AM Best Upgrades Issuer Credit Ratings of W. R. Berkley Corporation and Its Subsidiaries

AM Best has upgraded the Long-Term Issuer Ratings (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent), all associated Long-Term Issue Ratings (Long-Term IR) and indicative Long-Term IRs for securities issued by W. R. Berkley Corporation (W. R. Berkley) (Greenwich, CT) [NYSE: WRB]. At the same time, AM Best has upgraded the Long-Term ICR to “aa” (Superior) from “aa-” (Superior) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) of Berkley Insurance Company (Wilmington, DE) and its reinsured subsidiaries and affiliates, collectively referred to as W. R. Berkley Insurance Group (Berkley Group). AM Best also has upgraded the Long-Term ICR to “aa” (Superior) from “aa-” (Superior) and affirmed the FSR of A+ (Superior) of Berkley Life and Health Insurance Company (Berkley Life and Health) (Urbandale, IA). The outlook of the Long-Term ICRs has been revised to stable from positive, while the outlook of the FSRs is stable. (See below for a detailed list of the companies and ratings.)

The Credit Ratings (ratings) of the Berkley Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The upgrading of the Long-Term ICRs reflects the Berkley Group’s improved balance sheet strength fundamentals, driven by strong underwriting results and a robust investment portfolio that are driving consistently strong returns, consistent organic surplus growth over the most recent 10-year period and its strong debt leverage.

The Berkley Group’s balance sheet strength assessment is anchored by its strongest risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR). Debt leverage has been consistently trending downward over the last five years and was 22.6, unadjusted as of year-end 2025. Interest coverage and liquidity metrics remain strong. The Berkley Group maintains a well-diversified investment portfolio to support its liabilities and is focused on creating the most favorable return, while maintaining its risk tolerance levels.

The Berkley Group maintains a favorable market share in its core lines of business, as well as continuing to grow organically through new businesses and opportunities. The group’s strong operating results and profitability metrics point to agile underwriting and pricing discipline, as well as effective risk management expertise. The Berkley Group reported net premium growth across most of its core business in first-quarter 2026, with a GAAP return-on-equity (ROE) ratio of 22.1% and GAAP return-on-revenue of 16.5%. Berkley Group’s effective ERM practices and risk-modeling capabilities are supportive of its current investment and operational risks as demonstrated by its lack of volatility in its financial results and the enterprise’s overall capitalization.

The stable outlooks of the FSRs reflect AM Best’s expectation that the group will maintain its balance sheet assessment in the strongest range over the intermediate term with strong operating results contributing to surplus growth.

The ratings of Berkley Life and Health reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM. The ratings also reflect the financial and operational support of the parent company.

The upgrading of the Long-Term ICR reflects Berkley Life and Health’s improved operating performance fundamentals over the last five years, driven by steady organic premium revenue growth, consistent underwriting income, and strong return on equity and return on revenue.

Berkley Life and Health’s balance sheet strength assessment is supported by its strongest level of risk-adjusted capitalization as measured by BCAR. The company maintained a BCAR in the strongest category while reporting favorable liquidity ratios and positive cash flow at year-end 2025. The company continues to hold a conservative, high-quality investment portfolio consisting of fixed-income securities and cash & short-term investments.

Berkley Life and Health has grown net premiums written annually at an above average 14.1% compound annual growth rate over the last five years owing to new and renewal sales of its core medical stop-loss and group captive products. The company has reported sizable annual net underwriting income, which has trended upward during this period and has maintained a strong five-year average ROE and return-on-revenue above 18% at year-end 2025.

Berkley Life and Health is a leader in the group captive market and maintains a niche in the small group medical stop-loss space. However, the medical stop-loss market remains highly competitive and is dominated by larger national carriers. Berkley Life and Health continues to benefit from explicit and implicit support provided by W. R. Berkley, and is fully integrated into the parent organization’s operations, strategic plans and ERM program.

The Long-Term ICRs have been upgraded to “aa” (Superior) from “aa-” (Superior) while the FSR of A+ (Superior) has been affirmed, with the Long-Term ICR outlooks revised to stable from positive and the FSR outlook at stable for the following members of W. R. Berkley Insurance Group:

• Acadia Insurance Company
• Admiral Indemnity Company
• Admiral Insurance Company
• Berkley Casualty Company
• Berkley Assurance Company
• Berkley Insurance Company
• Berkley Luxury Insurance Company
• Berkley National Insurance Company
• Berkley Prestige Insurance Company
• Berkley Regional Insurance Company
• Berkley Specialty Insurance Company
• Carolina Casualty Insurance Company
• Clermont Insurance Company
• Continental Western Insurance Company
• Firemen’s Insurance Company of Washington, D.C.
• Gemini Insurance Company
• Great Divide Insurance Company
• Intrepid Casualty Company
• Intrepid Insurance Company
• Intrepid Specialty Insurance Company
• Key Risk Insurance Company
• Midwest Employers Casualty Company
• Nautilus Insurance Company
• Preferred Employers Insurance Company
• Queen’s Island Insurance Company, Ltd.
• Riverport Insurance Company
• StarNet Insurance Company
• Tri-State Insurance Company of Minnesota
• Union Insurance Company
• Union Standard Lloyds
• W. R. Berkley Europe AG
• Berkley International Seguros Mexico S.A.
• Berkley International Compania de Garantias Mexico, S.A. de C.V.

The following Long-Term IRs have been upgraded with outlooks revised to stable from positive:

W. R. Berkley Corporation—
-- to “a” (Excellent) from “a-” (Excellent) on $250 million, 6.25% senior unsecured notes, due 2037
-- to “a” (Excellent) from “a-” (Excellent) on $350 million, 4.75% senior unsecured notes, due 2044
-- to “a” (Excellent) from “a-” (Excellent) on 470 million, 4.0% senior unsecured notes, due 2050
-- to “a” (Excellent) from “a-” (Excellent) on $400 million, 3.55% senior unsecured notes, due 2052
-- to “a” (Excellent) from “a-” (Excellent) on $350 million, 3.15% senior unsecured notes, due 2061
-- to “a-” (Excellent) from “bbb+” (Good) on $185 million, 5.7% subordinated debentures, due 2058
-- to “a-” (Excellent) from “bbb+” (Good) on $300 million, 5.1% subordinated debentures, due 2059
-- to “a-” (Excellent) from “bbb+” (Good) on $250 million, 4.25% subordinated debentures, due 2060
-- to “a-” (Excellent) from “bbb+” (Good) on $300 million, 4.125% subordinated debentures, due 2061

The following indicative Long-Term IRs under the shelf registration have been upgraded with outlooks revised to stable from positive:

W. R. Berkley Corporation—
-- to “a” (Excellent) from “a-” (Excellent) on senior unsecured debt
-- to “a-” (Excellent) from “bbb+” (Good) on subordinated debt
-- to “bbb+” (Good) from “bbb” (Good) on preferred stock

W. R. Berkley Capital Trust III—
-- to “bbb+” (Good) from “bbb” (Good) on preferred securities

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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