W. R. Berkley Corporation’s (WRB Quick QuoteWRB - Free Report) Berkley Global Product Recall will change its name to Berkley Product Protection. At the same time, the unit has decided to expand its offerings. 

 

With the expansion, Berkley Product Protection’s product portfolio will include new liability coverages for medium- to high-hazard risks for manufacturers, wholesalers and importers. 

 

WRB has been establishing new units or expanding portfolios to cater to demands in emerging markets or risks or increasingly important sectors of the economy. The formation of Berkley Small Business Solutions in June 2022 is in tandem with this strategy. The establishment of new units and expansion of the company’s portfolio helps consolidate its geographical presence as well as grab market opportunities. With new units consistently thriving and established businesses no longer losing volume, overall growth is ensured. In sync with the strategy, the insurer started two new businesses in 2021.

 

WRB’s Insurance business has been performing well, reflected by an increase in premiums written in the past many years. This business growth has been achieved on the back of several new startup units in varied business lines (including healthcare, cyber security, energy and agriculture, and growing international markets, including the Asia-Pacific region, South America and Mexico), which also provided diversification benefits.

 

Shares of this Zacks Rank #2 (Buy) property and casualty insurer have gained 23.9% year to date against the industry's decrease of 5.2%. Impressive inorganic and organic growth profile, rate increases, reserving discipline and solid balance sheet should continue to drive shares.

Some other top-ranked stocks from the same space include Berkshire Hathaway (BRK.B Quick QuoteBRK.B - Free Report) , ProAssurance Corporation (PRA Quick QuotePRA - Free Report) and American Financial Group (AFG Quick QuoteAFG - Free Report) .

 

Berkshire Hathaway delivered a four-quarter average earnings surprise of 17.55%.  Year to date, the insurer has lost 6.6%.  BRK.B sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

 

The Zacks Consensus Estimate for BRK.B’s 2022 and 2023 earnings implies a respective increase of 16.7% and 4.2% from the year-ago reported number.

 

ProAssurance delivered a four-quarter average earnings surprise of 150.98%. Year to date, PRA has lost 21.2%. PRA sports a Zacks Rank #1.

 

The Zacks Consensus Estimate for PRA’s 2022 and 2023 earnings has moved 26% and 13.9% north, respectively, in the past 60 days. 

 

American Financial delivered a four-quarter average earnings surprise of 37.09%. Year to date, the insurer has lost 5.8%. AFG carries a Zacks Rank #2.

 

The Zacks Consensus Estimate for AFG’s 2022 and 2023 earnings has moved 2.8% and 3.8% north, respectively, in the past 60 days.