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WR Berkley Corp WRB

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Morningstar’s Analysis

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Economic Moat




W.R. Berkley Holds the Line in Third Quarter

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

W.R. Berkley’s third-quarter results were slightly hampered by higher catastrophe losses, but otherwise we are encouraged by its ability to maintain reasonable underwriting profitability during this period. An annualized ROE of 10% for the quarter is not necessarily impressive for this narrow-moat franchise in an absolute sense, but we are pleased that the company has been able to maintain an acceptable return given the current situation. We are increasing our fair value estimate to $62 from $58, due to some modest changes to our assumptions and time value since our last update.

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Company Profile

Business Description

W.R. Berkley is an insurance holding company with a host of subsidiaries that primarily write commercial casualty insurance. The firm specializes in niche products that include various excess and surplus lines, workers' compensation insurance, self-insurance consulting, reinsurance, and regional commercial lines for small and midsize businesses.

475 Steamboat Road
Greenwich, CT, 06830
T +1 203 629-3000
Sector Financial Services
Industry Insurance - Property & Casualty
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 7,493