W. R. Berkley Corporation Forms Berkley Management Protection

Rhea-AI Summary

W. R. Berkley Corporation (NYSE: WRB) has launched a new operating unit, Berkley Management Protection, aimed at providing management liability products via an innovative platform designed for independent agents. This proprietary software will enable instant quoting and access to underwriting expertise, enhancing the responsiveness of agents to customer needs. Charles E. Thompson, with 26 years of management experience, has been appointed as president. This new unit is expected to complement existing operations and expand offerings in the professional liability sector.

Positive

• Launch of Berkley Management Protection to enhance management liability offerings.
• Proprietary software platform to provide instant quoting and technical support.
• Experienced leadership under Charles E. Thompson, enhancing operational capabilities.

Negative

• None.

W. R. Berkley Corporation (NYSE: WRB) today announced the formation of Berkley Management Protection, to deliver a modular suite of management liability products through an innovative and easy to use platform tailored to independent agents. A proprietary, bespoke software platform will provide on-demand quoting capabilities with instant access to technical underwriting expertise, enabling independent agents to be exceptionally responsive in serving their customer’s needs.

Charles E. Thompson has been named president of the new operating unit. Mr. Thompson brings over 26 years of management experience both domestically and internationally, focused on building start-up organizations, launching new products and establishing new distribution models for all lines of management liability and property and casualty insurance products. He holds a Master of Business Administration degree from Boston University and a Bachelor of Arts degree from the University of California, Berkeley.

W. Robert Berkley, Jr., president and chief executive officer of W. R. Berkley Corporation, commented, “We are pleased to add another operating unit to our group. Berkley Management Protection will leverage a proprietary platform built on sophisticated analytics to deliver an enhanced user experience to independent agents and, by extension, insureds. This business will complement our existing operations in the professional liability space as we continue to broaden our offerings that serve growing parts of the U.S. economy. Charles has an outstanding track record of building professional liability businesses. Undoubtedly, he and his highly-skilled team will bring great value to the marketplace and our shareholders. We are pleased to welcome him to Berkley.”

For further information about products and services available from Berkley Management Professional, please contact cthompson@berkleymp.com.

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess. For further information about W. R. Berkley Corporation, please visit www.berkley.com.

This is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2021 and beyond, are based upon the Company's historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to, the success of our new ventures or acquisitions and the availability of other opportunities, our ability to attract and retain key personnel and qualified employees, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause actual results of the industry or our actual results for the year 2021 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Any projections of growth in the Company's revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005539/en/

FAQ

What is the purpose of Berkley Management Protection launched by WRB?

Berkley Management Protection aims to deliver a suite of management liability products tailored for independent agents through an innovative software platform.

Who has been appointed as president of Berkley Management Protection?

Charles E. Thompson has been appointed as president of Berkley Management Protection.

How will the new platform benefit independent agents?

The new platform will allow independent agents to access instant quoting and technical underwriting expertise, improving their responsiveness to customer needs.

What is the significance of the launch for WRB investors?

The launch of Berkley Management Protection is expected to broaden WRB's offerings and strengthen its position in the professional liability market, potentially benefiting investors.

When was Berkley Management Protection announced?

Berkley Management Protection was announced recently, enhancing WRB's operational capabilities.