W. R. Berkley Corporation is an insurance holding company that is among the largest
commercial lines writers in the United States. It operates in the following segments
of the property casualty insurance business:
Insurance-Domestic - commercial insurance business, including excess and surplus
lines and admitted lines, primarily throughout the United States;
Insurance-International - insurance business primarily in the United Kingdom,
Continental Europe, South America, Canada, Scandinavia, Asia, and Australia;
and
Reinsurance-Global - reinsurance business on a facultative and treaty basis,
primarily in the United States, United Kingdom, Continental Europe, Australia,
the Asia-Pacific Region, and South Africa.
Each of our three business segments is composed of individual operating units
that serve a market defined by geography, products, services or types of customers.
Each of our operating units is positioned close to its customer base and participates
in a niche market requiring specialized knowledge about a territory or product.
This strategy of decentralized operations allows each of our units to identify
and respond quickly and effectively to changing market conditions and local
customer needs, while capitalizing on the benefits of centralized capital, investment
and reinsurance management, and corporate actuarial, financial, enterprise risk
management and legal staff support.
Twenty-seven of our twenty-eight insurance company subsidiaries rated by A.M.
Best Company, Inc. (“A.M. Best”) have ratings of A+ (Superior) (the
second highest rating out of 15 possible ratings), and one is rated A (Excellent)
(the third highest rating). A.M. Bests ratings are based upon factors of concern
to policyholders, insurance agents and brokers and are not directed toward the
protection of investors. A.M. Best states: “The Financial Strength Rating
opinion addresses the relative ability of an insurer to meet its ongoing insurance
obligations. The ratings are not assigned to specific insurance policies or
contracts and do not address any other risk.” A.M. Best reviews its ratings
on a periodic basis, and its ratings of the Companys subsidiaries are therefore
subject to change.
Excess & Surplus Lines: A number of our Insurance-Domestic operating units
are dedicated to the excess and surplus lines market. They serve a highly diverse
group of customers that often have complex risk or unique exposures that typically
fall outside the underwriting guidelines of the standard insurance market. Lines
of business underwritten by our excess and surplus lines operating units include
premises operations, commercial automobile, property, products liability and
professional liability lines. Products are generally distributed through wholesale
agents and brokers.
Industry Specialty: Certain other operating units focus on providing specialty
coverages to customers within a particular industry that are best served by
underwriters and claims professionals with specialized knowledge of that industry.
They offer multiple lines of business with policies tailored to address these
unique exposures, often with the flexibility of providing coverages on either
an admitted or a non-admitted basis. Each operating unit delivers its products
through one or more distribution channels, including retail and wholesale agents,
brokers, and managing general agents (MGAs), depending on the customer and the
particular risks insured.
Product Specialty: Other operating units in this segment specialize in providing
specific lines of insurance coverage, such as workers’ compensation or
professional liability, to a wide range of customers. They offer insurance products,
analytical tools and risk management services such as loss control and claims
management that enable clients to manage their risk appropriately. Business
is typically written on an admitted basis, although some units may offer non-admitted
products. Independent agents and brokers are the primary means of distribution.
Regional: Certain Insurance-Domestic operating units offer standard insurance
products and services through operating units focused on meeting the specific
needs of a regionally differentiated customer base. Key clients of these units
are small-to-midsized businesses. These regionally focused operating units provide
a broad array of commercial insurance products to customers primarily in 45
states and the District of Columbia and have developed expertise in niches that
drive local communities. They are organized geographically in order to provide
them with the flexibility to adapt quickly to local market conditions and customer
needs. Business is sold through non-exclusive independent agents who are compensated
on a commission basis.
In addition to providing insurance products, certain operating units also provide
a wide variety of fee-based services, including claims, administrative and consulting
services.
Operating units comprising the Insurance-Domestic segment are as follows:
Acadia Insurance is a Northeast regional property casualty underwriter offering
a broad portfolio of products exclusively through local independent agents in
Connecticut, Maine, Massachusetts, New Hampshire, New York and Vermont. In addition
to its general offerings, Acadia has specialized expertise in insuring regional
businesses and industries such as construction, lumber and fishing.
Admiral Insurance provides excess and surplus lines coverage for commercial
risks that generally consist of hard-to- place, specialized risks that involve
moderate to high degrees of hazard. Its lines of business include general liability,
professional liability, property, and excess and umbrella coverage. Admirals
professional liability and program operations include special coverages for
technology, ambulatory surgery centers, chiropractors and concierge physicians.
Its products are distributed exclusively by wholesale brokers.
American Mining Insurance offers workers compensation insurance as well as
general liability, automobile, and excess liability coverages to a broad range
of firms within the mining and aggregate industries in the United States.
