Berkley Corp. Forms Underwriting Management Group

September 16, 2002

W. R. Berkley Corporation announced the formation of B F Re Underwriters, LLC, an underwriting management group specializing in the underwriting of casualty facultative reinsurance on a direct basis.

Daniel Avery, who was named president, will head the group, which will be based initially in Greenwich, Conn. Avery has 27 years’ experience in casualty reinsurance, and was most recently Director of Casualty Facultative Reinsurance at Gerling Global Reinsurance Corporation of America.

In announcing the formation of the new unit, William R. Berkley, chairman of the board and chief executive officer of W. R. Berkley Corporation, commented, “We are extremely pleased to have obtained the services of Mr. Avery, a highly experienced veteran of casualty facultative operations conducted on a direct basis. This new unit will provide W. R. Berkley Corporation the opportunity to offer premier underwriting services to clients not being serviced by reinsurance intermediaries.”

Berkley continued, “Our new venture in no way diminishes our ongoing and future commitment to our reinsurance clients and intermediaries who currently are customers of our separate underwriting unit, Facultative ReSources, Inc., which will continue to operate as it has in the past.

“These two units, with distinct customer bases and marketing strategies, will together enable W. R. Berkley Corporation to provide nationwide underwriting services to clients across a broad spectrum of size, risk profiles and reinsurance relationships,” Berkley concluded.

Both underwriting management companies will write on behalf of Berkley Insurance Company, W. R. Berkley Corporation’s lead reinsurance operation. Berkley Insurance Company had in excess of $700 million of policyholders’ surplus at June 30, 2002 and is rated “A (Excellent)” by A.M. Best Company, Inc.

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