W.R. Berkley's (WRB) net premium written growth is expected to be in line with peers amid softening market conditions, BofA Securities analysts said in a Thursday note.

Analysts said that while the company had outsized growth between 2021 and 2022, it has since moderated, with net premium written expected to grow at a mid-to-low-single-digit pace through the second half of 2026 to 2028.

"As markets continue to soften, we believe it will be difficult for Berkley to outgrow its peers, noting that prior periods of outsized growth corresponded with a firming pricing environment," BofA said.

Analysts said they are not concerned about the company's balance sheet and view its paid-to-incurred loss ratio, which is lower than that of its peers, as an indication of a generally healthy reserve position.

BofA downgraded the stock's rating to underperform from neutral and lowered its price objective to $68 from $74.

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