W. R. Berkley Corp. announced the formation of Berkley Transactional as a division of Berkley Professional Liability Underwriters (BerkleyPro). Berkley Transactional will underwrite transactional insurance products, including representations and warranties insurance, tax opinion insurance and contingent liability insurance on behalf of W. R. Berkley Insurance Group member insurance companies.
Randolph Hein has been named president of the new division effective immediately. Hein has 30 years of experience in the property/casualty insurance industry. Most recently he served as senior vice president and transactional practice leader at Chubb, where he also previously served as quantitative analytics manager. Prior to joining Chubb in 2006, he was with General Re.
W.R. Berkley is joining a growing list of insurers interested in the transactional insurance market. In July, Berkshire Hathaway Specialty Insurance and Allianz expanded into the market. ACE (now Chubb) expanded portfolio to cover transactional risks in 2015 as did QBE.
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