AM Best Assigns Issue Credit Rating to W. R. Berkley Corporation’s Senior Unsecured Notes
OLDWICK, N.J.--(BUSINESS WIRE)--Mar 10, 2021--
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” to the $400 million, 3.55% senior unsecured notes, due March 2052, recently announced by W. R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE:WRB]. The outlook assigned to the Credit Rating (rating) is stable.
Proceeds will be used to repay at maturity the $76.5 million aggregate principal amount of WRB’s 8.700% senior unsecured notes, due 2022 and toward the $350 million aggregate principal amount of the company’s 4.625% senior unsecured notes, due 2022. 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 26.9%, adjusted for equity credit for hybrid securities, and coverage metrics also will remain within AM Best’s guidelines.
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 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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KEYWORD: NEW JERSEY EUROPE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: AM Best
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PUB: 03/10/2021 04:02 PM/DISC: 03/10/2021 04:02 PM