GREENWICH, Conn.–(BUSINESS WIRE)–WR Berkley Corporation (NYSE: WRB) announced today that it has entered into an agreement for the sale of a property investment consisting of an office building located at 52 Lime Street, London, UK (known as “The Scalpel”) for £718 million sterling, subject to agreed adjustments. The transaction, which is expected to close on March 7, 2022, is part of the Company’s long-term strategy to invest for total return in order to continue to deliver superior long-term value creation to shareholders despite a challenging environment. low interest rates. The estimated pre-tax realized gain of more than $300 million in the first quarter of 2022 is subject to adjustment for final transaction costs and certain items, including the impact of the exchange rate at the closing date.
Founded in 1967, WR Berkley Corporation is an insurance holding company that is among the largest commercial insurers in the United States and operates worldwide in two segments of the property and casualty insurance business: Insurance and Reinsurance and Monoline Excess. For more information about 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 relating to our outlook for the industry and our performance for the year 2022 and beyond, are based on the historical performance of the company and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be construed as a representation by us or any other person that any future plans, estimates or expectations contemplated by us will be realized. They are subject to various risks and uncertainties, including, but not limited to, the risks detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission. These risks and uncertainties could cause our actual results for 2022 and beyond to differ materially from those expressed in any forward-looking statements we make. Any projection of our revenue growth would not necessarily translate into commensurate earnings levels. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.