By Colin Kellaher
Shares of W.R. Berkley moved higher in premarket trading Friday after Japan's Mitsui Sumitomo Insurance unveiled plans to take a 15% stake in the insurance holding company.
W.R. Berkley said Mitsui Sumitomo will build the stake through open-market purchases or private transactions, and has entered into a voting arrangement with the Greenwich, Conn., company's founding Berkley family, which won't be selling any of its shares to the unit of MS&AD Insurance Group.
William R. Berkley, who founded W.R. Berkley in 1967 and currently serves as executive chairman, holds a more-than-20% stake in the company, according to data from FactSet.
W.R. Berkley sports a market capitalization of around $25.14 billion based on Thursday's closing price of $66.28, making a 15% stake worth roughly $3.77 billion.
Shares of W.R. Berkley were recently up 4.1% at $69.01 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 28, 2025 06:24 ET (10:24 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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