W.R. Berkley (WRB) in Springview Capital Management Q2 2023

Strong Fundamentals Amidst Market Volatility

May 20, 2025

Summary

Top-five holding despite a 17% decline this year.
Per Share Earnings, Free Cash Flow, and Book Value are up year-on-year.
Rising interest rates are enhancing investment income.
Management is actively buying back shares, indicating confidence in undervaluation.
Potential for industry consolidation due to depressed valuations.

In Springview Capital Management's Q2 2023 letter, W.R. Berkley (WRB, Financial) was highlighted as a top-five holding, despite experiencing a 17% decline this year. The fund remains confident in Berkley's strong fundamentals, noting that Per Share Earnings, Free Cash Flow, and Book Value have all increased year-on-year. The company benefits from a stable competitive landscape, consistent management, firm property and casualty insurance pricing, and rising interest rates that are boosting investment income.

"Rational analysis would surmise that WRB is likely more valuable today than it was a year ago, regardless of the quoted price of the stock." — Springview Capital Management, Q2 2023 Fund Letter

Read full letter at gurufocus Springview Capital Management 2023 Q2 page.

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