A.M. Best Assigns Ratings to W. R. Berkley Europe AG

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has assigned a financial strength rating of A+ (Superior) and an issuer credit rating of “aa-” to W. R. Berkley Europe AG (WRBE) (Vaduz, Liechtenstein). The outlook assigned to both ratings is stable.

WRBE is a newly formed property/casualty insurance company with branches in Germany and Spain. The company has assumed the renewal rights of an affiliate’s Germany and Spain branches, which spans multiple property and liability lines, including motor, general and professional liability, construction and property coverages. It has not, however, assumed any prior year reserves.

The ratings assigned to WRBE are based upon the explicit support provided by an affiliate and their affiliation with W. R. Berkley Corporation [NYSE: WRB]. The explicit support provided primarily by W. R. Berkley’s lead insurer, Berkley Insurance Company, is in the form of an intercompany quota share agreement and an unlimited and unconditional guarantee.

The ratings could be negatively impacted in the near term if WRBE’s underwriting performance or risk-adjusted capitalization deteriorates materially from planned results. Positive changes in the rating are not expected over the near to midterm.

This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best’s Ratings & Criteria Center.

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

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151102006651/en/

A.M. Best Co.
Susan Molineux
Senior Financial Analyst
(908) 439-2200, ext. 5829
[email protected]
or
Henry Witmer
Assistant Vice President
(908) 439-2200, ext. 5097
[email protected]
or
Christopher Sharkey
Manager, Public Relations
(908) 439-2200, ext. 5159
[email protected]
or
Jim Peavy
Assistant Vice President, Public Relations
(908) 439-2200, ext. 5644
[email protected]

Source: A.M. Best Co.

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