Connecticut-based W.R. Berkley Corp. announced it will enter the excess medical malpractice market with the formation of Berkley Medical Excess Underwriters, LLC., based in St. Louis, Missouri, which will underwrite on behalf of various W. R. Berkley insurance subsidiaries.
“Berkley Medical Excess Underwriters will offer excess coverage for healthcare providers that are either self-insured or maintain their own captive facilities and reinsurance coverage for primary insurance companies that provide medical malpractice coverage to physicians and other commercial healthcare providers,” said the announcement.
J. Michael Foley, immediate past chairman and chief executive officer of Midwest Employers Casualty Company, a subsidiary of W. R. Berkley Corporation was named as president and CEO of Berkley Medical Excess.
Commenting on the new venture, William R. Berkley, chairman and CEO of W. R. Berkley Corp. stated, “We are excited about the opportunity developing in the excess medical malpractice marketplace due to severe contractions by other carriers. We are delighted to have Mike Foley leading our efforts in entering the market at the right time and in the proper manner. We believe that building a position in the market with actuarially based pricing models will provide much needed stability in a volatile market. We are positioned to apply our expertise to a niche market segment in need of rational capacity.”
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