W. R. Berkley Corporation Announces Agreement to Sell a Real Estate Investment
February 23 2022 - 7:35PM
Business Wire
Estimated Realized Pretax Gain of More Than
$300 Million
W. R. Berkley Corporation (NYSE: WRB) today announced
that it has entered into an agreement for the sale of a real estate
investment consisting of an office building located at 52 Lime
Street, London, U.K. (known as “The Scalpel”) for £718 million,
subject to agreed upon adjustments. The transaction, which is
scheduled to close on March 7, 2022, 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. The estimated
realized pretax gain of more than $300 million in the first quarter
of 2022 is subject to adjustment for final transaction expenses and
certain items, including the impact of the foreign exchange rate at
the date of the close.
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.
Forward Looking Information
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 2022 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 United States Securities and Exchange Commission.
These risks and uncertainties could cause our actual results for
the year 2022 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.
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Karen A. Horvath Vice President - External Financial
Communications (203) 629-3000
WR Berkley (NYSE:WRB)
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