Moody's affirms W. R. Berkley

Moody's Investors Service said it affirmed the Baa2 senior debt rating of W. R. Berkley Corp. and the A2 insurance financial strength ratings of its operating subsidiaries: Berkley Insurance Co., Admiral Insurance Co. and Berkley Regional Insurance Co.

The outlook is stable.

Moody's said its affirmation of the ratings considers W. R. Berkley's large exposure to Fannie Mae and Freddie Mac preferred stock, and the large drop in market value for the securities following the recent action taken by the U.S. Treasury to place both companies into conservatorship by the Federal Housing Finance Agency.

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