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AM Best Assigns Credit Ratings to Berkley Luxury Insurance Company

BY Business Wire | CORPORATE | 10/22/24 01:54 PM EDT

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating (FSR) of A+ (Superior) and a Long-Term Issuer Credit Rating (Long-Term ICR) of ?aa-? (Superior) to Berkley Luxury Insurance Company (Berkley Luxury) (Urbandale, IA). The outlook assigned to the FSR is stable, while the outlook assigned to the Long-Term ICR is positive. Berkley Luxury is a newly added subsidiary of the W. R. Berkley Corporation (W. R. Berkley) rating unit.

The Credit Ratings (ratings) reflect Berkley Luxury?s inclusion as a member of the lead rating unit, which has a balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

Berkley Luxury is strategically important to W. R. Berkley, enabling it to write property casualty insurance policies on a surplus basis nationwide and benefits from a 100% net quota share reinsurance agreement with its parent, Berkley Insurance Company. Berkley Luxury benefits from the implicit support of W. R. Berkley.

Berkley Luxury is a wholly-owned subsidiary of Berkley Insurance Company and was incorporated in April 2024 in Iowa. AM Best expects Berkley Luxury to begin writing business in 2024.

This press release relates to Credit Ratings that have been published on AM Best?s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best?s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best?s Credit Ratings, Best?s Performance Assessments, Best?s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best?s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright ? 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Source: AM Best

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