Fitch rates W.R. Berkley notes BBB-

Fitch Ratings said it assigned a BBB- rating to W.R. Berkley Corp.’s $100 million issuance of subordinated notes maturing in 2056.

Fitch said the rating reflects Berkley's solid capitalization despite aggressive capital management and the agency’s belief that Berkley's financial leverage, as measured by debt-to-total capital ratio excluding FAS 115, will remain within a reasonable range for the rating category in the near-term.

Berkley's financial leverage of 33.1% at Dec. 31, 2015, is above peer averages but favorably below the company's five-year average. Pro forma leverage as of year-end 2015, including the additional debt, will increase to 34.1%, within Fitch's expectations.

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