SEPTEMBER 09, 2021 12:23 PM (EDT)
AM Best Assigns Issue Credit Rating to W. R. Berkley Corporation’s Senior Unsecured Notes
|Kate Steffanelli |
Senior Financial Analyst
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Manager, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 09, 2021 12:23 PM (EDT)
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.