W. R. Berkley Corporation Announces Sale of Real Estate Investment
GREENWICH, Conn. – (BUSINESS WIRE) – WR Berkley Corporation (NYSE: WRB) today announced the sale of one of its real estate investments – an office complex in New York City. The company expects to see net realized income before tax of approximately $ 105 million in the fourth quarter of 2020 on the sale and an increase in pre-tax equity of approximately $ 52 million due to the accounting required by the transaction structure. Profit is in line with the company’s long-term strategy of investing in total return in order to continue to provide superior long-term value creation to shareholders despite a low interest rate environment.
Founded in 1967, WR Berkley Corporation is an insurance holding company that is one of the largest commercial writers in the United States and operates worldwide in two segments of property and casualty insurance: Insurance and Reinsurance & Monoline Excess. For more information on WR Berkley Corporation, please visit www.berkley.com.
This is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. All forward-looking statements contained herein, including statements about our outlook for the industry and our performance for 2020 and beyond, are based on historical information Company performance and current plans, estimates and expectations. Inclusion of this forward-looking information should not be taken as an assurance by us or any other person that the future plans, estimates or expectations we contemplated will be achieved. You are subject to various risks and uncertainties, including but not limited to those risks set forth from time to time in the company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for 2020 and beyond to differ materially from those expressed in our forward-looking statements. Forecasts about growth in our sales would not necessarily lead to an adequate result. Forward-looking statements speak only as of the date of their publication and the company assumes no obligation to publicly update or revise any forward-looking statements as a result of new information, future developments or for any other reason.