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WR Berkley News
WR Berkley news from Insurance Insider
Lack of major cat events could add further pressure on 1 January pricing.
The executive has spent more than three decades in insurance.
Markel is prominent in the growing smart-follow market.
The shares will be purchased via the open market or private third-party transactions.
He spent most of his career at Talbot, bar a stint at Lloyd’s.
The firms say no “single aggregating event” caused the contingency losses.
Strong reinsurance results have absorbed long-tail reserve charges.
The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.
Speaking on the company's Q4 conference call, the executive said the market should not assume that WRB will become a heavy cat-exposed writer.
The CEO noted that the company can participate in the property cat reinsurance market three out of every 10 to 12 years, given its approach to that class.
WRB’s head of political lines Sundeep Daddar and PV underwriter Luke Bennett are to leave the company as a result of the exit.
The incoming senior property underwriter will be reunited with former MS Amlin colleague Dan Black.
Hastings will assume his new role at the end of February 2022.
Hiscox’s John Naughton is moving to WRB Underwriting to lead its London-based product recall team, and is expected to join in the new year, this publication understands.
The recruit will become president of the UK reinsurance operation, before moving to CEO by the end of the year.
Berkley has said it will offer 100% reinsurance protection for clients, or will happily share risk with cedants.
Chubb and CNA fell by 7 percent, while AIG closed the day down 10 percent.
Social inflation related to the pandemic will put added strain on insurers, the executive said during an earnings call.
Competitor news
Competitor news
Competitor news
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The Marsh-placed account renews its all-risks cover on 16 November. -
Both the primary and reinsurance segments benefitted from a light cat year.
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Beazley is one of the key leaders in the London marine marketplace.
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In Partnership With AXISJoin us for a free webinar, 10:30 ET/ 15:30 BST on Aug 19, hosted by Insurance Insider and AXIS to explore how the insurance industry is adapting to these challenges.
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In Partnership With MarkelPrivate equity investors may not have the same timeline as the multi-year construction projects they’ve invested in, which could leave surety writers holding the keys if private equity walks away, said Mike Keimig, president and CEO of Markel Surety.
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