Profile: W. R. Berkley Corp (WRB.N)
20 Jan 2017
W. R. Berkley Corporation, incorporated on January 20, 1970, is an insurance holding company. The Company operates in the three segments of the property casualty insurance business: Insurance-Domestic, Insurance-International and Reinsurance-Global. Its Insurance-Domestic segment includes commercial insurance business, including excess and surplus lines and admitted lines, primarily throughout the United States. The Company's Insurance-International segment includes insurance business primarily in the United Kingdom, Continental Europe, South America, Canada, Scandinavia, Asia, and Australia. Its Reinsurance-Global segment includes reinsurance business on a facultative and treaty basis, primarily in the United States, the United Kingdom, Continental Europe, Australia, the Asia-Pacific Region and South Africa.
The Company's Insurance-Domestic operating units underwrite commercial insurance business primarily throughout the United States. Lines of business underwritten by its excess and surplus lines operating units include premises operations, commercial automobile, property, products liability and professional liability lines. Products are generally distributed through wholesale agents and brokers. Certain other operating units focus on providing specialty coverages to customers within a particular industry that are served by underwriters and claims professionals with specialized knowledge of that industry. They offer multiple lines of business with policies tailored to address these exposures, often with the flexibility of providing coverages on either an admitted or a non-admitted basis. Each operating unit delivers its products through one or more distribution channels, including retail and wholesale agents, brokers, and managing general agents (MGAs), depending on the customer and the particular risks insured.
Operating units comprising the Insurance-Domestic segment are Acadia Insurance, Admiral Insurance, American Mining Insurance, Berkley Accident and Health, Berkley Agribusiness Risk Specialists, Berkley Alliance Managers, Berkley Aviation, Berkley Custom Insurance, Berkley FinSecure, Berkley Fire and Marine, Berkley Global Product Recall Management, Berkley Healthcare Professional, Berkley Life Sciences, Berkley Medical Excess and Berkley Mid-Atlantic Group. Acadia Insurance is a Northeast regional property casualty underwriter offering a portfolio of products exclusively through local independent agents in Connecticut, Maine, Massachusetts, New Hampshire, New York and Vermont. In addition to its general offerings, Acadia has expertise in insuring regional businesses and industries, such as construction, lumber and fishing. Admiral Insurance provides excess and surplus lines coverage for commercial risks that generally consist of hard-to- place, specialized risks that involve moderate to high degrees of hazard. Its lines of business include general liability, professional liability, property, and excess and umbrella coverage. Admiral's professional liability and program operations include special coverages for technology, ambulatory surgery centers, chiropractors and concierge physicians. Its products are distributed by wholesale brokers. American Mining Insurance offers workers' compensation insurance, as well as general liability, automobile, and excess liability coverages to a range of firms within the mining and aggregate industries in the United States.
The Company's Berkley Accident and Health underwrites accident and health insurance and reinsurance products in four primary areas: medical stop loss, managed care, special risk and group captive. The Company has a product and service portfolio serving a range of clients from small employers, healthcare organizations, and membership groups to various companies. Berkley Agribusiness Risk Specialists offers insurance for commercial risks across the United States involved in the supply, storage, handling, processing and distribution of commodities related to the agriculture and food industries. Berkley Alliance Managers specializes in professional liability for the design professional, construction professional and certified public accounting industries. The Berkley Design Professional division specializes in architects, engineers and consultants. In addition to professional liability, the Berkley Construction Professional division provides pollution liability and protective coverages to contractors and owners across all forms of non-environmental construction. Berkley Aviation offers a range of aviation insurance products on a global basis, including coverage for airlines, airplanes, helicopters, miscellaneous general aviation operations, non-owned aircraft, fixed-base operations, control towers, airports and other specialized programs. In the United States, it places its business on an admitted and non-admitted basis across the nation.
The Company's Berkley Custom Insurance focuses on the excess casualty insurance market and offers umbrella liability, pollution liability, excess liability, construction wrap-ups and completed operations coverages to wholesalers, retailers, manufacturers, insurance companies, financial institutions and construction companies. Berkley FinSecure serves the insurance needs of financial institutions, credit unions, mortgage lenders, mortgage servicers and trust managers. It offers a range of property, casualty, professional liability, and specialty lines insurance products and loss control services, including financial institution-specific commercial package policies, workers' compensation, umbrella, commercial auto, management liability and crime coverages, and financial institution bonds. Berkley Fire and Marine offers a range of preferred inland marine and related property risks and services to customers throughout the United States, both regionally and nationwide. Berkley Global Product Recall Management provides insurance protection and technical assistance to help clients with the prevention, management and indemnification of product recall and contamination events. Berkley Healthcare Professional provides customized, professional liability solutions for the healthcare providers.
