OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of W. R. Berkley Corporation (W. R. Berkley) (Greenwich, CT) [NYSE: WRB] and all associated Long-Term Issue Ratings (Long-Term IRs) and indicative Long-Term IRs for securities issued by W. R. Berkley. At the same time, AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Berkley Insurance Company (Wilmingto...CENTER VALLEY, Pa.--(BUSINESS WIRE)--Shift4 Payments, Inc. (“Shift4” or the “Company”) (NYSE: FOUR), announced today, in connection with the 10,000,000 shares of 6% Series A Mandatory Convertible Preferred Stock issued on May 5, 2025, that its Board of Directors has declared a dividend of $1.45 per share to be paid in cash on August 1, 2025 to holders of record as of the close of business on July 15, 2025. Subject to the terms of the Mandatory Convertible Preferred Stock, and as described furth...WINNIPEG, Manitoba--(BUSINESS WIRE)--Bioscience Association Manitoba (BAM) welcomes the Manitoba government’s latest announcement to launch a Clinical Trials Office, and the implementation of the Research Manitoba led project, Research Improvements Through Harmonization in Manitoba (RITHIM), both designed to accelerate and improve health research in the province. “For too long, the process of moving innovative research into real-world care has taken longer in Manitoba than in other jurisdiction...OAKVILLE, Ontario--(BUSINESS WIRE)--Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) (“AQN”) today announced plans to release its second quarter 2025 financial results on Friday, August 8, 2025, before market open. AQN will hold an earnings conference call at 8:30 a.m. eastern time on Friday, August 8, 2025, hosted by Chief Executive Officer, Rod West, and Interim Chief Financial Officer and Vice President of Investor Relations, Brian Chin. Conference call details are as follows: Date: Fri...WEST PALM BEACH, Fla.--(BUSINESS WIRE)--RiverNorth Capital and Income Fund, Inc. (the “Fund”) (NYSE: RSF), a closed-end fund, announced the final results of its repurchase offer for up to 5% of its outstanding common shares. The repurchase offer expired at 5:00 P.M. Eastern Time on July 2, 2025. Based on information provided by DST Systems, Inc., the depositary for the repurchase offer, a total of 987,328 shares were submitted for redemption and 165,363 shares were repurchased. In accordance wi...BOSTON--(BUSINESS WIRE)--CareQuest Institute issued a statement regarding the passage of a tax and spending package that includes deep funding cuts to the Medicaid program....LOS ANGELES--(BUSINESS WIRE)--Banc of California, Inc. (the “Company”) (NYSE: BANC) today announced it will release 2025 second quarter financial results after market close on Wednesday, July 23, 2025. The Company will host a conference call to discuss its second quarter results the following day on Thursday, July 24, 2025 at 10:00 a.m. Pacific Time (PT). Interested parties are welcome to attend the conference call by dialing (888) 317-6003 and referencing event code 7565369. A link to the live...DALLAS--(BUSINESS WIRE)--Generational Group, a leading mergers and acquisitions advisory firm for privately held businesses, is pleased to announce the sale of its client, Superior Petroleum Equipment, LLC to Ashe Beach Companies. The acquisition closed June 10, 2025. Based in Grove City, Ohio, Superior Petroleum Equipment, LLC is a full-service petroleum equipment company founded in 2006. The company provides a complete range of services, including installation, maintenance, repair, removal, c...DENVER--(BUSINESS WIRE)--Liberty Energy Inc. (NYSE: LBRT) announced today that it will release its financial results for the second quarter ending June 30, 2025, after the market closes on Wednesday, July 23, 2025. Following the release, the Company will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, July 24, 2025. Presenting the Company’s results will be Ron Gusek, President and Chief Executive Officer, and Michael Stock, Chief F...HOUSTON--(BUSINESS WIRE)--MV Oil Trust (NYSE: MVO) announced the Trust distribution of net profits for the quarterly payment period ended June 30, 2025. Unitholders of record on July 15, 2025 will receive a distribution amounting to $2,127,500 or $0.185 per unit payable July 25, 2025. Volumes, average price and net profits for the payment period were: Volume (BOE)   145,027   Average price (per BOE)   $ 59.82   Gross proceeds   $ 8,675,538   Costs   $ 5,725,946   Net profits   $ 2,949,592   Per...


    OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of W. R. Berkley Corporation (W. R. Berkley) (Greenwich, CT) [NYSE: WRB] and all associated Long-Term Issue Ratings (Long-Term IRs) and indicative Long-Term IRs for securities issued by W. R. Berkley. At the same time, AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of “aa-” (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 affirmed the FSR of A+ (Superior) and the Long-Term ICR of “aa-” (Superior) of Berkley Life and Health Insurance Company (Berkley Life and Health) (Urbandale, IA). The outlook of the FSR is stable while the outlook of the Long-Term ICR is positive. (See below for a detailed list of the companies and ratings.)
The positive outlook for the Long-Term ICR reflects the Berkley Group’s favorable operating performance and balance sheet metrics. Berkley Group has grown its GAAP surplus organically over the most recent 10-year period. Additionally, Berkley Group has improved its financial leverage.


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).


Berkley Group’s balance sheet strength assessment is anchored by its risk-adjusted capitalization consistently being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Debt leverage has trended downward over the past five years and was 19.1%, adjusted as of year-end 2024. The group’s interest coverage and liquidity metrics remain strong. Berkley Group effectively maintains a diversified investment portfolio to support its liabilities and is focused on creating the most favorable return while maintaining its risk tolerance levels.


The group continues to maintain its favorable market share in its core lines of business, as well as continuing to grow organically through new businesses and opportunities. The group’s historically consistent operating results and profitability metrics point to agile underwriting and pricing discipline, as well as effective risk management expertise. Berkley Group reported net premium growth across most of its core business in the first quarter of 2025, with a GAAP return-on-equity (ROE) ratio of 19.9% and GAAP operating ROE of 19.3%. 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 ratings of Berkley Life and Health reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect the financial and operational support of the parent company.


Berkley Life and Health’s balance sheet strength assessment is supported by its strongest level of risk-adjusted capitalization, as measured by BCAR. Despite paying a $75 million dividend to its parent in 2024, the company still maintained its BCAR in the strongest assessment level while reporting favorable liquidity ratios and positive cash flow at year-end 2024. It continues to maintain a conservative, high-quality investment portfolio consisting of fixed-income securities and cash & short-term investments.


Berkley Life and Health has grown net premium annually over the last five years driven by new and renewal sales of its group captive and medical stop-loss products. Except for 2024, the company has reported increasing net underwriting income annually during this period, with slightly lower net underwriting income reported at year-end 2024.


While Berkley Life and Health is a leader in the group captive market and maintains a niche in the small group medical stop-loss space, it operates in a highly competitive medical stop-loss market dominated by larger national insurers. The company benefits from explicit and implicit support provided by W. R. Berkley, and is fully integrated into the parent’s strategy, operations and ERM.


The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed, with a stable outlook for the FSR and positive outlooks for the Long-Term ICRs 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 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 affirmed with positive outlooks:


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


The following indicative Long-Term IRs under the shelf registration have been affirmed with positive outlooks:


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


W. R. Berkley Capital Trust III—
-- “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.


AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.


Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.



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

<article>
 <div id="bw-release-story" class="press-release ui-kit-press-release-content overflow-hidden bw-release-story ui-kit-press-release-body__story mt-6 lg:mt-10 font-oxygen text-base font-normal leading-[1.5em] lg:text-xl lg:leading-[1.6em]" style="font-family: Oxygen, sans-serif; font-size: 1rem; line-height: 1.5em; margin-top: 1.5rem;">
 
 OLDWICK, N.J.--(<a href="https://www.businesswire.com" target="_blank" style="color: blue; text-decoration: underline;">BUSINESS WIRE</a>)--
 AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of W. R. Berkley Corporation (W. R. Berkley) (Greenwich, CT) [NYSE: WRB] and all associated Long-Term Issue Ratings (Long-Term IRs) and indicative Long-Term IRs for securities issued by W. R. Berkley. At the same time, AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of “aa-” (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 affirmed the FSR of A+ (Superior) and the Long-Term ICR of “aa-” (Superior) of Berkley Life and Health Insurance Company (Berkley Life and Health) (Urbandale, IA). The outlook of the FSR is stable while the outlook of the Long-Term ICR is positive. (See below for a detailed list of the companies and ratings.)
 
