Bristol Gate US Equity Strategy New Position: W. R. Berkley Corporation

WRB: W. R. Berkley is a family-run property-and-casualty insurer whose decentralized specialty and excess-and-surplus model and deep underwriting expertise support high, durable returns on capital, alongside a conservative underwriting culture and balance sheet. Its 25-year dividend-growth record, roughly 11.6% five-year dividend CAGR and periodic special dividends demonstrate disciplined capital returns, while relatively cycle-insulated earnings provide defensive portfolio ballast at a valuation viewed as attractive for the business's quality and returns.

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