Free Submission Public Relations &
Deutsch English


A.M. Best Affirms Ratings of W.R. Berkley Insurance (Europe) Limited

Print article Print article
© Business Wire 2013
2013-12-13 22:22:01 -

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of A (Excellent) and issuer credit rating (ICR) of “a+” of W.R. Berkley Insurance (Europe) Limited (WRB Europe) (United Kingdom). The outlook for both ratings remains stable.

The ratings of WRB Europe reflect its good risk-adjusted capitalisation and evolving business profile. Additionally, the ratings reflect the explicit parental support in the form of an unlimited and unconditional guarantee provided by Berkley Insurance Company (BIC), a subsidiary of W.R. Berkley Corporation (WRB).

WRB Europe is expected to maintain good risk-adjusted capitalisation, supported by full retention of earnings. The company reported an improved combined ratio of 96.4% for 2012 (compared with 100.8% in 2011), reflecting better loss experience and lower expenses.

Underwriting expenses were previously driven up by the start-up costs associated with establishing new branches. Based on the latest interim results, A.M. Best expects WRB Europe to report a 2013 underwriting result in line with 2012.

Offsetting rating factors are the inherent on-going reserve adequacy risks associated with the company’s UK professional indemnity business.
However, WRB Europe continues to diversify its portfolio, and is growing its non-casualty book, both inside and outside the United Kingdom. The company continues to be strategically important to its ultimate parent, WRB, as a means of accessing the UK and European insurance markets.

A positive movement in the ratings of BIC could lead to positive rating actions on WRB Europe.

Negative rating actions could occur if there were a significant deterioration in the risk-adjusted capitalisation or a notable and continuous deterioration in WRB Europe’s underwriting performance.
Additionally, any change in the company’s significance to its parent or in the explicit support provided by BIC could place downwards pressure on WRB Europe’s ratings.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M.

Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at : .. .

In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M.

Best Europe - Rating Services Limited Supplementary Disclosure : .. .

A.M. Best Europe – Rating Services Limited is a subsidiary of A.M.

Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit : .. .

Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

" title="\"/>" target="_blank" rel="nofollow"> ..

A.M. Best Company, Inc.Myles Gould, +(44) 20 7397 0267Financial

Analyst : orDavid

Drummond, +(44) 20 7397 0327Senior Financial Analyst : orRachelle

Morrow, +1-908-439-2200, ext. 5378Senior Manager, Public Relations : orJim
Peavy, +1-908-439-2200, ext. 5644Assistant Vice President, Public
Relations :

Hossam Abdel-Kader
Phone: +43 1 9582319

Disclaimer: (c) 2014 Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
Latest News
Read the Latest News


Terms & Conditions | Privacy | About us | Contact