WR Berkley
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The executive has spent more than three decades in insurance. -
Markel is prominent in the growing smart-follow market.
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The shares will be purchased via the open market or private third-party transactions.
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He spent most of his career at Talbot, bar a stint at Lloyd’s.
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The firms say no “single aggregating event” caused the contingency losses.
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Strong reinsurance results have absorbed long-tail reserve charges.
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The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.
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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.
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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.
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WRB’s head of political lines Sundeep Daddar and PV underwriter Luke Bennett are to leave the company as a result of the exit.
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The incoming senior property underwriter will be reunited with former MS Amlin colleague Dan Black.
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Hastings will assume his new role at the end of February 2022.
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