 
 The positive outlook for the Long-Term ICR reflects the Berkley Group’s favorable operating performance and balance sheet metrics. Berkley Group has grown its GAAP surplus organically over the most recent 10-year period. Additionally, Berkley Group has improved its financial leverage.
 
 
 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).
 
 
 Berkley Group’s balance sheet strength assessment is anchored by its risk-adjusted capitalization consistently being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Debt leverage has trended downward over the past five years and was 19.1%, adjusted as of year-end 2024. The group’s interest coverage and liquidity metrics remain strong. Berkley Group effectively maintains a diversified investment portfolio to support its liabilities and is focused on creating the most favorable return while maintaining its risk tolerance levels.
 
 
 The group continues to maintain its favorable market share in its core lines of business, as well as continuing to grow organically through new businesses and opportunities. The group’s historically consistent operating results and profitability metrics point to agile underwriting and pricing discipline, as well as effective risk management expertise. Berkley Group reported net premium growth across most of its core business in the first quarter of 2025, with a GAAP return-on-equity (ROE) ratio of 19.9% and GAAP operating ROE of 19.3%. 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 ratings of Berkley Life and Health reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect the financial and operational support of the parent company.
 
 
 Berkley Life and Health’s balance sheet strength assessment is supported by its strongest level of risk-adjusted capitalization, as measured by BCAR. Despite paying a $75 million dividend to its parent in 2024, the company still maintained its BCAR in the strongest assessment level while reporting favorable liquidity ratios and positive cash flow at year-end 2024. It continues to maintain a conservative, high-quality investment portfolio consisting of fixed-income securities and cash & short-term investments.
 
 
 Berkley Life and Health has grown net premium annually over the last five years driven by new and renewal sales of its group captive and medical stop-loss products. Except for 2024, the company has reported increasing net underwriting income annually during this period, with slightly lower net underwriting income reported at year-end 2024.
 
 
 While Berkley Life and Health is a leader in the group captive market and maintains a niche in the small group medical stop-loss space, it operates in a highly competitive medical stop-loss market dominated by larger national insurers. The company benefits from explicit and implicit support provided by W. R. Berkley, and is fully integrated into the parent’s strategy, operations and ERM.
 
 
 The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed, with a stable outlook for the FSR and positive outlooks for the Long-Term ICRs for the following members of W. R. Berkley Insurance Group:
 
 <ul class="bwlistdisc" style="list-style-type: disc; margin: 0; padding: 0 0 0 20px;">
 <li>Acadia Insurance Company</li>
 <li>Admiral Indemnity Company</li>
 <li>Admiral Insurance Company</li>
 <li>Berkley Casualty Company</li>
 <li>Berkley Assurance Company</li>
 <li>Berkley Insurance Company</li>
 <li>Berkley National Insurance Company</li>
 <li>Berkley Prestige Insurance Company</li>
 <li>Berkley Regional Insurance Company</li>
 <li>Berkley Specialty Insurance Company</li>
 <li>Carolina Casualty Insurance Company</li>
 <li>Clermont Insurance Company</li>
 <li>Continental Western Insurance Company</li>
 <li>Firemen’s Insurance Company of Washington, D.C.</li>
 <li>Gemini Insurance Company</li>
 <li>Great Divide Insurance Company</li>
 <li>Intrepid Casualty Company</li>
 <li>Intrepid Insurance Company</li>
 <li>Intrepid Specialty Insurance Company</li>
 <li>Key Risk Insurance Company</li>
 <li>Midwest Employers Casualty Company</li>
 <li>Nautilus Insurance Company</li>
 <li>Preferred Employers Insurance Company</li>
 <li>Queen’s Island Insurance Company, Ltd.</li>
 <li>Riverport Insurance Company</li>
 <li>StarNet Insurance Company</li>
 <li>Tri-State Insurance Company of Minnesota</li>
 <li>Union Insurance Company</li>
 <li>Union Standard Lloyds</li>
 <li>W. R. Berkley Europe AG</li>
 <li>Berkley International Seguros Mexico S.A.</li>
 <li>Berkley International Compania de Garantias Mexico, S.A. de C.V.</li>
 </ul>
 
