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AM Best Upgrades Issuer Credit Ratings of W. R. Berkley Corporation and Its Subsidiaries

WRB
  • AM Best upgraded W. R. Berkley Corporation's Long-Term Issuer Rating to "a" (Excellent) from "a-" (Excellent).
  • AM Best upgraded the Long-Term Issuer Ratings for Berkley Insurance Company & Berkley Life and Health Insurance Company to "aa" (Superior) from "aa-" (Superior).
  • AM Best affirmed the Financial Strength Rating of A+ (Superior) for both Berkley Insurance Company & Berkley Life and Health Insurance Company.
  • The outlook for all upgraded Long-Term Issuer Ratings was revised to stable from positive.
  • The outlook for the Financial Strength Ratings remains stable.
  • Upgrades reflect improved balance sheet strength, strong underwriting results, robust investment portfolios, & consistent organic surplus growth over the past 10 years.
  • Berkley Group's debt leverage was 22.6 (unadjusted) as of year-end 2025, trending downward over the last five years.
  • Berkley Group reported net premium growth in first-quarter 2026 with a GAAP return-on-equity of 22.1% & GAAP return-on-revenue of 16.5%.
  • Berkley Life and Health achieved a 14.1% compound annual growth rate in net premiums written over the last five years.
  • Berkley Life and Health maintained a five-year average return on equity & return on revenue above 18% at year-end 2025.
  • AM Best upgraded the Long-Term Issuer Ratings for 29 subsidiaries within the W. R. Berkley Insurance Group to "aa" (Superior) from "aa-" (Superior).
  • Multiple W. R. Berkley Corporation senior unsecured notes were upgraded from "a-" to "a", while subordinated debentures were upgraded from "bbb+" to "a-".
  • Indicative Long-Term Issue Ratings for senior unsecured debt, subordinated debt, & preferred stock under shelf registration were also upgraded.
  • Ratings reflect the group's strongest risk-adjusted capitalization measured by Best's Capital Adequacy Ratio (BCAR).
  • The stable outlooks indicate an expectation that the group will maintain its strongest balance sheet assessment over the intermediate term.