Jefferies analyst Andrew Andersen reiterated a Hold rating and $70.00 price target on W.R. Berkley (NYSE: WRB)

The analyst commented, "We reviewed GAAP and supplementary Other Liability triangles noting adverse reserve development across other liability, auto, and reinsurance casualty as long-tail lines remain affected by social inflation with some impacts to recent periods. Adverse reserve charges remain elevated and worsened for OL, but with some offset from mostly continued favorable trends in WC/PL/Short-tail. Alternatively, newer AYs have higher initial conservatism suggesting prudence."

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Shares of W.R. Berkley closed at $65.74 yesterday.