Goldman Sachs downgraded W. R. Berkley to Neutral from Buy with a price target of $83, down from $88. The firm says recent litigation trends, inclusive of multi-year highs in U.S. district court cases pending, bring an “element of uncertainty” with regard to claim cost trends, especially given increasing levels of large verdicts. The analyst sees W. R. Berkley being conservative with underlying loss ratio estimates due to its “peer-high” exposure to the medium and long duration casualty business and its “lower margin of safety” on reserves.
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