 The following Long-Term IRs have been affirmed with positive outlooks:
 
 
 W. R. Berkley Corporation— -- “a-” (Excellent) on $250 million, 6.25% senior unsecured notes, due 2037 -- “a-” (Excellent) on $350 million, 4.75% senior unsecured notes, due 2044 -- “a-” (Excellent) on $470 million, 4.0% senior unsecured notes, due 2050 -- “a-” (Excellent) on $400 million, 3.55% senior unsecured notes, due 2052 -- “a-” (Excellent) on $350 million, 3.15% senior unsecured notes, due 2061 -- “bbb+” (Good) on $185 million, 5.7% subordinated debentures, due 2058 -- “bbb+” (Good) on $300 million, 5.1% subordinated debentures, due 2059 -- “bbb+” (Good) on $250 million, 4.25% subordinated debentures, due 2060 -- “bbb+” (Good) on $300 million, 4.125% subordinated debentures, due 2061
 
 
 The following indicative Long-Term IRs under the shelf registration have been affirmed with positive outlooks:
 
 
 W. R. Berkley Corporation— -- “a-” (Excellent) on senior unsecured debt -- “bbb+” (Good) on subordinated debt -- “bbb” (Good) on preferred stock
 
 
 W. R. Berkley Capital Trust III— -- “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 <a rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fratings.ambest.com%2Fratingeventdisclosures.aspx&amp;esheet=54285788&amp;newsitemid=20250703533427&amp;lan=en-US&amp;anchor=Recent+Rating+Activity&amp;index=1&amp;md5=b33b9923ffbd4aa21aad0ea7b5f6aecf" shape="rect" target="_blank" style="color: blue; text-decoration: underline;">Recent Rating Activity</a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view <a rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww3.ambest.com%2Fambv%2Fratingmethodology%2FOpenPDF.aspx%3Fri%3D1787&amp;esheet=54285788&amp;newsitemid=20250703533427&amp;lan=en-US&amp;anchor=Guide+to+Best%27s+Credit+Ratings&amp;index=2&amp;md5=eb345a8a25166d905c74646b210f79e8" shape="rect" target="_blank" style="color: blue; text-decoration: underline;">Guide to Best's Credit Ratings</a>. 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 <a rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ambest.com%2Fratings%2Fguidetouse.pdf&amp;esheet=54285788&amp;newsitemid=20250703533427&amp;lan=en-US&amp;anchor=Guide+to+Proper+Use+of+Best%26%238217%3Bs+Ratings+%26amp%3B+Assessments&amp;index=3&amp;md5=0f385f49abbd63ba7773f93ce6563b7d" shape="rect" target="_blank" style="color: blue; text-decoration: underline;">Guide to Proper Use of Best’s Ratings &amp; Assessments</a>.
 
 
 AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit <a rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com%2F&amp;esheet=54285788&amp;newsitemid=20250703533427&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=4&amp;md5=f126ba69096db4aee6de59145a89c708" shape="rect" target="_blank" style="color: blue; text-decoration: underline;">www.ambest.com</a>.
 
 
 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
 
 
 
 
 </div>
</article>

AM Best affirmed WRB's Long-Term ICR at 'a-' (Excellent).
Financial Strength Rating of A+ (Superior) maintained for Berkley Group.
Positive outlook due to strong operating performance and balance sheet metrics.
Debt leverage declined, enhancing financial position and risk management.
Berkley Group saw net premium growth and stable liquidity ratios.

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

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