Profile: W. R. Berkley Corp (WRB)
16 Feb 2018
W. R. Berkley Corporation, incorporated on January 20, 1970, is an insurance holding company. The Company operates through two segments: Insurance and Reinsurance-Global. The Insurance segment consists of commercial insurance business, including excess and surplus lines and admitted lines, throughout the United States, as well as insurance business in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia. The Reinsurance segment consists of 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 the United States-based operating units underwrite commercial insurance business primarily throughout the United States, although many units offer coverage globally, focusing on the general areas, including Excess and Surplus Lines; Industry Specialty; Product Specialty, and Regional. 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. Other operating units specialize in providing specific lines of insurance coverage, such as workers' compensation or professional liability, to a range of customers. It offers insurance products, analytical tools and risk management services, such as loss control and claims management that enable clients to manage their risk. In addition to providing insurance products, certain operating units also provide a range of fee-based services, including claims, administrative and consulting services.
The Company's operating units consist of Insurance segment, such as Acadia Insurance, Admiral Insurance, American Mining Insurance Group, Berkley Accident and Health, Berkley Agribusiness Risk Specialists, Berkley Alliance Managers, Berkley Aviation, Berkley Canada, Berkley Custom Insurance, Berkley Cyber Risk Solutions, Berkley FinSecure, Berkley Fire & Marine, Berkley Global Product Recall Management, Berkley Healthcare Professional, Berkley Latinoamerica and Berkley Life Sciences. Its operating units also include Berkley Medical Excess, Berkley Mid-Atlantic Group, Berkley Net Underwriters, Berkley North Pacific, Berkley Offshore Underwriting Managers, Berkley Oil & Gas, Berkley One, Berkley Professional Liability, Berkley Program Specialists, Berkley Public Entity, Berkley Risk Administrators, Berkley Specialty Underwriting Managers, Berkley Surety, Clermont Specialty Managers, Gemini Transportation, Midwest Employers Casualty, Monitor Liability Managers, Preferred Employers Insurance, Vela Insurance Services, W. R. Berkley Europe, W. R. Berkley Insurance Australia and W/R/B Underwriting.
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. 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 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 niche programs.
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 Life Sciences offers a spectrum of property, casualty, and specialty products, such as professional and management liability to the life sciences industry on a global basis, including both primary and excess liability coverages. It serves pharmaceutical and biotech companies, medical device companies, dietary supplement companies, medical and research related software developers, contract research and manufacturing organizations, research institutions and organizations, and other related businesses. Berkley Net Underwriters focuses on small and medium-sized commercial risks, using a Web-based system to allow producers to quote, bind and service workers' compensation insurance products on behalf of W. R. Berkley Corporation member companies.
Berkley Oil & Gas provides property casualty products and risk services to the United States energy sector. Its customer base includes risks of any size that work in the oil patch, including operators, drillers, geophysical contractors, well-servicing contractors, and manufacturers/distributors of oil field products, as well as those in the renewable energy sector. Berkley Public Entity specializes in providing excess coverage and services to individual governmental and scholastic entities and intergovernmental risk sharing groups. Products include general liability, automobile liability, law enforcement liability, public officials and educator's legal liability, employment practices liability, incidental medical, property and crime. Berkley Select specializes in underwriting professional liability insurance with a particular emphasis on law firms, accounting firms and medical institution facilities.
Berkley Surety provides an array of surety products for contract and commercial surety risks in the United States and Canada, including specialty niches, such as environmental and secured credit for small contractors. 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. Gemini Transportation is a national provider of excess liability insurance for various domestic surface transportation businesses. It underwrites liability insurance policies for the railroad industry, as well as excess liability policies for the trucking, busing and other industries that use rubber-wheeled vehicles for over-the-road use.
Key Risk is a provider of workers' compensation insurance and third-party administrative services. Midwest Employers Casualty provides excess workers' compensation insurance products to individual employers, groups and workers' compensation insurance companies across the United States. Its workers' compensation excess of loss products include self-insured excess of loss coverages, large deductible policies and reinsurance. Preferred Employers Insurance focuses exclusively on workers' compensation products and services for businesses in California. 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. Its primary focus is on general liability insurance for construction, manufacturing and general casualty clients, as well as products liability and miscellaneous professional liability coverages distributed through wholesale insurance brokers. W. R. Berkley Insurance Asia underwrites specialty commercial insurance coverages to clients in North Asia and Southeast Asia through offices in Hong Kong and Singapore. 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, 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. Its operating units consist of the Reinsurance segment, including Berkley Re America, Berkley Re Asia Pacific, Berkley Re Direct and Berkley Re UK. Berkley Re America provides treaty and facultative reinsurance solutions on a range of product lines through reinsurance brokers to companies whose primary operations are within the United States and Canada. Berkley Re Asia Pacific 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. Its facultative reinsurance products include automatic, semi-automatic and individual risk assumed reinsurance. 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. Its 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
- BRIEF-W. R. Berkley Corp Reports Q4 Earnings Per Share $1.21
- BRIEF-W. R. Berkley Corporation Combines Professional Liability Units
- BRIEF-W. R. BERKLEY CORPORATION DECLARES SPECIAL DIVIDEND
- BRIEF-W. R. Berkley Corp reports Q3 earnings per share $1.26
- BRIEF-W. R. Berkley - Estimated catastrophe losses expected to be less than $110 mln