Berkley Life Sciences offers various property casualty products to the life sciences industry on a global basis, including primary and excess liability coverage and commercial insurance. Berkley Life Sciences serves pharmaceutical and biologic/biotech companies, medical device companies, dietary supplement manufacturers, medical and research software developers, contract service organizations, research institutions and organizations, and other related businesses. Berkley Medical Excess insures healthcare organizations, such as hospitals and clinics. Berkley Mid-Atlantic Group provides commercial property casualty coverages to a range of businesses in Delaware, the District of Columbia, Maryland, Ohio, Pennsylvania, and Virginia.
The Company's Insurance-Domestic operation units include Berkley Net Underwriters, Berkley North Pacific, Berkley Offshore Underwriting Managers, Berkley Oil and Gas, Berkley Professional Liability, Berkley Program Specialists, Berkley Public Entity, Berkley Regional Specialty, Berkley Risk Administrators, Berkley Select, Berkley Southeast, Berkley Specialty Underwriting Managers, Berkley Surety and Berkley Technology Underwriters. Berkley Net Underwriters focuses on insurance products for small and medium-sized commercial risks, using a Web-based system. Berkley North Pacific provides local underwriting, claims and risk management services from its home office in Seattle, Washington and branch offices in Boise, Idaho, Spokane, Washington and Salt Lake City, Utah. Berkley Offshore Underwriting Managers is a global underwriter of energy and marine risks and provides specialty insurance products in the energy upstream, energy liability and marine sectors.
The Company's Berkley Program Specialists is a program management company offering both admitted and non-admitted insurance support on a nationwide basis for commercial casualty and inland marine program administrators. Berkley Public Entity specializes in public entities and intergovernmental pools or trusts. Berkley Regional Specialty provides excess and surplus lines coverage on a national basis to small to medium-sized insureds with low to moderate insurance risk. Berkley Risk Administrators provides insurance program management services to a range of organizations, including self-insureds, captives, governmental entities, risk retention groups, and insurance companies. Berkley Select specializes in underwriting professional liability insurance with a particular emphasis on law firms, accounting firms and medical institution facilities. Berkley Southeast offers an array of commercial lines products in approximately six southeastern states, such as Mississippi, Alabama, Georgia, Tennessee, North Carolina and South Carolina. Berkley Surety provides a range of surety products for contract and commercial surety risks. Berkley Technology Underwriters provides a range of first and third-party insurance programs for technology exposures and technology industries on both a local and global basis.
The Company's Insurance-Domestic operation units include Carolina Casualty Insurance, Clermont Specialty Managers, Continental Western Group, Gemini Transportation, Key Risk Insurance, Midwest Employers Casualty, Monitor Liability Managers, Nautilus Insurance Group, Preferred Employers Insurance, Riverport Insurance Services, Union Standard, Vela Insurance Services and Verus Underwriting Managers. Carolina Casualty Insurance provides commercial insurance products and services to the transportation industry with an emphasis on intermediate and long-haul trucking and various classes of business and public automobile coverage. Clermont Specialty Managers is a provider of package insurance programs for cooperative, condominium, rental apartment buildings and restaurants in the New York, New Jersey and Chicago metropolitan markets. Continental Western Group is a Midwest regional property and casualty insurance operation-based in Des Moines, Iowa, providing underwriting and risk management services to an array of regional businesses in over 10 Midwest states. Gemini Transportation is a national provider of excess liability insurance for various domestic surface transportation industry businesses. Key Risk Insurance is a provider of workers' compensation insurance products and services for employers in the public and private sectors throughout the Eastern United States.
The Company's Midwest Employers Casualty provides excess workers' compensation insurance products to individual employers, groups and workers' compensation insurance companies across the United States. Monitor Liability Managers provides executive and professional liability insurance to small to middle-market risks. Nautilus Insurance Group insures excess and surplus lines risks for small to medium-sized commercial risks with low to moderate susceptibility to loss. Preferred Employers Insurance focuses exclusively on workers' compensation products and services for businesses in California. Riverport Insurance Services provides property casualty insurance coverages to human services organizations, including nonprofit and for-profit organizations, public entities, sports and recreational organizations, and self-insured companies, associations and purchasing groups. Union Standard offers preferred commercial property and casualty insurance products and services to a range of small to medium size commercial entities through independent agents in Arizona, Arkansas, New Mexico, Oklahoma and Texas. Vela Insurance Services specializes in commercial casualty insurance on an excess and surplus lines basis. Verus Underwriting Managers offers general liability, professional liability and property coverages for small to mid-sized commercial risks in the excess and surplus lines insurance market through a select group of appointed wholesale brokers and agents.
