Fitch affirms W.R. Berkley

Fitch Ratings said it affirmed W.R. Berkley Corp.'s A-issuer default rating as well as the BBB+ rating on its $200 million of 5.875% senior debt due 2013, $200 million of 5.6% senior debt due 2015, $150 million of 6.15% senior debt due 2019, $300 million of 7.375% senior debt due 2019, $300 million of 5.375% senior debt due 2020, $76 million of 8.7% senior debt due 2022 and $250 million of 6.25% senior debt due 2037.

The outlook is stable.

The ratings reflect Berkley's strong niche market positions in several lines with a strong underwriting culture, modest exposure to catastrophe losses and favorable long-term financial results, partially offset by modest capitalization and relatively high financial leverage, the agency said.

Berkley continues to generate solid underwriting results with a 94.5% GAAP combined ratio in 2010 and 98.8% through six months 2011, the agency added.

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