W.R. Berkley to benefit from expanding excess & surplus market, TD Cowen says

W. R. Berkley

01/07/2024 19:35

** TD Cowen initiates coverage of property and casualty
insurer W.R. Berkley  WRB.N  with "buy" rating and $103 PT, a
31% upside to stock's last close 
    ** Brokerage says an expanding excess & surplus (E&S)
market, boosted by favorable pricing trends is a likely tailwind
for WRB through 2025 
    ** TD Cowen expects WRB to leverage its strong position in
the E&S market to gain more share
    ** E&S caters to higher-risk insurance needs that the
traditional insurance market does not cover
    ** E&S market continues to grow at a robust pace and booked
a 14.5% growth in 2023, according to S&P Global
    ** WRB appears attractive given its discount to specialty
insurance peers - TD Cowen
    ** Nine of 16 brokerages rate the stock "buy" or higher and
seven "hold"; their median PT is $89 - LSEG
    ** As of last close, WRB shares were up 11.8% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))