Intrinsic value of W.R. Berkley - WRB

Previous Close

$70.73

  Intrinsic Value

$85.45

stock screener

  Rating & Target

buy

+21%

Previous close

$70.73

 
Intrinsic value

$85.45

 
Up/down potential

+21%

 
Rating

buy

Our model is not good at valuating stocks of financial companies, such as WRB.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of WRB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.97
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  7,825
  8,005
  8,211
  8,442
  8,698
  8,979
  9,285
  9,616
  9,972
  10,355
  10,764
  11,201
  11,667
  12,161
  12,685
  13,241
  13,830
  14,452
  15,110
  15,804
  16,536
  17,309
  18,123
  18,981
  19,885
  20,836
  21,838
  22,892
  24,000
  25,166
Variable operating expenses, $m
 
  4,906
  5,019
  5,147
  5,292
  5,452
  5,627
  5,818
  6,025
  6,248
  6,488
  6,729
  7,002
  7,293
  7,602
  7,930
  8,277
  8,645
  9,034
  9,445
  9,879
  10,337
  10,820
  11,329
  11,865
  12,430
  13,025
  13,651
  14,310
  15,003
  15,732
Fixed operating expenses, $m
 
  1,927
  1,975
  2,025
  2,075
  2,127
  2,180
  2,235
  2,291
  2,348
  2,407
  2,467
  2,528
  2,592
  2,656
  2,723
  2,791
  2,861
  2,932
  3,005
  3,081
  3,158
  3,237
  3,317
  3,400
  3,485
  3,573
  3,662
  3,753
  3,847
  3,943
Total operating expenses, $m
  6,647
  6,833
  6,994
  7,172
  7,367
  7,579
  7,807
  8,053
  8,316
  8,596
  8,895
  9,196
  9,530
  9,885
  10,258
  10,653
  11,068
  11,506
  11,966
  12,450
  12,960
  13,495
  14,057
  14,646
  15,265
  15,915
  16,598
  17,313
  18,063
  18,850
  19,675
Operating income, $m
  1,025
  992
  1,011
  1,039
  1,075
  1,119
  1,171
  1,232
  1,300
  1,376
  1,461
  1,569
  1,671
  1,782
  1,903
  2,033
  2,173
  2,324
  2,486
  2,659
  2,844
  3,042
  3,252
  3,477
  3,715
  3,969
  4,239
  4,525
  4,828
  5,150
  5,491
EBITDA, $m
  1,111
  1,007
  1,026
  1,054
  1,090
  1,134
  1,186
  1,246
  1,314
  1,391
  1,475
  1,569
  1,671
  1,782
  1,903
  2,033
  2,173
  2,324
  2,486
  2,659
  2,844
  3,042
  3,252
  3,477
  3,715
  3,969
  4,239
  4,525
  4,828
  5,150
  5,491
Interest expense (income), $m
  137
  147
  167
  192
  221
  254
  290
  329
  372
  419
  469
  523
  580
  642
  707
  777
  850
  929
  1,011
  1,099
  1,191
  1,289
  1,392
  1,500
  1,615
  1,736
  1,863
  1,996
  2,137
  2,285
  2,441
Earnings before tax, $m
  896
  845
  844
  847
  854
  865
  882
  902
  927
  957
  992
  1,046
  1,091
  1,140
  1,195
  1,256
  1,323
  1,395
  1,474
  1,560
  1,653
  1,753
  1,861
  1,976
  2,101
  2,234
  2,376
  2,528
  2,691
  2,865
  3,050
Tax expense, $m
  293
  228
  228
  229
  231
  234
  238
  244
  250
  258
  268
  282
  294
  308
  323
  339
  357
  377
  398
  421
  446
  473
  502
  534
  567
  603
  642
  683
  727
  774
  823
Net income, $m
  602
  617
  616
  618
  623
  632
  644
  659
  677
  699
  724
  764
  796
  832
  873
  917
  966
  1,019
  1,076
  1,139
  1,207
  1,280
  1,358
  1,443
  1,533
  1,631
  1,735
  1,846
  1,965
  2,091
  2,226

