Given the historical returns that W.R. Berkley (WRB)
has generated, betting against management is not something to be
undertaken lightly. I'm not exactly doing that, but I do believe the
company is facing a tough combination of claims inflation, smaller
surplus reserves, and a more challenging investment environment that
improving pricing can't completely offset. W.R. Berkley's historical
performance arguably deserves the premium it gets, but I can't really
see much value in the shares at today's level.
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Improving Pricing And Good Investment Returns Supporting W.R. Berkley
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