OLDWICK, N.J., June 25, 2026--(BUSINESS WIRE)--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.