The company says that the division is designed to expand Berkley Re’s reinsurance portfolio by offering scalable solutions backed by industry expertise.
The division will provide solutions across commercial and personal lines, including cyber insurance, employment practices liability insurance (EPLI), contractors professional (E&O), crime insurance, workplace violence coverage for commercial entities, and Violent Event Protection coverage for personal lines.
Berkley Re said that it plans to work with partners to develop new products and leverage the broader capabilities of the Berkley organization. The company is a subsidiary of W. R. Berkley Corporation, whose insurance company subsidiaries hold an A+ (Superior) rating with a Financial Size Category XV from AM Best.
Christopher Ellis (pictured above), senior vice president and head of Turnkey Solutions, highlighted the firm’s focus on people, products, and processes to facilitate business operations.
The launch of the new division follows a period of growth for W.R. Berkley Corp., with the company recently reporting a fourth-quarter net income of US$576.1 million for common shareholders, marking a 45% increase from the same period last year.
Premium growth was supported by an average rate increase of 7.7% across all lines, excluding workers' compensation, during the quarter. The company’s total premiums for the year amounted to US$11.97 billion.
2024 also saw the corporation announcing a major expansion in India, with subsidiary Berkley Insurance Company receiving approval from the International Financial Services Centers Authority (IFSCA) to establish a branch office in the country.
The new branch, located in GIFT City, Gujarat, operates under the name Berkley Insurance Company, IFSC Branch.
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