WR Berkley
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Cat losses more than doubled to $73mn from $31mn. -
Timothy Nelligan takes up the new post with immediate effect.
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David Lockhart will lead WRB’s specialist transportation insurance operation.
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The marine specialist has joined Berkley Offshore Underwriting Managers in Houston.
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Yesterday, WR Berkley reported second-quarter earnings, posting an underwriting profit in spite of elevated catastrophes and significant losses from Covid-19.
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Covid-19 has led to a drop in loss frequency, helping WRB report an underwriting profit in Q2.
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The company pointed to low interest rates and social inflation as driving rate, not Covid.
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The carrier anticipates a charge of $85mn from coronavirus claims during the period.
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Chubb and CNA fell by 7 percent, while AIG closed the day down 10 percent.
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Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.
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A bill circulating in Congress would make the industry retain the first $250mn of pandemic risk, a proposal that has split industry opinion.
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Berkley missed analyst estimates as underwriting income fell, primarily as a result of a $67mn charge the company took in anticipation of losses stemming from Covid-19.
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