|Over a week ago|
W. R. Berkley files automatic mixed securities shelf 17:2511/0611/06/20
|Over a month ago|
W. R. Berkley price target raised to $67 from $60 at Deutsche Bank » 07:1210/2110/21/20
Deutsche Bank analyst…
Deutsche Bank analyst Phil Stefano raised the firm's price target on W. R. Berkley to $67 from $60 and keeps a Hold rating on the shares. The company's Q3 was a miss, as investment funds did not rebound to the extent expected given broader equities markets, Stefano tells investors in a research note. The analyst believes investor expectations for forward investment income will also be pressured down in forward periods. However, he suspects that overall estimate revisions will be to the upside given premium momentum and commentary around the sustainability of expense improvements.
W. R. Berkley reports Q3 gross premiums written $2.26B vs. $2.09B last year » 16:1210/2010/20/20
Reports Q3 combined ratio…
Reports Q3 combined ratio of 93.7%. Q3 accident year combined ratio before catastrophe losses was 89.8%.
W. R. Berkley reports Q3 EPS 65c, consensus 71c » 16:1110/2010/20/20
Reports Q3 revenue…
Reports Q3 revenue $2.04B, consensus $2.04B.
W. R. Berkley begins sale of $1.1B London headquarters, Bloomberg reports » 11:5810/1910/19/20
W. R. Berkley (WRB) has…
W. R. Berkley (WRB) has hired Cushman & Wakefield (CWK) and Eastdil Secured to sell its 36-story London headquarters known as the Scalpel tower, Jack Sidders of Bloomberg reports, citing people with knowledge of the process said. The building, which is about 90% leased after construction was completed last year, is valued around $1.1B, sources told Bloomberg.
|Over a quarter ago|
W. R. Berkley price target raised to $73 from $68 at RBC Capital » 06:3007/2207/22/20
RBC Capital analyst Mark…
RBC Capital analyst Mark Dwelle raised the firm's price target on W. R. Berkley to $73 from $68 and keeps an Outperform rating on the shares following the company's quarter results. Dwelle says the benefits of rising prices, reduced capacity, improving terms and conditions and the migration to E&S markets are showing up in margins, but should continue long after Covid-19 charges fade.
W. R. Berkley reports Q2 EPS 38c, consensus 26c » 16:1207/2107/21/20
Reports Q2 revenue…
Reports Q2 revenue $1.94B, consensus $1.97B. As previously announced, the company incurred $85M of net COVID-19 related losses during the period. The company commented: "In spite of the current challenges, positive rate momentum persisted. The primary impetus for this continued momentum is the growing industry concern over the low interest rate environment and social inflation, which has shown no signs of abating. We believe that the current environment has heightened risk awareness and further reinforced this trend. Average rate increases excluding workers' compensation in the second quarter of 2020 of approximately 13% mitigated the top-line impact of the shrinking economy. Consequently, gross premiums written grew despite the current economic environment. While re-opening the global economy is unlikely to be a smooth process, we anticipate that it will have a meaningful favorable impact on our future growth... In spite of the current challenges, positive rate momentum persisted. The primary impetus for this continued momentum is the growing industry concern over the low interest rate environment and social inflation, which has shown no signs of abating. We believe that the current environment has heightened risk awareness and further reinforced this trend. Average rate increases excluding workers' compensation in the second quarter of 2020 of approximately 13% mitigated the top-line impact of the shrinking economy. Consequently, gross premiums written grew despite the current economic environment. While re-opening the global economy is unlikely to be a smooth process, we anticipate that it will have a meaningful favorable impact on our future growth."
W. R. Berkley sees Q2 net catastrophe losses roughly $145M before tax » 16:1707/1007/10/20
W. R. Berkley Corporation…
W. R. Berkley Corporation announced that it expects to report net catastrophe losses in the second quarter of 2020 of approximately $145M, before tax. The company's loss estimate includes $85M for COVID-19 related losses, $20M for losses related to civil unrest and $40M primarily attributable to severe weather-related events in the U.S. The estimated COVID-19 losses in the second quarter of 2020 follow an updated thorough review and analysis of existing and potential exposures in light of newly available information, and represents the company's best estimate of its ultimate losses resulting directly from the pandemic and the consequent economic crisis. It comprises losses primarily from contingency and event cancellation policies, workers' compensation, professional liability and other liability-related products, as well as commercial property-related business interruption coverages. It also includes other potentially exposed lines of business as well as defense costs and other loss adjustment expenses. A substantial portion of the losses are classified as incurred but not reported reserves, in recognition of the high level of uncertainty in the estimates given the unprecedented nature of this event. Notwithstanding these events, the company expects to report a modest underwriting profit for the quarter. The company also anticipates that net premiums written in the second quarter of 2020 will be comparable to the second quarter of 2019, despite the economic downturn. The industry's fundamental need for pricing to reflect rising loss costs drove the acceleration of rate increases through the first quarter of 2020. That momentum is continuing and is further reinforced by the magnitude of industry losses for recent events. The company's average rate increases excluding workers' compensation in the second quarter of 2020 were approximately 13%.
W. R. Berkley raises quarterly dividend to 12c per share » 16:1706/1206/12/20
W. R. Berkley announced…
W. R. Berkley announced that its board has voted to increase the regular cash dividend to an annual rate of 48c per share, representing a 9% increase from the present rate. The first quarterly dividend at the new rate of 12c per share will be paid on June 30 to stockholders of record at the close of business on June 23.
W. R. Berkley unlikely to raise capital after RenaissanceRe, says Credit Suisse » 11:4506/0206/02/20
In light of…
In light of RenaissanceRe's (RNR) capital raise this morning, Credit Suisse analyst Michael Zaremski asked W. R. Berkley (WRB) CEO Rob Berkley whether growing premium volumes within the excess and surplus lines marketplace, combined with broader commercial property and casualty pricing momentum, could cause his company to need more equity capital. Berkley stated that he couldn't think of a situation where the capital the company is generating would not be adequate, even if growth were to ramp up significantly, Zaremski tells investors in a research note. As such, the analyst believes W. R. Berkley is unlikely to follow RenaissanceRe in raising capital. Zaremski keeps an Outperform rating on the shares with a $65 price target.