AM Best Assigns Issue Credit Rating to W. R. Berkley Corporation’s Senior Unsecured Notes

Rhea-AI Summary

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.

Positive

• Assigned Long-Term Issue Credit Rating of 'a-' (Excellent) by AM Best.
• Stable outlook for the credit rating.
• Expected compliance with AM Best's financial leverage guidelines post-issuance.

Negative

• None

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) to the forthcoming $350 million, 3.150% senior unsecured notes, due September 2061, to be issued by W. R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE: WRB]. The outlook assigned to this Credit Rating (rating) is stable.

Proceeds will be used for general corporate purposes. Following the issuance of the notes, WRB’s financial leverage is expected to remain within AM Best’s guidelines for the assigned rating. Debt-to-total capital will measure 27.2%, adjusted for equity credit for hybrid securities, and coverage metrics also will remain within AM Best’s guidelines at just over five times.

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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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.

Copyright © 2021 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/20210909005910/en/

Kate Steffanelli

Senior Financial Analyst

+1 908 439 2200, ext. 5063

kate.steffanelli@ambest.com

Jennifer Marshall

Director

+1 908 439 2200, ext. 5327

jennifer.marshall@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy

Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Source: AM Best

FAQ

What is the Long-Term Issue Credit Rating assigned to WRB by AM Best?

AM Best has assigned a Long-Term Issue Credit Rating of 'a-' (Excellent) to W. R. Berkley Corporation.

When are WRB's senior unsecured notes due?

The senior unsecured notes issued by WRB are due in September 2061.

What is the amount of the senior unsecured notes issued by WRB?

W. R. Berkley Corporation is issuing $350 million in senior unsecured notes.

What is the projected debt-to-total capital ratio for WRB after the issuance?

W. R. Berkley Corporation's projected debt-to-total capital ratio is 27.2% after the issuance.

What will the proceeds from WRB's notes be used for?

The proceeds from the issuance will be used for general corporate purposes.