W.R. Berkley Corp. has hired a former Goldman, Sachs & Co. analyst to evaluate potential investments in emerging insurance technology companies.
The executive, Michael Nannizzi, will be part of Berkley’s corporate investment team. In taking on the job, he’s assuming a newly-created position at the commercial lines insurer and reinsurer, Berkley said in its hiring announcement.
Robert Berkley, Jr., W.R. Berkley Corp.’s president and CEO, said the creation of this position comes at a crucial time.
“Never before has technology been such a relevant force within the insurance industry, across all aspects of the value chain, and we stand ready to collaborate with entrepreneurs and innovators that are bringing technology to bear in the insurance market in new and exciting ways,” Berkley said in prepared remarks.
Berkley added that Nannizzi “bring a wealth of experience to the organization that will add breadth to our investment group.”
Nannizzi was most recently lead equity analyst covering insurance at Goldman, Sachs & Co. and has nearly 15 years of experience as an equity analyst focused on the financial and insurance sectors.
W.R. Berkley’s executive chairman, William R. Berkley, noted Berkley’s potential gains from focusing on emerging technology in his letter to shareholders included in the company’s 2016 annual report.
“Each day new products and methods of distribution are developed. New technology makes pricing and risk management more subject to automated analytical tools, attaining greater accuracy,” the elder Berkley wrote. “It is just such a world where our Company, which is large enough to have resources but small enough to be nimble, can prosper.”
Source: W.R. Berkley Corp.
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