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W. R. Berkley estimates impact of Ogden rate change

W. R. Berkley Corp. estimated that the impact of the Ogden rate change on its first-quarter operating results will be $30 million pretax, or $22 million after tax.

The impact will be recorded as an increase to prior-year loss reserves, primarily in the reinsurance segment.

The Ogden rate is the discount rate used to calculate certain bodily injury payouts in the U.K. The U.K. Ministry of Justice in February said it was changing the rate to negative 0.75% from positive 2.5%.