WR Berkley Corp

WRB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$12.00	Zfpxvp	Mjhtysvp

W.R. Berkley Produces Another Strong Quarter

Brett Horn

Jul 21, 2022

W.R. Berkley reported another strong quarter as the company continues to benefit from a harder pricing market. We think disciplined underwriters such as W.R. Berkley have more leverage to better market conditions, and that appears to be playing out. Investment losses dragged annualized ROE in the quarter down to 11%, but the 19% figure excluding investment losses shows the excellent returns the narrow-moat franchise is capable of. We will maintain our $53 fair value estimate. While we appreciate the strong near-term outlook for W.R. Berkley, we think the current market price implies a longer duration of current return levels than we believe is likely.

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