WR Berkley
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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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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.
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David Chalk and Richard Ogoe have cumulatively spent around 16 years at WR Berkley.
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The recruit will become president of the UK reinsurance operation, before moving to CEO by the end of the year.
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The carrier is splitting the CEO and CUO roles at its Lloyd’s managing agency, with Blades continuing as CUO.
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Berkley has said it will offer 100% reinsurance protection for clients, or will happily share risk with cedants.
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Rate acceleration, frequency benefits and less-than-feared top line pressure were among the takeaways from US disclosures.
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Marijuana dispensaries in cities including Chicago, Philadelphia, Boston and Los Angeles were among the targets.
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Chubb and CNA fell by 7 percent, while AIG closed the day down 10 percent.
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Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.
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A bill circulating in Congress would make the industry retain the first $250mn of pandemic risk, a proposal that has split industry opinion.
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Hiscox’s Olly Durell, MS Amlin’s Daniel Black and Sarah Reeve all join the company.
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Social inflation related to the pandemic will put added strain on insurers, the executive said during an earnings call.
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The insurer reported a 2.6 percentage point worsening of its combined ratio in Q1 on Covid-19 claims.
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The proportion of loss-makers falls 4 points from 2018 but is three times as high as 2014.
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Scott Holbrook succeeds former Key Risk president Robert Standen, who takes the helm of other operating units.
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AIG gains 19 percent, outstripping a 12 percent increase on the S&P 500 insurance industry index.
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The broader S&P 500 insurance index ended the day down 11.3%.
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The executive joins Verus after about 20 years with Bermudian carrier Argo.
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WR Berkley has witnessed a surge in E&S submissions even as rates creep upward.
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The insurer reported underwriting profits of $114.7mn in Q4, up 71.1 percent from the same period a year earlier.
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Jonathan Talisman is the founder of Capitol Tax Partners, a Washington DC lobbying group, focused on taxation policy.
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The firm appears to be standing still on market share at best, according to an Inside P&C analysis.
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The specialty insurer reported earnings of $0.85 per share, surpassing a consensus analyst estimate of $0.67 per share.
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David LeBlanc takes over for Douglas Nelson who has vacated the role to become chairman.
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William Berkley said a continued uptick in jury awards would apply sustained pressure on the casualty and PI markets.
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Pace of change is being driven by emerging “pain” across the market.
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The specialty insurer reported earnings of $0.82 per share, beating analysts’ consensus of $0.64 per share.
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Westcott was most recently chief operating officer of reinsurance at The Navigators.
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The insurer has launched a new dedicated market platform and hired a sector expert to lead it.
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The Insurance Insider ran an analysis into syndicate administrative costs after Lloyd’s found no correlation between the size of a syndicate and its admin expense ratio.
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Spragg joins the carrier from consulting firm Alvarez & Marsal, and fills a role previously held by Joseph Shores.
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The Santa Monica start-up has raised $23.1mn to date.
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Marlo Edwards will succeed former president Dale Pilkington, who is retiring.
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WR Berkley CEO Rob Berkley suggested rate increases were well outpacing loss-cost trends.
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Speaking during a conference call, WR Berkley CEO Rob Berkley described pricing momentum that was “gradually building”.
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WR Berkley’s operating earnings declined by 1.5 percent to $0.66 per share in the first quarter of 2019.
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WR Berkley announced Thursday a 3-for-2 stock split, to be paid as a stock dividend to holders on 14 March.
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Predecessor David Jordan moves to head Berkley wholesale broker Breckenridge.
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The carrier's president and CEO tells analysts property and auto are “getting rate”, while casualty has been patchier.
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WR Berkley had been auditioning banks for guidance on how to sell all or parts of Breckenridge.
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Job losses and the merging of aviation teams helped maintain upwards pressure on rates.
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Robert Vetch was previously CFO of WR Berkley Underwriting.
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Philip Welt was promoted to executive vice president and general counsel, and two other executive vice presidents were named.
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The executive takes over from Christopher Brown, who becomes chairman of A&H.
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Market sources described a frenetic dynamic between underwriting leaders and followers in the verticalised market.
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Above-average cat losses dominate discussions during the P&C earnings season.
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Executives faced pointed questions about workers’ compensation claims trends and casualty pricing during Q3 conference calls.
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Scott Barraclough was named CEO of BPE, while his former role at Admiral Insurance will be taken on by Curtis Fletcher.
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The WR Berkley CEO highlighted areas for concern in professional liability lines.
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Alleghany’s RSUI and Berkley’s Admiral denied claims from a Penn State fraternity.
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The German reinsurer’s gross written premium rose to $37.8bn to reclaim the top spot in AM Best’s rankings.
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The deals are the latest evidence of a shift in aviation market capacity.
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The carrier will assume responsibility for WRB’s entire aviation book, which includes US and European business.
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Property cat reinsurance rate rises still lag behind those of primary insurance, executives said during Q2 conference calls.
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The epidemic of opioid addiction could nevertheless be meaningful for the sector, the executive says.
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The carrier's combined ratio improved to 94.9 percent as cat losses slid.
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Aspen has lost more underwriters as members of its Bermuda FinPro team jump ship.
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While most aviation accounts achieved single-digit rate rises, wordings for manufacturer’s liability policies have loosened.
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Berkley One expands personal lines operations, adding Minnesota and Wisconsin.
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Investment yields have ticked up over the last two years, aided by equity and alternative performance.
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Berkley and other P&C CEOs feel loss trends will become more important.
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The decision comes after a number of carriers pulled back from parts of the aviation market.
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First quarter earnings disclosed by carriers so far have shown positive headline results as underlying loss ratios improve.
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Executives share their views on pricing across primary and reinsurance lines in Q1.
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The executive will become senior cyber underwriter at Syndicate 1967.
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Rob Berkley, CEO of WR Berkley, has said his firm will not pull out of reinsurance despite what he termed a “frustrating” period for the segment.
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The insurer reported net income per share that jumped 35 percent to $1.30 largely because of a strong investment performance.
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WR Berkley's board of directors has nominated former American Insurance Association CEO Leigh Ann Pusey to join its ranks as an independent director, according to the company.
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James Gilbert has been given oversight responsibilities over "certain" WR Berkley operating units, the carrier said today.
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Investment returns remained subdued year-on-year for the vast majority of the companies in our analysis, ranging from 1.7 percent to 6.5 percent for the third quarter.