W. R. Berkley Forms New Specialty Company, Acquires Gulf Renewal Rights; Zeitman to Head Unit

July 1, 2004

W. R. Berkley Corporation has announced the formation of Berkley Specialty Underwriting Managers LLC, to offer specialty insurance products on behalf of the company’s insurance subsidiaries.

Berkley also announced that it has agreed, beginning on July 1, 2004, to acquire the renewal rights to certain excess and surplus lines casualty business from Gulf Insurance Company. “These lines presently represent approximately $110 million of annual in-force premiums,” said the bulletin. It also said Berkley would not be assuming “any past loss reserves or other liabilities as part of the transaction.”

Steven S. Zeitman has been named president of Berkley Specialty Underwriting Managers, which will underwrite the renewal and other similar business from its headquarters in Atlanta, Georgia.

Zeitman served most recently as Gulf’s executive vice president of specialty casualty and environmental risks. He has more than 33 years of insurance industry experience.

In making the announcement Chairman and CEO William R. Berkley commented: “The purchase of renewal rights to this specific book of business provides us with a great opportunity to increase and expand our underwriting of specialty lines. We are excited to have Steve Zeitman join us to lead this portion of our operations. We are confident that our expertise and resources in this market will benefit the agents and clients of this business.”

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