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AM Best affirms credit rating of reopened W. R. Berkley Corporation’s senior unsecured notes

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a-” on the $470 million 4% senior unsecured notes, due May 2050, issued by W. R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE:WRB]. The company has announced it will be issuing an additional $170 million of senior unsecured notes under that offering, bringing the total to $470 million. The outlook of the Credit Rating (rating) is stable.

Proceeds will be used for the partial redemption of WRB’s 5.625% subordinated notes, due 2053. WRB’s financial leverage and coverage metrics remain within guidelines for the rating following the increase in the principal amount of this security despite the partial replacement of the more equity-like hybrid security with senior debt, given that the senior debt component of the overall capital structure will remain within expectations. Following the partial redemption of the 2053 subordinated notes, unadjusted leverage will measure 32.4%, while adjusted leverage will measure 26.8%, reflecting equity credit for the hybrids.

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 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 analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Jennifer Marshall, CPCU, ARM

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

Michael J. Lagomarsino, CFA, FRM
Senior Director
+1 908 439 2200, ext. 5810

michael.lagomarsino@ambest.com

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

Michelle Dryden (Author)

Michelle Dryden has come full-circle back to the exciting world of news media. Dryden lives in New Jersey where she is an Independent Multimedia Journalist. With college degrees and experiences in both digital and traditional journalism since 1996, Dryden is a news veteran. The Media Pub news blog publishes core news and community features. What's your story? Email me at mdryden@themediapub.com. Cheers!!!