W.R. Berkley News

Workers Compensation Rates Could Start Rising in 2021, Says W.R. Berkley CEO

For W.R. Berkley Corp. and most other workers’ compensation carriers, rates have declined for some time. That trend could start reversing itself starting in 2021, CEO W. Robert Berkley Jr. predicted recently. “I would not be surprised as we make …

Coronavirus, Civil Riot, Investment Losses Take Bite Out of W.R. Berkley Q2 Profit

Larger investment losses and COVID-19 took a substantial bite out of W.R. Berkley’s 2019 second-quarter net income, but the specialty insurer and reinsurer still stayed in the black overall. Net income for the quarter reached $72.3 million The same period …

Travelers, W.R. Berkley CEOs Sound Alarm Over Coronavirus Lawsuits, Workers’ Comp

During an earnings conference call Tuesday, the leader of Travelers insurance alerted listeners to the possibility that frivolous lawsuits by plaintiffs lawyers could slow down the economic recovery from COVID-19 shutdowns. Alan Schnitzer, whose company reported net income of $600 …

Berkley CEO Warns Against Overreaction to Workers’ Comp Rate Declines

While the market is hardening and rates are increasing for nearly every commercial insurance line, workers’ compensation remains stubbornly soft. That reality is something that W.R. Berkley’s CEO flagged recently as a cause for concern. “The reality is that workers’ …

W.R. Berkley Reports Underwriting Income Up, Catastrophe Losses Down

W.R. Berkley Corp. reported that its gross premiums written grew by more than 10 percent in the 2019 fourth quarter, thanks in part to accelerated rate increases. But net income dipped compared to the same period a year ago, due …

W.R. Berkley Names Levesque President of Preferred Employers; Gallacher Now Chairman

W. R. Berkley Corp. has appointed Dennis J. Levesque as president of its Preferred Employers Insurance subsidiary, a California specialty workers’ compensation writer. He succeeds Steven A. Gallacher, who has been appointed chairman of Preferred Employers Insurance. The appointments are …

Spragg Named President of Berkley Select

W.R. Berkley Corp. announced the appointment of Daniel R. Spragg as president of its specialty unit, Berkley Select. Spragg has 30 years of experience in the specialty insurance and insurance consulting industries. He most recently served as founding partner of …

Berkley Names Argo’s Edwards as President of Verus Underwriting Managers

W. R. Berkley Corp. has appointed Marlo M. Edwards as president of Verus Underwriting Managers. Edwards succeeds Dale H. Pilkington, who is retiring. Edwards joins Verus with 20 years of experience in the property/casualty insurance industry. She most recently served …

W.R. Berkley’s Reinsurance Results Falter

W.R. Berkley Corp. ended 2018 with a decline in net income and worsening reinsurance combined ratio due to higher catastrophe loss expenses. At the same time, insurance premiums and investment income grew. The Connecticut-based insurer and reinsurer booked more than …

W.R. Berkley Environmental and Entertainment/Sports Split to Run as Independent Units

W. R. Berkley Corp. has announced the formation of two independent operating units, Berkley Entertainment & Sports and Berkley Environmental. These units, which previously comprised Berkley Specialty Underwriting Managers, will now operate as independent businesses. “Establishing them as independent operating …