UPDATE: Credit Suisse Initiates Coverage On W. R. Berkley On Challenging Growth And Margin Improvement

In a report published Wednesday, Credit Suisse analyst Ryan Tunis initiated coverage on

with an Underperform rating and $48.00 price target. In the report, Credit Suisse noted, "We think that WRB has done an excellent job executing over the past three years during the hard market. We also think that the CEO transition (expected in 2015) to Mr. Rob Berkley will be seamless, given his experience overseeing the company as COO. However, we see BV growth slowing to 8.5% in 2015/2016 given a more competitive specialty/E&S marketplace." W. R. Berkley Corp. closed on Tuesday at $50.51.