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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 01, 2014 09:42 AM (EDT)
A.M. Best has assigned a debt rating of "a-" to the $350 million 4.75% senior unsecured notes due Aug. 1, 2044, issued by W.R. Berkley Corporation (W.R. Berkley) (Greenwich, CT) [NYSE:WRB] under its existing shelf registration. The assigned outlook is stable.
It is W.R. Berkley's intention to use the proceeds for the repayment at maturity on May 15, 2015, of $200 million aggregate principal amount of 5.60% senior unsecured notes, and the remainder for general corporate purposes. Following this notes issue, financial leverage and coverage measures are expected to remain within A.M. Best's guidelines for the assigned rating. The ratings of W.R. Berkley's subsidiaries remain unchanged.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.