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AM Best Assigns Issue Credit Rating to W. R. Berkley Corporation’s Subordinated Debentures

AM Best has assigned a Long-Term Issue Credit Rating of "bbb+" to the recently announced $300 million 5.10% subordinated debentures due 2059 of W. R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE:WRB]. The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of WRB and its subsidiaries are unchanged.

Proceeds from the sale will be used for general corporate purposes. The addition of the debentures will increase WRB’s financial leverage and interest obligations modestly in the short term, but leverage and coverage had a modest decrease in 2019 upon the retirement of $441 million in senior unsecured notes. WRB maintains financial leverage and coverage that are within AM Best’s guidelines for this 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 Understanding 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 provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191211005503/en/

Contacts

Jennifer Marshall, CPCU, ARM
Director
+1 908 439 2200, ext. 5327
jennifer.marshall@ambest.com

Michael Lagomarsino, CFA, FRM
Senior Director
+1 908 439 2200, ext. 5810
michael.lagomarsino@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com