WR Berkley Corp

WRB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$94.00	Xbqjft	Jqpjhckhyw

W.R. Berkley Posts Strong Q1

Brett Horn

Apr 26, 2022

W.R. Berkley’s first-quarter results were impressive, as the company continues to benefit from a hard insurance pricing market. Annualized return on equity, or ROE, for the quarter was 36%, however, this figure includes a large gain from the sale of a real estate property. Still, excluding investment gains, we estimate annualized ROE for the quarter was at a high-teens level, highlighting the strong returns the company is able to generate during favorable market periods. Within our coverage, we continue to believe W.R. Berkley has outsize leverage to current conditions given its model and underwriting discipline. We will maintain our $50.67 fair value estimate and narrow moat rating.

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