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 (Berkley Luxury), based in Urbandale, Iowa.
The outlook assigned to the FSR is stable, while the outlook assigned to the Long-Term ICR is positive. Berkley Luxury is a newly added subsidiary of the W. R. Berkley Corporation (W. R. Berkley) rating unit.
Berkley Luxury is a wholly-owned subsidiary of Berkley Insurance Company and was incorporated in April 2024 in Iowa. AM Best expects Berkley Luxury to begin writing business in 2024.
Berkley Luxury provides specialized insurance solutions to the premium real estate and hospitality marketplaces.
The Credit Ratings (ratings) reflect Berkley Luxury’s inclusion as a member of the lead rating unit, which has a balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.
Berkley Luxury is strategically important to W. R. Berkley, enabling it to write property casualty insurance policies on a surplus basis nationwide and benefits from a 100% net quota share reinsurance agreement with its parent, Berkley Insurance Company. Berkley Luxury benefits from the implicit support of W. R. Berkley.
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