CHICAGO, Aug. 23 (UPI) -- Fitch Ratings of Chicago Monday assigned a BBB rating to W.R. Berkley of Greenwich, Conn.
Additionally, Fitch affirmed W.R. Berkley's long-term issuer and senior debt ratings, along with the insurer financial strength ratings on W.R. Berkley's insurance subsidiaries. The rating outlook is stable.
"This favorable trend has continued in 2004, with six-month 2004 results generating a 90 percent combined ratio. This follows a five-year period ending in 2001 in which operating earnings were modestly profitable as reserve charges offset a large percentage of earnings," Fitch said.
Fitch said W.R. Berkley's strengths include a culture that emphasizes disciplined underwriting and reserving, good business diversification in niche markets, a stable asset portfolio and solid strategic positioning.
The primary rating concern relates to W.R. Berkley's overall leverage risk.
