Fitch affirms W.R. Berkley

Fitch Ratings said it affirmed all ratings for W.R. Berkley Corp. and related property/casualty operating subsidiaries, adding that these ratings include A- issuer default ratings for Berkley, as well the senior debt, subordinated debt, and insurer financial strength ratings listed below.

The outlook has been revised to negative from stable.

The agency said that the revision in outlook reflects a decline in capital strength in 2008 and uncertainty regarding near term capital formation.

Berkley's GAAP equity declined by 15% in 2008 as share repurchases and investment losses significantly exceeded operating profits during the period, Fitch said.

Fitch said that its current ratings for Berkley consider the company's strong niche market positions in several lines, minimal exposure to catastrophe losses, good long-term financial results and a strong underwriting culture.

Affected ratings include the company's issuer default rating at A-; $200 million 5.6% senior debt due 2015 at BBB+; $150 million 5.125% senior debt due 2010 at BBB+; $200 million 5.875% senior debt due 2013 at BBB+; $150 million 6.15% senior debt due 2019 at BBB+; $76 million 8.7% senior debt due 2022 at BBB+; and $250 million 6.25% senior debt due 2037 at BBB+.

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