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W. R. Berkley Corporation reports recurring developments as an insurance holding company focused on commercial property casualty business. The company operates through Insurance and Reinsurance & Monoline Excess segments, with news commonly covering premiums, underwriting profitability, combined ratios, catastrophe loss effects, investment income and the performance of its fixed-maturity portfolio.
Company updates also include capital management actions such as common-stock dividends and share repurchase authorizations, along with leadership appointments across corporate functions and operating businesses such as Berkley Oil & Gas. Founded in 1967, W. R. Berkley is a commercial lines writer with operations that include insurance and reinsurance activities worldwide.
W. R. Berkley Corporation (NYSE: WRB) has declared a special cash dividend of $1.00 per share, payable on December 22, 2021, for stockholders of record by December 7, 2021. This follows a previous $0.50 per share dividend in July, totaling $1.50 for special dividends in 2021. The Board has also authorized a regular quarterly cash dividend of 13 cents per share, due on the same date. Total capital returned to shareholders in 2021 is approximately $478 million. Additionally, the share repurchase authorization has been increased to 10 million shares.
W. R. Berkley Corporation (NYSE: WRB) has announced the appointment of John Henle as president of Union Standard Insurance Group, effective immediately. He succeeds B. Keith Mitchell, who has transitioned to the role of chairman. Henle brings over 20 years of multi-line insurance experience, having served as head of district operations at a major U.S. property casualty firm. Mitchell, who joined Union Standard in 1998, will continue to contribute his insights and expertise as chairman.
W. R. Berkley Corporation (NYSE: WRB) has appointed Daniel Smyrl as president of Admiral Insurance Group, succeeding Curtis E. Fletcher, who becomes chairman. This leadership transition is effective immediately. Smyrl, who joined Admiral in 2002, brings nearly 40 years of insurance experience, having previously served as executive vice president of underwriting. Fletcher has been with Admiral for 23 years and will continue to contribute strategically as chairman. Both appointments are expected to support Admiral's ongoing success in the insurance market.
W. R. Berkley Corporation (NYSE: WRB) reported a 72.3% increase in third-quarter net income, totaling $261.3 million, with a return on equity of 16.6%. Gross premiums written rose to $2.79 billion, a 23.7% increase year-over-year. Net investment income increased by 26.1% to $179.9 million, while operating income surged 103.6% to $246.7 million. The combined ratio was 90.4%, influenced by $73.8 million in catastrophe losses. The company anticipates continued growth in premiums and underwriting profits, bolstered by a strong pricing environment.
W. R. Berkley Corporation (NYSE: WRB) will release its Q3 2021 earnings on October 21, 2021, after market close. A conference call with analysts is scheduled for the same day at 5:00 p.m. ET to discuss earnings and other information. Investors can access the earnings release and the live webcast on the company’s website: www.berkley.com. Established in 1967, Berkley is one of the largest commercial lines writers in the U.S., operating in property casualty insurance.
AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to W. R. Berkley Corporation (WRB) for its forthcoming $350 million, 3.150% senior unsecured notes, due September 2061. The rating outlook is stable. The proceeds will be utilized for general corporate purposes. Following the issuance, WRB’s financial leverage is expected to remain compliant with AM Best’s guidelines, with a projected debt-to-total capital of 27.2% and coverage metrics exceeding five times.
W. R. Berkley Corporation (NYSE: WRB) has successfully priced a $350 million offering of 3.150% Senior Notes due 2061. The closing is anticipated on September 15, 2021, contingent on usual closing conditions. Proceeds will be allocated for general corporate purposes. The offering, managed by BofA Securities, Credit Suisse, J.P. Morgan, and Morgan Stanley, follows an effective shelf registration statement with the SEC. This announcement does not constitute an offer to sell or solicit purchases of the Notes in jurisdictions where such offers are prohibited.
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W. R. Berkley Corporation (NYSE: WRB) announced that its executive chairman, William R. Berkley, and president/CEO, W. Robert Berkley, Jr., will present at the 2021 Keefe, Bruyette & Woods Virtual Insurance Conference. The presentation is scheduled for September 9, 2021, at 10:00 a.m. ET. It will be available via live webcast on the company's website, with a replay accessible for approximately 90 days afterward. Founded in 1967, W. R. Berkley Corporation is a leading insurance holding company in the U.S., focusing on property casualty insurance.
W. R. Berkley Corporation (NYSE: WRB) has declared a quarterly cash dividend of 13 cents per share. This dividend will be paid on September 29, 2021, to stockholders of record as of September 15, 2021. Founded in 1967, W. R. Berkley Corporation is a leading insurance holding company, primarily engaged in commercial lines, operating in both the Insurance and Reinsurance & Monoline Excess segments.