W.R. Berkley (WRB)

Risks

• Our results may fluctuate as a result of many factors, including cyclical changes in the insurance and reinsurance industry.
• Changing climate conditions may alter the frequency and increase the severity of catastrophic events and thereby adversely affect our financial condition and results.
• Our expanding international operations expose us to increased investment, political, legal/regulatory, and economic risks, including foreign currency and credit risk.
• The United Kingdom leaving the EU could adversely affect our business.
• We may be unable to attract and retain key personnel and qualified employees.
• We are subject to credit risk relating to our policyholders, independent agents and brokers.
• We are rated by A.M. Best, Standard & Poor's, Moody's, and Fitch, and a decline in these ratings could affect our standing in the insurance industry and cause our sales and earnings to decrease.
• If market conditions cause reinsurance to be more costly or unavailable, we may be required to bear increased risks or reduce the level of our underwriting commitments.
• Depending on conditions in the financial markets and the general economy, we may be unable to raise debt or equity capital if needed.
• We may not find suitable acquisition candidates or new insurance ventures and even if we do, we may not successfully integrate any such acquired companies or successfully invest in such ventures.
• We could be adversely affected by recent and future changes in U.S. Federal income tax laws.
• Limitations in risk management and loss limitation methods may adversely impact our business.
• Increased scrutiny on social responsibility and the efforts we take to implement related measures, or the failure to take such measures, may adversely impact our business.
• We have invested a portion of our assets in equity securities, merger arbitrage securities, investment funds, private equity, loans and real estate related assets, which are subject to significant volatility and may decline in value.
• We are an insurance holding company and, therefore, may not be able to receive dividends in needed amounts.
• Laws and regulations of the jurisdictions in which we conduct business could delay, deter or prevent an attempt to acquire control of us that stockholders might consider to be desirable, and may restrict a stockholder's ability to purchase our common stock.
• Certain provisions in our organizational documents may have the effect of hindering, delaying or preventing third party takeovers and thus may prevent our stockholders from receiving premium prices for their shares in an unsolicited takeover or make it more difficult for third parties to replace our current management.