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. This new subsidiary of W. R. Berkley Corporation was incorporated in April 2024 in Iowa.
The outlook for the FSR is stable, while the outlook for the Long-Term ICR is positive, reflecting confidence in the company's financial stability and future prospects. Berkley Luxury is strategically important to W. R. Berkley, as it will enable the company to write property casualty insurance policies on a surplus basis nationwide.
Berkley Luxury Insurance Company benefits from a 100% net quota share reinsurance agreement with its parent, Berkley Insurance Company, and is expected to commence writing business in 2024. These ratings underscore the strong balance sheet strength, operating performance, and enterprise risk management of the W. R. Berkley rating unit.
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