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W. R. Berkley Corporation is an insurance holding company that operates globally, focusing on underwriting commercial insurance and providing reinsurance solutions . The company sells a variety of insurance products, including general liability, professional liability, and workers' compensation, through its two main segments: Insurance and Reinsurance & Monoline Excess . The Insurance segment is the primary revenue driver, while the Reinsurance & Monoline Excess segment offers facultative and treaty reinsurance services .
- Insurance - Underwrites commercial insurance, including excess and surplus lines, admitted lines, and specialty personal lines across the United States and internationally. Focuses on areas such as excess & surplus lines, industry specialty, product specialty, and regional markets, offering products like general liability, professional liability, and workers' compensation .
- Reinsurance & Monoline Excess - Provides facultative and treaty reinsurance, primarily in the United States and other regions like the Asia-Pacific and Europe. Includes businesses like Berkley Re America and Berkley Re Asia Pacific, offering property and casualty reinsurance solutions .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
W. Robert Berkley, Jr. ExecutiveBoard | President and Chief Executive Officer | Georgetown University Board of Trustees, Board of Advisors of the McDonough School of Business at Georgetown, Brunswick School, St. John’s University School of Risk Management, Insurance and Actuarial Science, Chairman of the Greenwich Hospital Board of Trustees, APCIA, The Institutes Boards of Trustees, Yale New Haven Health Systems Board of Trustees and Investment Committee. | W. Robert Berkley, Jr. has been with WRB since 2001, serving in various roles including President and CEO since October 2015. He has extensive experience in the insurance industry and serves on multiple boards and organizations outside WRB. | View Report → |
William R. Berkley ExecutiveBoard | Executive Chairman of the Board of Directors | Chair Emeritus and Executive Vice Chair of the New York University Board of Trustees, Trustee Emeritus of the National Parks Conservation Association, Chairman of the Board of Overseers of the Stern School of Business at NYU, Member of the Board of Trustees of the NYU Langone Medical Center, Vice Chairman of the Board of Trustees at Georgetown University. | Founder of WRB in 1967, William R. Berkley has served in various leadership roles, including CEO until 2015. He is a distinguished leader in the insurance industry and holds numerous roles in educational and charitable organizations. | |
James G. Shiel Executive | Executive Vice President — Investments | N/A | James G. Shiel has been with WRB since 1987, serving in various investment roles, and became Executive Vice President — Investments in June 2015. He has extensive experience in managing the company's investment portfolio. | |
Lucille T. Sgaglione Executive | Executive Vice President | N/A | Lucille T. Sgaglione joined WRB in 2010 and was promoted to Executive Vice President in December 2015. She has over 30 years of senior leadership experience in the commercial property casualty insurance industry. | |
Philip S. Welt Executive | Executive Vice President and Secretary | N/A | Philip S. Welt joined WRB in 2004 and has held various roles, including General Counsel and Secretary. He has a background as a certified public accountant and experience in mergers and acquisitions. | |
Richard M. Baio Executive | Executive Vice President and Chief Financial Officer | N/A | Richard M. Baio joined WRB in 2009 and has held various financial leadership roles, becoming CFO in February 2019. He has over 30 years of experience in the insurance and financial services industry. | |
Christopher L. Augostini Board | Director | Executive Vice President for Business and Administration, and CFO of Emory University and Emory Healthcare, Vice Chair of the Emory Healthcare Board of Directors, Board member of Emory Innovations Inc., Clifton Casualty Insurance Company LTD, Georgia Chamber of Commerce, and EMTECH, Inc.. | Christopher L. Augostini has been a director at WRB since 2012. He brings extensive experience from senior roles in universities and government, providing valuable insights into business, leadership, and management. | |
Jonathan Talisman Board | Director | Founder and Managing Partner of Capitol Tax Partners, Board of Advisors to the Tax Policy Center, Chair of the Formation of Tax Policy Committee for the ABA Tax Section, Adjunct tax professor at Georgetown University Law Center. | Jonathan Talisman has been a director at WRB since 2019. He is an expert in tax policy and accounting, providing significant insights into WRB's Board. He has extensive experience in government and tax policy management. | |
Mar\u00eda Luisa Ferr\u00e9 Board | Director | CEO of FRG, LLC, Board member of Popular, Inc., Publisher of El Nuevo D\u00eda and Primera Hora, President and Trustee of The Luis A. Ferr\u00e9 Foundation, Inc., President of the Board of Directors of Multisensory Reading Center of PR, Inc., Member of the Latin American Caribbean Fund of The Museum of Modern Art, Member of the Board of Directors of the Partnership for Modern Puerto Rico. | Mar\u00eda Luisa Ferr\u00e9 has been a director at WRB since 2017. She is a leader in media and publishing and holds several executive roles in various organizations, contributing her expertise in ESG, diversity, and communication. | |
