Category: WRB

WRB – W. R. Berkley Corporation Names Glen Riddell Chief Executive Officer of Berkley Re Australia

GREENWICH, Conn.–()–W. R. Berkley Corporation (NYSE: WRB) today announced the appointment of Glen Riddell, chief executive officer of Berkley Re Asia, to the additional role of chief executive officer of Berkley Re Australia. The appointment is effective December 31, 2021. Tony Piper will continue as chief executive officer of Berkley Re Australia until that time, when he will transition into the role of chairman of the operating unit.

Mr. Riddell joined Berkley Re Asia in 2015 as chief executive officer and has 30 years of property and casualty (re)insurance experience in the Asia Pacific region. In his dual role as CEO of Berkley Re Asia and Berkley Re Australia, he will bring together the management and oversight of both operating units. Mr. Piper joined Berkley Re Australia in 2009 as assistant general manager and was appointed CEO in 2013. As chairman, he will retain an active role, assisting the team with strategic client relationships, the transition into this new structure and other special projects and initiatives.

W. Robert Berkley, Jr., president and chief executive officer of W. R. Berkley Corporation, commented on the appointments, “Glen and Tony have been instrumental in positioning Berkley Re Asia and Berkley Re Australia as premier reinsurance providers in their respective territories. Bringing management of the two operations together will enable us to more fully leverage the combined specialist expertise of these two independently strong teams to provide bespoke reinsurance solutions that create greater opportunities for our long-term partners. Glen has done an outstanding job at Berkley Re Asia over the past several years and we are excited that he will be taking on this expanded role. We would like to take this opportunity to thank Tony for his outstanding leadership at Berkley Re Australia and couldn’t be more pleased that he will continue to be actively involved in the day-to-day operations as chairman of our Australian reinsurance business. ”

For further info about products and services available from Berkley Re, please visit www.berkleyre.com.

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess. For further information about W. R. Berkley Corporation, please visit www.berkley.com.

WRB – WR Berkley: Q2 Earnings Insights

Shares of WR Berkley (NYSE:WRB) increased in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share rose 1850.00% year over year to $1.17, which beat the estimate of $0.94.

Revenue of $2,296,000,000 higher by 18.60% from the same period last year, which beat the estimate of $2,160,000,000.

Outlook

WR Berkley hasn’t issued any earnings guidance for the time being.

WR Berkley hasn’t issued any revenue guidance for the time being.

Details Of The Call

Date: Jul 22, 2021

Time: 05:00 PM

ET Webcast URL: https://ir.berkley.com/news-and-events/events-and-presentations/default.aspx

Price Action

Company’s 52-week high was at $82.43

52-week low: $58.84

Price action over last quarter: down 6.64%

Company Profile

W.R. Berkley is an insurance holding company with a host of subsidiaries that primarily write commercial casualty insurance. The firm specializes in niche products that include various excess and surplus lines, workers’ compensation insurance, self-insurance consulting, reinsurance, and regional commercial lines for small and midsize businesses.

WRB – What Makes W.R. Berkley (WRB) a New Buy Stock

W.R. Berkley (WRB Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates — one of the most powerful forces impacting stock prices.

The Zacks rating relies solely on a company’s changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure — the Zacks Consensus Estimate.

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.

Therefore, the Zacks rating upgrade for W.R. Berkley basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock Prices

The change in a company’s future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That’s partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company’s shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For W.R. Berkley, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company’s underlying business. And investors’ appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate Revisions

As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here >>>>.

Earnings Estimate Revisions for W.R. Berkley

This insurance company is expected to earn $3.67 per share for the fiscal year ending December 2021, which represents a year-over-year change of 58.2%.

Analysts have been steadily raising their estimates for W.R. Berkley. Over the past three months, the Zacks Consensus Estimate for the company has increased 9.6%.

Bottom Line

Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of ‘buy’ and ‘sell’ ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a ‘Strong Buy’ rating and the next 15% get a ‘Buy’ rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of W.R. Berkley to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

WRB – Why W.R. Berkley (WRB) Might Surprise This Earnings Season

Investors are always looking for stocks that are poised to beat at earnings season and W. R. Berkley Corporation (WRB Free Report) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.

That is because W. R. Berkley is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of some favorable trends underneath the surface for WRB in this report.

In fact, the Most Accurate Estimate for the current quarter is currently at 83 cents per share for WRB, compared to a broader Zacks Consensus Estimate of 78 cents per share. This suggests that analysts have very recently bumped up their estimates for WRB, giving the stock a Zacks Earnings ESP of +6.75% heading into earnings season.

Why is this Important?

A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises, and outperforming the market. Our recent 10-year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here).

Given that WRB has a Zacks Rank #2 (Buy) and an ESP in positive territory, investors might want to consider this stock ahead of earnings. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Clearly, recent earnings estimate revisions suggest that good things are ahead for W. R. Berkley, and that a beat might be in the cards for the upcoming report.

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WRB – W. R. Berkley Corporation Announces Sale of Real Estate Investment

GREENWICH, Conn.–(BUSINESS WIRE)–W. R. Berkley Corporation (NYSE: WRB) today announced the sale of one of its real estate investments – an office complex located in New York City. The Company expects to report a realized pre-tax net gain of approximately $105 million on the sale in the fourth quarter of 2020 and an approximate $52 million pre-tax increase in stockholders’ equity as a result of the accounting treatment required by the transaction’s structure. The gain is in keeping with the Company’s long-term strategy of investing for total return in order to continue delivering superior long-term value creation to shareholders despite a low interest rate environment.

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess. For further information about W. R. Berkley Corporation, please visit www.berkley.com.

This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2020 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for the year 2020 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.