Welcome to our dedicated page for W.R. Berkley Corporation news (Ticker: WRB), a resource for investors and traders seeking the latest updates and insights on W.R. Berkley Corporation stock.
W.R. Berkley Corporation, founded in 1967, is a prominent player in the commercial lines property casualty insurance sector. As one of the nation’s premier insurance providers, W.R. Berkley operates through a decentralized structure, allowing each subsidiary to focus on niche markets requiring specialized knowledge. This approach empowers local management to swiftly adapt to market conditions and customer needs, fostering a culture of financial accountability and high professional standards.
W.R. Berkley’s diverse portfolio includes various excess and surplus lines, workers' compensation insurance, self-insurance consulting, reinsurance, and regional commercial lines tailored for small to midsize businesses. The company's long-term strategy focuses on leveraging its expertise and resources to navigate the current market environment while maintaining the agility to innovate and respond to future opportunities and challenges.
Through its numerous subsidiaries, W.R. Berkley has established a competitive advantage by providing specialized insurance solutions and personalized service. This has resulted in a robust financial condition and a strong market presence. Recent achievements and ongoing projects underscore the company's commitment to excellence and continuous improvement in its offerings.
Whether it's offering tailored insurance products or forming strategic partnerships, W.R. Berkley remains dedicated to delivering value to its customers and stakeholders. Stay informed with the latest updates, achievements, and market developments related to W.R. Berkley Corporation here on StockTitan.
W. R. Berkley Corporation (NYSE: WRB) has appointed Michelle D. Middleton as president of Berkley Mid-Atlantic Group, effective immediately. She succeeds John F. Kearns, who becomes chairman and will continue in an advisory role. Middleton brings over 30 years of experience in commercial property and casualty insurance, previously serving as an executive VP at a leading global insurer. CEO W. Robert Berkley, Jr. expressed confidence in her leadership for profitable growth, acknowledging Kearns' contributions in positioning the group effectively.
AM Best has affirmed the Long-Term Issuer Credit Rating of 'a-' (Excellent) for W. R. Berkley Corporation (NYSE: WRB) and a Financial Strength Rating (FSR) of A+ (Superior) for its subsidiaries. The Berkley Group's ratings reflect its strong balance sheet strength, strong operating performance, and effective enterprise risk management. Despite demonstrating higher leverage than peers at 34.1%, consistent earnings and cash flows are noted. Berkley Life and Health has seen premium growth, although it reported a decline in 2020 due to strategic restructuring.
W. R. Berkley Corporation (NYSE: WRB) has launched a new operating unit, Berkley Management Protection, aimed at providing management liability products via an innovative platform designed for independent agents. This proprietary software will enable instant quoting and access to underwriting expertise, enhancing the responsiveness of agents to customer needs. Charles E. Thompson, with 26 years of management experience, has been appointed as president. This new unit is expected to complement existing operations and expand offerings in the professional liability sector.
W. R. Berkley Corporation (NYSE: WRB) has appointed Linda A. Eppolito as president of Berkley Oil & Gas, succeeding Carol A. Randall, who becomes chairman. Eppolito, with 27 years of experience in the property and casualty insurance sector, previously served as chief financial officer and joined the company in 2010. Randall has been instrumental in developing Berkley Oil & Gas since 2009 and will continue to provide guidance. CEO W. Robert Berkley, Jr. praised both women's contributions, emphasizing a smooth transition and a promising future for the company.
W. R. Berkley Corporation (NYSE: WRB) reported robust financial results for the first quarter of 2021, showcasing significant growth across key metrics. Gross premiums written increased to $2,484,712, up from $2,231,372 in 2020. Net premiums written also saw a rise, reaching $2,050,038 compared to $1,845,846 last year. The company posted a net income of $229,525, a notable recovery from a loss of $4,418 in the previous year. Additionally, operating income rose to $201,780 from $132,623, reflecting a strong operational performance.
W. R. Berkley Corporation (NYSE:WRB) announced the redemption of its $290 million in 5.75% Subordinated Debentures due 2056. The redemption date is set for June 1, 2021, with the price equal to the principal plus accrued interest. Registered holders will receive a detailed Notice of Redemption from The Bank of New York Mellon, the trustee. Founded in 1967, W. R. Berkley is one of the largest commercial lines writers in the U.S., operating in property casualty insurance through its Insurance and Reinsurance segments.
W. R. Berkley Corporation (NYSE: WRB) will announce its Q1 2021 earnings on April 20, 2021, after market close. The earnings release will be available on the company's website at www.berkley.com. Following this, a conference call will take place the same day at 5:00 p.m. ET, where analysts and investors can discuss the earnings report. A live audio webcast will be accessible through the website, and a replay will be available two hours post-call.
AM Best has rated W. R. Berkley Corporation (WRB) with a Long-Term Issue Credit Rating of “a-” for its $400 million, 3.55% senior unsecured notes due March 2052. The stable outlook indicates financial stability. Proceeds will repay the $76.5 million of existing 8.700% senior unsecured notes and part of the $350 million of 4.625% notes due 2022. Post-issuance, WRB's debt-to-total capital is projected at 26.9%, maintaining compliance with AM Best's guidelines.
W. R. Berkley Corporation (NYSE: WRB) has priced a $400 million offering of 3.550% Senior Notes due 2052. This issuance is set to close on March 16, 2021, pending customary conditions. The proceeds will primarily be utilized to repay $76.5 million of 8.700% Senior Notes due 2022 and assist in settling $350 million of 4.625% Senior Notes due 2022. Major underwriters include BofA Securities, Credit Suisse, J.P. Morgan, and Morgan Stanley. A registration statement for the Notes has been filed with the SEC.
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