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  23,350
  23,786
  24,333
  24,958
  25,660
  26,438
  27,292
  28,221
  29,227
  30,311
  31,474
  32,719
  34,047
  35,460
  36,963
  38,558
  40,247
  42,036
  43,927
  45,926
  48,036
  50,263
  52,611
  55,086
  57,694
  60,441
  63,332
  66,376
  69,579
  72,949
  76,493
Adjusted assets (=assets-cash), $m
  23,350
  23,786
  24,333
  24,958
  25,660
  26,438
  27,292
  28,221
  29,227
  30,311
  31,474
  32,719
  34,047
  35,460
  36,963
  38,558
  40,247
  42,036
  43,927
  45,926
  48,036
  50,263
  52,611
  55,086
  57,694
  60,441
  63,332
  66,376
  69,579
  72,949
  76,493
Revenue / Adjusted assets
  0.000
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
Average production assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  2,488
  2,833
  3,262
  3,752
  4,302
  4,912
  5,582
  6,310
  7,099
  7,949
  8,861
  9,836
  10,878
  11,986
  13,164
  14,414
  15,739
  17,141
  18,624
  20,191
  21,845
  23,591
  25,432
  27,372
  29,417
  31,570
  33,838
  36,224
  38,735
  41,377
  44,156
Total liabilities, $m
  18,303
  18,648
  19,077
  19,567
  20,117
  20,727
  21,397
  22,125
  22,914
  23,764
  24,676
  25,651
  26,693
  27,801
  28,979
  30,229
  31,554
  32,956
  34,439
  36,006
  37,660
  39,406
  41,247
  43,187
  45,232
  47,385
  49,653
  52,039
  54,550
  57,192
  59,971
Total equity, $m
  5,047
  5,138
  5,256
  5,391
  5,543
  5,711
  5,895
  6,096
  6,313
  6,547
  6,798
  7,067
  7,354
  7,659
  7,984
  8,328
  8,693
  9,080
  9,488
  9,920
  10,376
  10,857
  11,364
  11,899
  12,462
  13,055
  13,680
  14,337
  15,029
  15,757
  16,523
Total liabilities and equity, $m
  23,350
  23,786
  24,333
  24,958
  25,660
  26,438
  27,292
  28,221
  29,227
  30,311
  31,474
  32,718
  34,047
  35,460
  36,963
  38,557
  40,247
  42,036
  43,927
  45,926
  48,036
  50,263
  52,611
  55,086
  57,694
  60,440
  63,333
  66,376
  69,579
  72,949
  76,494
Debt-to-equity ratio
  0.493
  0.550
  0.620
  0.700
  0.780
  0.860
  0.950
  1.040
  1.120
  1.210
  1.300
  1.390
  1.480
  1.560
  1.650
  1.730
  1.810
  1.890
  1.960
  2.040
  2.110
  2.170
  2.240
  2.300
  2.360
  2.420
  2.470
  2.530
  2.580
  2.630
  2.670
Adjusted equity ratio
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  602
  617
  616
  618
  623
  632
  644
  659
  677
  699
  724
  764
  796
  832
  873
  917
  966
  1,019
  1,076
  1,139
  1,207
  1,280
  1,358
  1,443
  1,533
  1,631
  1,735
  1,846
  1,965
  2,091
  2,226
Depreciation, amort., depletion, $m
  86
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  1,069
  632
  631
  633
  638
  646
  658
  673
  692
  713
  739
  764
  796
  832
  873
  917
  966
  1,019
  1,076
  1,139
  1,207
  1,280
  1,358
  1,443
  1,533
  1,631
  1,735
  1,846
  1,965
  2,091
  2,226
Change in working capital, $m
  221
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  848
  632
  631
  633
  638
  646
  658
  673
  692
  713
  739
  764
  796
  832
  873
  917
  966
  1,019
  1,076
  1,139
  1,207
  1,280
  1,358
  1,443
  1,533
  1,631
  1,735
  1,846
  1,965
  2,091
  2,226
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  -350
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  -794
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Free cash flow, $m
  54
  632
  631
  633
  638
  646
  658
  673
  692
  713
  739
  764
  796
  832
  873
  917
  966
  1,019
  1,076
  1,139
  1,207
  1,280
  1,358
  1,443
  1,533
  1,631
  1,735
  1,846
  1,965
  2,091
  2,226
Issuance/(repayment) of debt, $m
  313
  345
  429
  490
  550
  610
  669
  729
  789
  850
  912
  976
  1,041
  1,108
  1,178
  1,250
  1,325
  1,402
  1,483
  1,567
  1,654
  1,746
  1,841
  1,940
  2,045
  2,153
  2,267
  2,386
  2,511
  2,642
  2,779
Issuance/(repurchase) of shares, $m
  -132
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  177
  345
  429
  490
  550
  610
  669
  729
  789
  850
  912
  976
  1,041
  1,108
  1,178
  1,250
  1,325
  1,402
  1,483
  1,567
  1,654
  1,746
  1,841
  1,940
  2,045
  2,153
  2,267
  2,386
  2,511
  2,642
  2,779
Total cash flow (excl. dividends), $m
  216
  976
  1,060
  1,123
  1,188
  1,256
  1,327
  1,402
  1,480
  1,563
  1,651
  1,739
  1,837
  1,941
  2,051
  2,167
  2,290
  2,421
  2,559
  2,706
  2,861
  3,025
  3,199
  3,383
  3,578
  3,784
  4,002
  4,232
  4,476
  4,733
  5,005
Retained Cash Flow (-), $m
  -447
  -91
  -118
  -135
  -152
  -168
  -184
  -201
  -217
  -234
  -251
  -269
  -287
  -305
  -325
  -344
  -365
  -386
  -409
  -432
  -456
  -481
  -507
  -535
  -563
  -593
  -625
  -657
  -692
  -728
  -766
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  886
  942
  988
  1,037
  1,088
  1,143
  1,201
  1,263
  1,329
  1,399
  1,470
  1,550
  1,635
  1,726
  1,823
  1,925
  2,035
  2,151
  2,274
  2,405
  2,544
  2,692
  2,849
  3,015
  3,191
  3,377
  3,575
  3,784
  4,005
  4,240
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  833
  827
  805
  779
  748
  713
  675
  634
  589
  543
  494
  446
  398
  350
  304
  261
  220
  183
  150
  120
  94
  73
  55
  41
  29
  21
  14
  9
  6
  4
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

