Bank of America cut W. R. Berkley (NYSE:WRB) to Underperform and trimmed its price target to $68, reflecting a dimmer sell-side outlook even as the company appoints Paul J. Stock—an experienced P&C and transportation executive—as president of Carolina Casualty to bolster underwriting and claims operations.
Previous Week Recap
- Bank Of America Cuts WRB, Lowers Target: Bank of America cut W. R. Berkley (WRB) to Underperform and lowered its price target to $68 from $74, signaling reduced sell-side outlook and a lower valuation for the stock.
- W. R. Berkley Names Stock President: W. R. Berkley names Paul J. Stock president of Carolina Casualty; Stock brings 20+ years in P&C with transportation focus and has led claims and risk management reforms relevant to WRB traders
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