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Moody’s rates W.R. Berkley notes Baa2
Moody’s Investors Service said it assigned a Baa2(hyb) rating to $300 million of 40-year subordinated notes, sold by W.R. Berkley Corp. off its multi-purpose shelf registration. Proceeds are expected to be used for general corporate purposes. The outlook for W.R. Berkley is stable.
“W.R. Berkley’s ratings reflect the company’s strong franchise within the commercial and specialty insurance segment with a diverse array of small- to medium-sized risks, a disciplined approach to underwriting, the company’s track record of strong, stable profitability coupled with low catastrophe risk and good risk adjusted capitalization,” said Moody’s in a press release.
The agency estimates the new debt increases W.R. Berkley’s pro forma adjusted financial leverage to about 30% from around 28% as of Sept. 30, in line with its expectations. Moody’s said it expects financial leverage to stay in the high-20% or low-30% range.
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