W. R. Berkley Corporation is an insurance holding company. It operates through two segments: Insurance and Reinsurance-Global. The Insurance segment consists of its commercial insurance business operations, comprising excess and surplus lines, and admitted lines, throughout the United States, as well as its insurance business operations in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia. Its Insurance segment comprises business units, such as Acadia Insurance, American Mining Insurance Group, Berkley Accident and Health, Berkley Agribusiness Risk Specialists, Berkley Aviation and Berkley Canada. Reinsurance consists of its reinsurance business on a facultative and treaty basis, in the United States, the United Kingdom, Continental Europe, Australia, the Asia-Pacific region and South Africa. Its Reinsurance segment comprises business units, such as Berkley Re America, Berkley Re Asia Pacific, Berkley Re Direct and Berkley Re UK.

FINANCIAL RATIOS  of  W.R. Berkley (WRB)

Valuation Ratios
P/E Ratio 14.2
Price to Sales 1.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 17.2
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.4%
Cap. Spend. - 3 Yr. Gr. Rate 15.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 49.3%
Total Debt to Equity 49.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.5%
Return On Equity 12.5%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 13.5%
Pre-Tax Margin 11.7%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 7.8%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 31.9%
Payout Ratio 30.6%

WRB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WRB stock intrinsic value calculation we used $7672 million for the last fiscal year's total revenue generated by W.R. Berkley. The default revenue input number comes from 2016 income statement of W.R. Berkley. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WRB stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.4%, whose default value for WRB is calculated based on our internal credit rating of W.R. Berkley, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of W.R. Berkley.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WRB stock the variable cost ratio is equal to 62.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1880 million in the base year in the intrinsic value calculation for WRB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.9% for W.R. Berkley.

Corporate tax rate of 27% is the nominal tax rate for W.R. Berkley. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WRB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WRB are equal to 0%.

Life of production assets of 1.7 years is the average useful life of capital assets used in W.R. Berkley operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WRB is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5047 million for W.R. Berkley - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 121.982 million for W.R. Berkley is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of W.R. Berkley at the current share price and the inputted number of shares is $8.6 billion.

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COMPANY NEWS

▶ Correction: Earns-W.R. Berkley story   [Oct-25-17 02:40PM  Associated Press]
▶ W.R. Berkley misses 3Q profit forecasts   [Oct-24-17 04:13PM  Associated Press]
▶ W.R. Berkley misses 2Q profit forecasts   [Jul-25-17 09:49PM  Associated Press]
▶ ETFs with exposure to W.R. Berkley Corp. : June 1, 2017   [Jun-01-17 02:08PM  Capital Cube]
▶ W.R. Berkley misses 1Q profit forecasts   [Apr-24-17 05:28PM  Associated Press]
▶ Michael S. Nannizzi Joins W. R. Berkley Corporation   [Apr-19-17 10:21AM  Business Wire]
▶ W. R. Berkley Corporation Celebrates 50 Years   [Apr-17-17 04:33PM  Business Wire]
▶ The Crypton® Companies Acquired By Berkley Capital   [Apr-03-17 01:42PM  Business Wire]
▶ New Strong Sell Stocks for March 30th   [10:55AM  Investopedia]
▶ New Strong Sell Stocks for March 30th   [10:55AM  at Investopedia]
▶ W. R. Berkley Corporation Announces Executive Appointments   [Jan-19-17 10:16AM  Business Wire]
Financial statements of WRB
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