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Fitch affirms W.R. Berkley
Fitch Ratings said it affirms W.R. Berkley Corp.'s: issuer default rating at A-, $200 million of 5.6% senior debt due 2015 at BBB+, $150 million of 5.125% senior debt due 2010 at BBB+;
• $200 million of 5.875% senior debt due 2013 at BBB+, $150 million of 6.15% senior debt due 2019 at BBB+, $300 million of 7.375% senior debt due 2019 at BBB+; and
• $76 million of 8.7% senior debt due 2022 at BBB+ and $250 million 6.25% senior debt due 2037 at BBB+.
he agency also said it affirmed W.R. Berkley Capital Trust II's trust preferred securities at BBB-. The insurer financial strength ratings of its related property/casualty operating subsidiaries also were affirmed.
The outlook was revised to stable from negative.
The ratings reflect the company's solid underwriting culture, strong niche in the specialty insurance market, modest capitalization and minimal exposure to catastrophe losses, Fitch said.
The outlook revision considers its improved capital position due to a considerable recovery in its investment portfolio and continued favorable underwriting results, the agency said.
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