AM Best Assigns Issue Credit Rating to W. R. Berkley Corporation’s Senior Unsecured Notes

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” to the $400 million, 3.55% senior unsecured notes, due March 2052, recently announced by W. R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE:WRB]. The outlook assigned to the Credit Rating (rating) is stable.

Proceeds will be used to repay at maturity the $76.5 million aggregate principal amount of WRB’s 8.700% senior unsecured notes, due 2022 and toward the $350 million aggregate principal amount of the company’s 4.625% senior unsecured notes, due 2022. Following the issuance of the notes, WRB’s financial leverage is expected to remain within AM Best’s guidelines for the assigned rating. Debt-to-total capital will measure 26.9%, adjusted for equity credit for hybrid securities, and coverage metrics also will remain within AM Best’s guidelines.

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