WRB stock pitch

W.R. Berkley Corp. ($WRB) is a strong P&C insurer with a combined ratio of 89-90%. The company specializes in profitable E&S lines and niche underwriting across 58 decentralized units. It holds an A+ rating from A.M. Best and has outperformed the S&P during the tech bull run. However, there are concerns about its $1B stock portfolio being hedged with puts and limited shareholder returns through buybacks and dividends.