WR Berkley
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The executive said the company is willing to “allow exposure growth be the priority over rate, though not across the board”. -
WRB's loss ratio decreased 1.8 points to 59.5% and the expense ratio improved 1.2 points to 28.1%.
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The CEO said he so far had seen no slowdown of business moving into the non-admitted channel.
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The carrier’s 88.2% combined ratio was its lowest since at least 2007; it also boosted GWP by 25%.
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The carrier seeks to recover 14,217 shares valued at $473,620.40 from Stanley, in addition to the dividends the executive earned on the stock.
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Robinson, a 40-year industry veteran who has also previously worked at AIG, Marsh, and Travelers, will serve as president of the new division.
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The Inside P&C research team looks forward to the big issues of the new year.
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The executive succeeds Keith Mitchell, who has been named chairman of Union Standard.
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Admiral Insurance Group’s Fletcher takes on chairman’s role; new president Daniel Smyrl joined WRB subsidiary in 2002
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The broader US commercial marketplace is competitive, with many admitted carriers writing coverage through different distribution channels.
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“We think about volatility as a component of risk,” Berkley said. “Clearly, the industry is feeling the challenges that come along with cat activity.”
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Catastrophe losses cost the company $73mn – in line with a year ago – and underlying margins at the Greenwich-based carrier also improved.
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