AM Best Assigns Issue Credit Rating to W. R. Berkley Corporation’s Senior Unsecured Notes
September 09 2021 - 1:05PM
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.
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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
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