W. R. Berkley Corporation announced that it intends to form a United Kingdom authorized insurance company.
It is expected that the enterprise will be London-based and will specialize principally in writing domestic U.K. casualty risks. It is anticipated that the company will commence operation in the third quarter of 2003. The formation of the company is subject to certain approvals, including the approval of the U.K. Financial Services Authority.
Stuart Wright, former Director Professional Liabilities of ACE Global Markets, has been engaged to be the company’s chief executive officer. Wright has more than 20 years’ experience in the casualty insurance business.
Kiln plc, the London based insurance and reinsurance group in which W. R. Berkley Corporation currently holds 20.1 percent of the share capital, is in discussions with W. R. Berkley Corporation about holding a minority interest in the company.
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