BGB Maintains Buy on W.R. Berkley (WRB)

BGB is out with its report today on W.R. Berkley WRB, maintaining Buy. In a note to clients, BGB writes, "We believe investors will continue to pay a premium for WRB despite what the company's ROAE may imply. With high leverage, the company will be an early benefactor of premium rate increases as well as higher investment yields when they occur. In addition, book value growth will likely be boosted from investments outside of fixed income assets." BGB has a $36 PT on WRB. Shares of WRB closed Tuesday at $31.79.