WR Berkley
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The pricing disclosures from both carriers indicated rate moderation for the first time in many quarters. -
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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The first week’s reporters present a conundrum around whether or not we will see ROE expansion in 2021.
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Berkley has said it will offer 100% reinsurance protection for clients, or will happily share risk with cedants.
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Growth remains an important topic for Berkley given that since Q1:20 rate increases have outpaced its GWP growth.
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The WRB CEO said the carrier expects workers comp rates – which remain a market outlier – to bottom out by the end of 2021.
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The company added $27mn to its Covid-19 estimate, the first time it has done so since Q2, putting its pandemic claims at $177mn.
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Inside P&C’s research team examines some of the areas that will be closely watched during the results season.
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The carrier says the divestment will increase stockholders’ equity by about $52mn, before tax.
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