WR Berkley

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.

David Chalk and Richard Ogoe have cumulatively spent around 16 years at WR Berkley.