WR Berkley
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The CEO said WRB would look to add exposure as more lines of business reached rate adequacy. -
WR Berkley matched the 25% premium growth at RLI, with the insurance segment’s top line growing by 29%.
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The business will be led by Berkley’s transportation head Jeanne Fenster and will initially focus on the non-fleet transportation markets.
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Argo had signaled his departure last week, announcing Higley would be replaced in his old role by former Berkley exec Laura Havice.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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Middleton has had a 30 year career in commercial lines, most recently as executive vice president and head of industry practices at Chubb.
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Eppolito was previously CFO of Berkley Oil & Gas, having joined WB in 2010 from Continental American Insurance Company.
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The pricing disclosures from both carriers indicated rate moderation for the first time in many quarters.
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The CEO says WR Berkley is benefitting also from a continued reduction in appetite by standard insurers.
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Catastrophe losses were halved from the year before, premium volumes continued to surge, and underlying underwriting margins expanded.
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The executive takes over for Michael Ekiss, who had served as president of the division since 2015.
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Insurers face the difficult balancing act of signaling optimism to investors as they seek to push rate rises.
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