UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2024
Commission File Number
1-15202
W. R. BERKLEY CORPORATION (Exact name of registrant as specified in its charter)
Delaware
22-1867895
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
475 Steamboat Road
Greenwich
Connecticut
06830
(Address of principal executive offices)
(Zip Code)
(203)
629-3000
(Registrant’s telephone number, including area code)
None
Former name, former address and former fiscal year, if changed since last report.
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Common Stock, par value $.20 per share
WRB
New York Stock Exchange
5.700% Subordinated Debentures due 2058
WRB-PE
New York Stock Exchange
5.100% Subordinated Debentures due 2059
WRB-PF
New York Stock Exchange
4.250% Subordinated Debentures due 2060
WRB-PG
New York Stock Exchange
4.125% Subordinated Debentures due 2061
WRB-PH
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01Regulation FD Disclosure.
The Company underwrites insurance business in Argentina and invests in Argentine bonds, including inflation-linked securities. As of March 31, 2024, the book value of our investments in Argentine bonds was $294.9 million, which is comprised of inflation-linked securities of $172.8 million and other Argentine bonds of $122.1 million (of the other Argentine bonds, $112.9 million are U.S. dollar denominated).
Pre-tax net investment income associated with the inflation-linked securities for the quarter ended March 31, 2024 was $96.2 million. Such investment income increased as a result of an adjustment to the inflation rate that was made by the Argentine government in late 2023. Our best estimate for our pre-tax net investment income from Argentine inflation-linked securities for the second quarter of 2024 is $45 million to $65 million. However, due to the uncertainty in Argentine inflation rates, it is difficult to project future periods.
The proceeds from the Argentine inflation-linked securities that matured in the first quarter of 2024 have been reinvested.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.