Shares of W. R. Berkley Corp. (WRB) were gaining around 9 percent in the pre-market activity on the NYSE after the insurance holding company on Friday confirmed that Mitsui Sumitomo Insurance Co., Ltd. has agreed to purchase 15 percent of its common stock.
In a statement, the company noted that the Japanese property and casualty insurance carrier has entered into an Investment and Voting Arrangement with a company owned by members of the Berkley family and trusts for their benefit. The stock purchase will be through open market purchases or private transactions with third parties.
Mitsui's investment, subject to customary regulatory approvals, is anticipated to be completed by the end of March 2026.
The Berkley Family will not be selling any of its Common Stock to Mitsui, nor will Mitsui be purchasing any shares from the company as part of the arrangement.
Under the terms of the agreements between Mitsui and the Berkley Family, once Mitsui acquires 4.9 percent of the W. R. Berkley Stock, Mitsui agrees to vote those shares pursuant to the recommendations of the Berkley Family, except in certain limited circumstances.
Once Mitsui acquires at least 12.5 percent of the outstanding shares, the Berkley Family agrees to recommend the nomination and election of a MSI director designee to the Company's Board of Directors, subject to conditions.
The Berkley Family intends to continue to have two representatives on the Company's Board.
The agreements will not have any effect on the day-to-day operations of the company.
Rob Berkley, President and CEO of W. R. Berkley, said, "We have deep respect for MSI developed over years of collaborating with them through the Company's re-insurance operations. … Their significant investment in the Company's shares is a validation of our Company's outstanding performance and growth trajectory."
According to Shinichiro Funabiki, President and CEO of MSI, W. R. Berkley's first-class track record in the U.S. specialty market attracted them in making an investment.
In pre-market activity on the NYSE, W. R. Berkley shares were trading at $72, up 8.6 percent.
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