W.R. Berkley (WRB) in Springview Capital Management Q4 2022

Benefiting from a Hard Insurance Market and Rising Rates

May 20, 2025

Summary

Investment rationale: Strong performance driven by favorable market conditions.
Market positioning: A leading player in the property/casualty insurance sector.
Risks and challenges: Potential moderation of current favorable conditions.
Recent performance: Stock rose +34% in 2022, the fund's most profitable investment.
Future outlook: Continued steady compounding of book value expected.

W.R. Berkley (WRB, Financial) was a significant focus in Springview Capital Management’s Q4 2022 letter, reflecting its strong performance and strategic positioning. The fund manager highlighted the company's benefit from a hard insurance market and rising short-term interest rates, which have bolstered underwriting margins and investment income.

"The stock had a truly exceptional 2022, finishing up +34% including dividends (our most profitable investment), and we remain confident and comfortable in father-and-son combo Bob and Rob Berkley’s stewardship of this business..." — Guy Baron, Springview Capital Management, Q4 2022 Fund Letter

Read full letter at gurufocus Springview Capital Management 2022 Q4 page.

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