OLDWICK, N.J., October 22, 2024–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating (FSR) of A+ (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of ‘aa-‘. Assigned. (Top) for Berkley Luxury Insurance Company (Berkley Luxury), Urbandale, Iowa. The outlook assigned to FSR is stable, while the outlook assigned to long-term ICR is positive. Barclay Luxury is a new subsidiary of the Ratings Division of WR Barclay Corporation (WR Barclay).
The credit rating (rating) reflects Barclay Luxury’s inclusion as a member of the Principal Rating Unit, and the company has a strong balance sheet, which AM Best rates as the strongest, as well as a strong operating track record and Has a good business profile and appropriate corporate risk management.
Berkeley Luxury is a strategically important company to WR Berkeley, with the ability to write property and casualty insurance contracts on a profitable basis throughout the United States and a 100% net quota share reinsurance agreement with parent company Berkeley Insurance Company. are benefiting from. Berkeley Luxury benefits from WR Berkeley’s tacit support.
Berkley Luxury is a wholly owned subsidiary of Berkley Insurance Company and was incorporated in April 2024 in Iowa. AM Best expects Berkeley Luxury to launch its lighting business in 2024.
This press release relates to credit ratings published on AM Best’s website. Please see AM Best’s Recent Rating Activity webpage for all rating information related to the release and related disclosures, including details of the office responsible for issuing the individual ratings referenced in this release. Please see Best’s Credit Rating Guide for additional information regarding the uses and limitations of credit rating opinions. For information on the proper use of Best Credit Ratings, Best Performance Reviews, Best Preliminary Credit Ratings, and AM Best Press Releases, please see the Guide to Proper Use of Best Ratings and Reviews.
AM Best is a global credit rating agency, news publisher, and data analytics provider focused on the insurance industry. The company is headquartered in the United States, with offices in London, Amsterdam, Dubai, Hong Kong, Singapore, and Mexico City, and does business in more than 100 countries. For more information, please visit www.ambest.com.
Copyright © 2024 by AM Best Rating Services, Inc. and/or its affiliates. Unauthorized reproduction is prohibited.
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contact address
elizabeth bramble
senior financial analyst
+1 908 882 1661
elizabeth.blamble@ambest.com
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