Mark L. Shapiro Board | Director | Trustee of The Greenacre Foundation, Member of the Brown University President\u2019s Leadership Council. | Mark L. Shapiro has been a director at WRB since 1974. His career in investment banking and finance provides valuable insights into WRB's business. He has extensive financial expertise and a deep understanding of the company's operations and culture. | |
Mary C. Farrell Board | Director | Chairman of the Howard Gilman Foundation, Director of Fidelity Strategic Advisor Funds, Chairman of the Board of Yale New Haven Hospital, Vice Chairman of Yale New Haven Health System. | Mary C. Farrell has been a director at WRB since 2006. She has a strong background in investment banking and finance, providing expertise in financial statements, corporate finance, and capital markets. She holds leadership roles in several organizations. | |
Ronald E. Blaylock Board | Director | Founder and Managing Partner of GenNx360 Capital Partners, Board member of Pfizer Inc., CarMax, Inc., and Advantage Solutions Inc., Trustee of Carnegie Hall and NYU Stern School of Business. | Ronald E. Blaylock has been a director at WRB since 2001. He is the founder of GenNx360 Capital Partners and has extensive experience in investment banking and private equity. He serves on several boards and is involved in various charitable organizations. |
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You mentioned taking action in the commercial auto line that slowed growth this quarter; can you elaborate on the specific challenges in commercial auto liability and the steps you're taking to address them?
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With the significant opportunities you see in the specialty and E&S markets amidst regulatory and political challenges, how is W.R. Berkley positioning itself to capitalize on this growth, and what risks do you anticipate in the non-admitted market?
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Given concerns from some analysts about the adequacy of reserves in recent accident years, especially in casualty lines, how confident are you in the strength of your reserves considering factors like social inflation and climate change?
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While you have a comfortable surplus of capital and plan to return excess to shareholders, how do you balance this with the need to invest in growth opportunities, particularly in new units that are currently dilutive to your expense ratio?
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With investment fund returns below historical levels and expectations of continued short-term underperformance, what adjustments are you making to your investment strategy to enhance returns, and what risks are involved with your current approach?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Swiss Re | Competition for reinsurance business, which is especially strong, comes from domestic and foreign reinsurers, which produce their business either on a direct basis or through the broker market. These competitors include Swiss Re and others. |
Munich Re | Competition for reinsurance business, which is especially strong, comes from domestic and foreign reinsurers, which produce their business either on a direct basis or through the broker market. These competitors include Munich Re and others. |
Competition for reinsurance business, which is especially strong, comes from domestic and foreign reinsurers, which produce their business either on a direct basis or through the broker market. These competitors include Berkshire Hathaway and others. | |
Partner Re | Competition for reinsurance business, which is especially strong, comes from domestic and foreign reinsurers, which produce their business either on a direct basis or through the broker market. These competitors include Partner Re and others. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Residential and Commercial Textiles business | 2022 | In March 2022, the company acquired an 80.0% ownership interest for $51.1 million, with detailed asset acquisitions including significant intangible assets. The deal's assets and liabilities (e.g., $48.787M in intangible assets, total assets of $64.153M, and liabilities adjustments) were subject to final valuation adjustments. |
Recent press releases and 8-K filings for WRB.
- Net income reached $418 million with EPS of $1.04 and operating earnings of $405 million, reflecting strong Q1 performance despite challenges .
- Record net premiums written reached $3.1 billion, marking a 10% increase in favorable market conditions .
- Net investment income up 12.6% to $360 million with record net invested assets of $30.7 billion, underscoring robust portfolio management .
- Return on equity of 19.9% alongside an operating ROE of 19.3%, demonstrating effective capital utilization .
- Resilient underwriting performance prevailed despite significant catastrophe losses from California wildfires .
- Maintained a favorable expense ratio below 30% while prioritizing rate adequacy .
- MSI intends to acquire 15% of the Company's outstanding common stock via open market or private transactions from third parties, without purchasing shares from the Berkley Family.
- A voting arrangement is in place whereby MSI's acquired shares will be voted in accordance with the Berkley Family's recommendations once MSI reaches 4.9% ownership, with a director nomination process triggered at 12.5%.
- The arrangement does not affect the Company’s day-to-day operations and is subject to customary regulatory approvals.