Summary: W.R. Berkley Corp. And Operating Subsidiaries Oct 11
Standard & Poors, October 2011
Abstract
The counterparty credit rating on W. R. Berkley Corp. and the counterparty credit and financial strength ratings on its operating insurance companies (collectively referred to as WRB) reflect the group's strong competitive position and operating performance, which stem from its well-diversified business platform that has contributed to the highly favorable underwriting performance and the lower earnings volatility compared with the industry and most of its peers. Offsetting these strengths are WRB's somewhat aggressive historical financial leverage, the above-average net underwriting leverage, and the operating companies' capital that, though good, is lower than what we expect for the rating. WRB's average five-year generally accepted accounting principles (GAAP) combined ratio of 91.6% highlights its consistent track record of highly favorable underwriting performance...
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Firemen's Insurance Co. of Washington DC,Admiral Insurance Co.,Carolina Casualty Insurance Co.,Clermont Ins Co.,Continental Western Insurance Co.,Great Divide Insurance Co.,Midwest Employers Casualty Co.,Berkley Regional Insurance Co.,Nautilus Insurance Co.,Berkley Insurance Co.,Preferred Employers Insurance Co.,StarNet Insurance Co.,Tri State Insurance Co. of MN,Union Insurance Co.,Berkley National Insurance Co.,Union Standard Lloyds,Berkley Regional Specialty Ins Co.,Acadia Insurance Co.,Gemini Insurance Co.,Key Risk Insurance Co.,Admiral Indemnity Co.,Riverport Insurance Co.
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