexico , S.A. de C.V.
The following Long-Term IRs have been affirmed with positive outlooks:
W. R. Berkley Corporation—
-- “a-” (Excellent) on
-- “a-” (Excellent) on
-- “a-” (Excellent) on 470 million,
-- “a-” (Excellent) on
-- “a-” (Excellent) on
-- “bbb+” (Good) on
-- “bbb+” (Good) on
-- “bbb+” (Good) on
-- “bbb+” (Good) on
The following indicative Long-Term IRs under the shelf registration have been affirmed with positive outlooks:
W. R. Berkley Corporation—
-- “a-” (Excellent) on senior unsecured debt
-- “bbb+” (Good) on subordinated debt
-- “bbb” (Good) on preferred stock
W. R. Berkley Capital Trust III—
-- “bbb” (Good) on preferred securities
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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Elizabeth Blamble
Senior Financial Analyst
+1 908 882 1661
elizabeth.blamble@ambest.com
Brian Virostek
Financial Analyst
+1 908 882 2417
brian.virostek@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source: AM Best
