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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 appointed David Brosnan as the new CEO of W. R. Berkley Syndicate Management Limited, pending regulatory approvals. Brosnan brings 35 years of insurance experience, having recently led the international division of a major U.S. insurer in London. He takes over from Alastair Blades, who continues as chief underwriting officer. This leadership change aims to enhance focus and capitalize on market opportunities. W. R. Berkley Corporation, founded in 1967, is a major player in the property casualty insurance sector.
AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to W. R. Berkley Corporation’s (WRB) $300 million, 4.125% subordinated debentures due February 2061. The outlook for this rating is stable. Proceeds will be used to redeem WRB’s existing 5.9% subordinated notes due April 2056 and for general corporate purposes. Post-issuance, WRB’s financial leverage will remain within AM Best’s guidelines, with a projected adjusted debt-to-total capital of 23.1% and unadjusted debt-to-total capital at 29.8%.
W. R. Berkley Corporation (NYSE: WRB) priced an offering of $300 million in 4.125% Subordinated Debentures due 2061. The offering is set to close on February 10, 2021. The Company plans to use the proceeds to redeem $110 million of its 5.900% Subordinated Debentures due 2056 and for general corporate purposes. The Debentures will be listed on the New York Stock Exchange under the symbol 'WRB PR H', pending approval. Major underwriters include Morgan Stanley and BofA Securities.
W. R. Berkley Corporation (NYSE: WRB) has announced its intention to redeem $110 million of its 5.900% Subordinated Debentures due 2056. The redemption will occur on March 1, 2021, at a price equal to the principal amount plus accrued interest. Registered holders will receive further details through a Notice of Redemption from The Bank of New York Mellon, the trustee. Founded in 1967, W. R. Berkley Corporation is a major player in the U.S. commercial lines insurance market, operating in both insurance and reinsurance segments.
W. R. Berkley Corporation (NYSE: WRB) reported robust fourth quarter and full year 2020 results, achieving record net income of $312.2 million and a return on equity of 20.6%. Gross premiums written increased by 9.3% to $2.2 billion for the quarter and 7.1% for the year, totaling $8.8 billion. The company maintained a strong operating cash flow, rising 41.3% to over $1.6 billion. Despite challenges from COVID-19 and other catastrophes, the combined ratio was 90.9%, marking the lowest in 13 years. The company expects continued opportunities for margin improvement in 2021.
W. R. Berkley Corporation (NYSE: WRB) will report its fourth quarter 2020 earnings on January 26, 2021, after market close. The earnings release will be accessible on the Company's website. A conference call for analysts and investors is scheduled for the same day at 5:00 p.m. Eastern Time, where key financial results will be discussed. Founded in 1967, W. R. Berkley is a leading insurance holding company in commercial lines, operating globally in property casualty insurance through its Insurance and Reinsurance segments.
W. R. Berkley Corporation (NYSE: WRB) announced the sale of a New York City office complex, expecting a pre-tax net gain of approximately $105 million in Q4 2020. This transaction will lead to an estimated $52 million pre-tax increase in stockholders’ equity due to its accounting treatment. The sale aligns with the Company’s strategy to invest for total return, aiming to deliver long-term value creation for shareholders amid a low interest rate environment.
W. R. Berkley Corporation (NYSE: WRB) has established Lifson Re Ltd., a special purpose insurer in Bermuda, with over $250 million in equity from global investors, including W. R. Berkley Corporation. The new entity will engage in reinsurance treaties starting January 1, 2021, managing a diverse portfolio alongside traditional reinsurers. This strategic move aims to better manage risk and capital while enhancing partnerships with alternative capital sources and maintaining strong ties with traditional reinsurers.
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W. R. Berkley Corporation (NYSE: WRB) has appointed Thomas Joyce as president of Nautilus Insurance Group, effective January 1, 2021, succeeding Thomas M. Kuzma, who becomes chairman. Joyce, a 35-year industry veteran, joined Nautilus in 2015 and has held several key positions, including chief underwriting officer. Kuzma, who has been with Nautilus since its inception in 1986, will continue to leverage his experience for the company's growth. Berkley CEO W. Robert Berkley, Jr. praised both leaders for their contributions and commitment to enhancing Nautilus's service and partnerships.