WR Berkley Corp

WRB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$67.00	Jwsxch	Ppjrwhfpzl

W.R. Berkley Earnings: A Hard Market Continues to Lead to Strong Returns

Brett Horn

Jul 20, 2023

We believe disciplined underwriters such as W.R. Berkley have higher leverage to hard market conditions and think the second quarter provides further support for this idea. Attractive underwriting margins and better investment results led to a 21% annualized ROE for the quarter, highlighting the strong excess returns the narrow-moat company is capable of in a favorable environment. We will maintain our $63 fair value estimate and see shares as fairly valued.

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