The new branch, located in GIFT City, Gujarat, will operate under the name Berkley Insurance Company, IFSC Branch. The company noted that this represents a key step in Berkley Insurance Asia’s regional expansion efforts.
Unnati Bajpai (pictured above) has been appointed chief executive officer and principal officer of the new branch. Bajpai brings extensive industry experience to the role and will join the leadership team of Berkley Insurance Asia.
Bajpai will collaborate closely with Shasi Nair, chief executive officer of Berkley Insurance Asia, to oversee the branch's establishment and operations.
W. Robert Berkley, Jr, president and CEO of WR Berkley Corporation, highlighted the significance of the company’s entry into India.
“We are pleased to welcome Ms. Bajpai to Berkley. She will be instrumental in establishing the Berkley team in India as we prepare to begin operations in 2025. Our entry into the Indian market underscores our commitment to selectively developing our business in Asia. We look forward to bringing our specialty insurance products to the Indian market,” Berkley said.
Founded in 1967, WR Berkley Corporation is a major insurance holding company and one of the largest commercial lines writers in the United States. It operates globally in the property casualty insurance sector, focusing on insurance and reinsurance & monoline excess segments.
In October, the company also announced its third-quarter financial results for 2024, reporting growth across key metrics.
The company reported gross premiums written of US$3.63 billion in Q3 2024, up from US$3.35 billion in the same quarter of 2023. For the first nine months of 2024, gross premiums written totalled US$10.71 billion, an increase from US$9.74 billion in 2023.
Net premiums written for the quarter were US$3.06 billion, up from US$2.85 billion in the prior year. Year-to-date net premiums written reached US$9.04 billion, compared to US$8.23 billion for the same period in 2023.
Net income available to common stockholders was US$365.6 million for the third quarter, an increase from US$333.6 million in Q3 2023. For the first nine months of 2024, net income reached US$1.18 billion, up from US$984 million in 2023.
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