The Company through its Insurance-International operating units writes business in approximately 60 countries across the world, with branches or offices in over 20 locations outside the United States. Operating units comprising the Insurance-International Segment are Berkley Canada, Berkley Latinoamerica, Lloyd's Syndicate 2791 Participation, W. R. Berkley Europe, W. R. Berkley Insurance Asia, W. R. Berkley Insurance Australia and W/R/B Underwriting. Berkley Canada underwrites specialty, casualty and surety lines of business on behalf of the Canadian branch of Berkley Insurance Company. Berkley Canada specializes in commercial casualty and professional liability, and offers a portfolio of risk products that include commercial general liability, umbrella, professional liability, directors' and officers', commercial property and surety, in addition to products for specific industries, such as technology and life sciences. Berkley Latinoamerica is a provider of property, casualty, automobile, surety, group life and health and workers' compensation products and services in its operating territories of Argentina, Brazil and Uruguay. Berkley International Seguros offers a range of property casualty products in Argentina, where it is a provider of surety, engineering, cargo and personal accident coverages.
Berkley International ART, Berkley Latinoamerica's workers' compensation carrier in Argentina, is focused on small to medium-sized risks in its operating territories. Berkley International Seguros do Brasil provides surety products to small and medium-sized risks throughout Brazil. Berkley International Seguros Uruguay and Berkley International Seguros Colombia are providers of customized property casualty insurance products and services to small and medium-sized businesses in Uruguay and Colombia. Lloyd's Syndicate 2791 Participation represents the Company's minority participation in a Lloyd's syndicate that writes a range of mainly short-tail classes of business. W. R. Berkley Europe consists of specialist operating units offering a focused range of insurance products to markets in Continental Europe and Nordic countries. W. R. Berkley Insurance Australia underwrites general insurance business in Australia, including professional indemnity insurance for companies of all sizes. W/R/B Underwriting provides a range of insurance products to the European marketplace, with a concentration in specialist classes of business including property, marine, professional indemnity, crisis management, aviation, personal accident and asset protection.
The Company provides other insurance companies and self-insureds with assistance in managing their net risk through reinsurance on either a portfolio basis, through treaty reinsurance, or on an individual basis, through facultative reinsurance. Operating units comprising the Reinsurance-Global Segment are Berkley Re America, Berkley Re Asia Pacific, Berkley Re Direct and Berkley Re UK. Berkley Re America is a specialty treaty reinsurance underwriter with an emphasis on providing solutions for insurance companies, or units within insurance companies. Berkley Re America's lines of business include general and products liability, environmental liability, professional liability, medical malpractice, automobile, umbrella and excess liability, workers' compensation, and property. Berkley Re Asia Pacific consists of the Australian, Hong Kong and Singapore branches of Berkley Insurance Company, provides property and casualty reinsurance to the Asia Pacific marketplace. Berkley Re Direct is a direct casualty facultative reinsurance underwriter serving clients through a nationwide network of regional offices. Berkley Re Direct also provides its customers value-added services across its lines, including underwriting, claims and actuarial consultation. Berkley Re UK writes international property casualty treaty accounts. Berkley Re UK's territorial scope includes reinsured clients domiciled in the United Kingdom, Europe, Africa, the Middle East and the Caribbean.
The Company competes with Swiss Re, Munich Re, Berkshire Hathaway, Transatlantic Reinsurance and Partner Re.
W. R. Berkley Corp
475 Steamboat Rd
GREENWICH CT 06830-7144
Company Web Links
- Fitch Maintains Negative Watch on W.R. Berkley's Ratings; Affirms IFS Ratings; Outlook Stable
- BRIEF-W. R. Berkley Corporation declares special dividend of 50 cents
- BRIEF-W.R. Berkley Q3 earnings per share $1.72
- BRIEF-W. R. Berkley Corporation Forms Berkley Transactional
- BRIEF-W. R. Berkley names Richard Lowery senior vice president