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. The outlook for the FSR is stable, while the outlook for the Long-Term ICR is positive, indicating a strong financial foundation for the new entity.
Berkley Luxury Insurance Company is a newly added subsidiary of the W. R. Berkley Corporation rating unit, incorporated in April 2024 in Iowa. The company is strategically important to W. R. Berkley, enabling it to underwrite property casualty insurance policies on a surplus basis nationwide.
The new subsidiary benefits from a 100% net quota share reinsurance agreement with its parent, Berkley Insurance Company, and the implicit support of W. R. Berkley. AM Best expects Berkley Luxury to commence writing business in 2024, leveraging the group's strong balance sheet and operating performance.
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