AM Best upgrades the long-term issuer credit ratings (long-term ICR) of W. R. Berkley Corporation and its subsidiaries, citing improved balance sheet strength fundamentals and strong, consistent returns. The agency raises the long-term ICR of W. R. Berkley Corporation to ‘a’ (Excellent) from ‘a-’ (Excellent), together with its associated long-term issue ratings and indicative ratings. At the same time, AM Best upgrades the long-term ICR to ‘aa’ (Superior) from ‘aa-’ (Superior) and affirms the financial strength rating (FSR) of ‘A+’ (Superior) of Berkley Insurance Company and its reinsured subsidiaries and affiliates, collectively W. R. Berkley Insurance Group. AM Best also upgrades the long-term ICR to ‘aa’ (Superior) from ‘aa-’ (Superior) and affirms the FSR of ‘A+’ (Superior) of Berkley Life and Health Insurance Company. The outlook of the long-term ICRs is revised to stable from positive, while the outlook of the FSRs is stable. The ratings of the Berkley Group reflect its balance sheet strength, assessed as strongest, as well as its strong operating performance, favourable business profile, and appropriate enterprise risk management. AM Best says the upgrade reflects improved balance sheet strength fundamentals, driven by strong underwriting results and a robust investment portfolio, consistent organic surplus growth over the most recent 10-year period, and strong debt leverage. The group reported net premium growth across most of its core business in the first quarter of 2026, with a GAAP return-on-equity ratio of 22.1 per cent and a GAAP return-on-revenue of 16.5 per cent. Debt leverage was 22.6, unadjusted, as of year-end 2025. For Berkley Life and Health, AM Best says the upgrade reflects improved operating performance over the last five years, driven by steady organic premium revenue growth, consistent underwriting income, and strong returns. The company has grown net premiums written at a 14.1 per cent compound annual growth rate over five years, owing to new and renewal sales of its core medical stop-loss and group captive products. AM Best describes Berkley Life and Health as a leader in the group captive market, maintaining a niche in the small group medical stop-loss space, while noting the medical stop-loss market remains highly competitive and dominated by larger national carriers. The unit continues to benefit from explicit and implicit support from W. R. Berkley and is fully integrated into the parent’s operations, strategic plans, and ERM programme.
