W.R. Berkley Estimates $40-$50 Million Net Loss From Sandy

December 14, 2012Email ThisPrintNewslettersTweetArticle2 Comments

W.R. Berkley Corp. announced it expects catastrophe losses attributable to Superstorm Sandy will be between $40 million and $50 million, before tax.

The Greenwich, Conn.-based insurer said Thursday its loss estimate gives consideration to all currently available reinsurance and is inclusive of reinstatement premiums.

W.R. Berkley Corp. is an insurance holding company that is among the largest commercial lines writers in the United States and operates in five segments of the property casualty insurance business: specialty insurance, regional property casualty insurance, alternative markets, reinsurance and international.

A number of insurers have announced their initial Sandy-related loss estimates in past several days. The Chubb Corporation said it estimates Sandy-related losses to be around $570 million after tax. The Hanover Insurance Group estimates the net after-tax earnings impact of the storm to be in the $120-to-$140 million range.

Additionally, The Hartford Financial Services Group said it expects pretax losses of $370 million from Sandy. American International Group said its preliminary estimate of after-tax Sandy-losses, net of reinsurance, is approximately $1.3 billion. New Jersey Manufacturers Insurance Company said its Sandy-related payouts could exceed $300 million.

 

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W. R. Berkley Names Jiménez to Top Spanish Post as Esteban Steps Down

September 25, 2012Email ThisPrintNewslettersTweetArticleComments

W. R. Berkley Corporation announced that Alejandro Jiménez has been promoted to presidente ejectutivo of W. R. Berkley Insurance (Europe), Limited Sucursal en España , reporting directly to Stuart Wright, CEO of W. R. Berkley Insurance (Europe), Limited (WRBIEL).

The appointment was effective September 1, 2012. Jiménez succeeds Javier Esteban, who served in the role of presidente ejecutivo from December 1, 2009 to September 1, 2012.

Chairman and CEO William R. Berkley thanked Esteban “for his outstanding contributions to W. R. Berkley España, adding that “we are delighted that he has agreed to continue working with W. R. Berkley Corporation as a consultant and to join the Board of WRBIEL in the near future as a non-executive director, subject to regulatory approval.”

He also indicated that we are very pleased that Jiménez “has agreed to take on this important leadership role and look forward to working closely with him as we continue to build our business in Spain.

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Berkley Corp. Forms Berkley Public Entity Managers

April 4, 2012Email ThisPrintNewslettersTweetArticleComments

W. R. Berkley Corp. has formed Berkley Public Entity Managers, LLC, which will offer coverages to self-insured public entities — individual and groups. Berkley Public Entity Managers will underwrite on behalf of W. R. Berkley Corp. member insurance companies and will be headquartered in Philadelphia.

Richard B. Vincelette has been named president of Berkley Public Entity Managers. Vincelette has 35 years of experience in the property casualty insurance industry, including over 25 years of focus on public entity risks. He previously served as the industry practice leader for public entity at a major international insurer.

Brian T. Whooley has been named senior vice president – underwriting of Berkley Public Entity Managers. Whooley has more than 25 years of experience in the property casualty insurance industry. Previously, he served as underwriting vice president for a major international insurer.

 

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