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AM Best Assigns Issue Credit Rating to W. R. Berkley Corporation’s Senior Unsecured Notes
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AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” to the $400 million, 3.55% senior unsecured notes, due March 2052, recently announced by W. R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE:WRB]. The outlook assigned to the Credit Rating (rating) is stable.
Proceeds will be used to repay at maturity the $76.5 million aggregate principal amount of WRB’s 8.700% senior unsecured notes, due 2022 and toward the $350 million aggregate principal amount of the company’s 4.625% senior unsecured notes, due 2022. Following the issuance of the notes, WRB’s financial leverage is expected to remain within AM Best’s guidelines for the assigned rating. Debt-to-total capital will measure 26.9%, adjusted for equity credit for hybrid securities, and coverage metrics also will remain within AM Best’s guidelines.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
w. r. berkley corporation, founded in 1967, is one of the nation’s premier commercial lines property casualty insurance providers. each of the operating units in the berkley group participates in a niche market requiring specialized knowledge about a territory or product. our competitive advantage lies in our long-term strategy of decentralized operations, allowing each of our units to identify and respond quickly and effectively to changing market conditions and local customer needs. this decentralized structure provides financial accountability and incentives to local management and enables us to attract and retain the highest caliber professionals. we have the expertise and resources to utilize our strengths in the present environment, and the flexibility to anticipate, innovate and respond to whatever opportunities and challenges the future may hold.