WR Berkley

Apart from public D&O and workers' comp, the specialty lines insurer is seeing “very strong submission growth”.

The Inside P&C news team runs you through the earnings results for the day.

The deal will result in a pre-tax net realized gain of $86mn in the second quarter.

The new business unit will offer excess liability coverage to specialized markets, starting with environmental and energy industries.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Sources said it is still unclear if the specialty insurer will exit the class permanently or if it will return to the market in the foreseeable future.

Jay Weber succeeds Dennis Barger, who was appointed as chairman of the business, effective immediately.

Yesterday, the specialty insurer recorded Q1 $1 operating earnings per share, missing analyst estimates of $1.23 per share.

The specialty insurer booked $47.9mn of cat losses – or 1.9 points on its CoR – in Q1 and one point of unfavorable reserve development mostly related to property cat losses.

An industry veteran with nearly 20 years of experience, Albert served as executive vice president of strategy and business development at Selective.

The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.

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