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AM Best Assigns Issue Credit Rating to W. R. Berkley Corporation’s Subordinated Debentures
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AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to the $300 million, 4.125% subordinated debentures, due February 2061, 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 for redemption of WRB’s 5.9% subordinated notes, due April 2056 and general corporate purposes. Following the issuance of the 2061 debentures and completion of the redemption of the above notes, WRB’s financial leverage is expected to remain within AM Best’s guidelines for the assigned rating. Debt-to-total capital will measure 23.1%, adjusted for equity credit for hybrid securities. Unadjusted debt-to-total capital will measure 29.8%. Coverage metrics also will remain within AM Best’s guidelines for the assigned rating.
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.