Berkley Accident and Health underwrites accident and health insurance and reinsurance
products in four primary areas: medical stop loss, managed care, special risk
and group captive. It has a diversified product and service portfolio serving
a range of clients from small employers, health care organizations, and membership
groups to Fortune 500 companies.
Berkley Agribusiness Risk Specialists offers insurance for larger commercial
risks across the United States involved in the supply, storage, handling, processing
and distribution of commodities related to the agriculture and food industries.
Berkley Alliance Managers specializes in professional liability for the design
professional, construction professional and certified public accounting industries.
The Berkley Design Professional division specializes in architects, engineers
and consultants. In addition to professional liability, the Berkley Construction
Professional division provides pollution liability and protective coverages
to contractors and owners across all forms of non-environmental construction.
Berkley Aviation offers a wide range of aviation insurance products on a global
basis, including coverage for airlines, airplanes, helicopters, miscellaneous
general aviation operations, non-owned aircraft, fixed-base operations, control
towers, airports and other specialized niche programs. In the U.S., it places
its business on an admitted and non-admitted basis nationwide.
Berkley Custom Insurance focuses on the excess casualty insurance market and
offers umbrella liability, pollution liability, excess liability, construction
wrap-ups and completed operations coverages to wholesalers, retailers, manufacturers,
insurance companies, financial institutions and construction companies.
Berkley FinSecure serves the insurance needs of financial institutions, credit
unions, mortgage lenders, mortgage servicers and trust managers. It offers a
comprehensive range of property, casualty, professional liability, and specialty
lines insurance products and loss control services, including financial institution-specific
commercial package policies, workers compensation, umbrella, commercial auto,
management liability and crime coverages, and financial institution bonds.
Berkley Fire & Marine offers a broad range of preferred inland marine and
related property risks and services to customers throughout the United States,
both regionally and nationwide. Products are distributed through independent
agents and brokers.
Berkley Global Product Recall Management provides worldwide insurance protection
and technical assistance to help clients with the prevention, management and
indemnification of product recall and contamination events.
Berkley Healthcare Professional provides customized, comprehensive professional
liability solutions for the full spectrum of healthcare providers.
Berkley Life Sciences offers a comprehensive spectrum of property casualty products
to the life sciences industry on a global basis, including primary and excess
liability coverage and commercial insurance. It serves pharmaceutical and biologic/biotech
companies, medical device companies, dietary supplement manufacturers, medical
and research software developers, contract service organizations, research institutions
and organizations, and other related businesses.
Berkley Medical Excess insures healthcare organizations such as hospitals and
clinics that retain a portion of their risk exposure through a self-funded mechanism
and seek to maximize the effectiveness and efficiency of their excess risk financing
program.
Berkley Mid-Atlantic Group provides commercial property casualty coverages to
a wide variety of businesses in Delaware, the District of Columbia, Maryland,
Ohio, Pennsylvania, and Virginia. Focusing on middle market accounts, it complements
its standard writings with specialized products in areas such as construction.
Berkley Net Underwriters focuses on small and medium-sized commercial risks,
using a web-based system to allow producers to quote, bind and service workers
compensation insurance products on behalf of W. R. Berkley Corporation member
companies.
Berkley North Pacific provides local underwriting, claims and risk management
services from its home office in Seattle, Washington and branch offices in Boise,
Idaho, Spokane, Washington and Salt Lake City, Utah. It operates with a select
group of agents in Idaho, Montana, Oregon, Utah and Washington to sell and service
property and casualty policies for larger middle-market standard businesses
and specialty lines, such as construction.
Berkley Offshore Underwriting Managers is a specialist global underwriter of
energy and marine risks. Its three divisions provide specialty insurance products
in the energy upstream, energy liability and marine sectors.
Berkley Oil & Gas provides property casualty products and risk services
to the United States energy sector. Its customer base includes risks of any
size that work in the oil patch, including operators, drillers, geophysical
contractors, well-servicing contractors, and manufacturers/distributors of oil
field products, as well as those in the renewable energy sector.
Berkley Professional Liability specializes in professional liability insurance
for publicly-traded and private entities based on a worldwide basis. Its liability
coverages include directors and officers, fiduciary, employment practices, and
sponsored insurance agents.
Berkley Program Specialists is a program management company offering both admitted
and non-admitted insurance support on a nationwide basis for commercial casualty
and inland marine program administrators with specialized insurance expertise.
Its book is built around blocks of homogeneous business, or programs, allowing
for efficient processes, effective oversight of existing programs and sound
implementation of new programs.
Berkley Public Entity specializes in providing excess coverage and services
to individual governmental and scholastic entities and intergovernmental risk
sharing groups. Products include general liability, automobile liability, law
enforcement liability, public officials and educators legal liability, employment
practices liability, incidental medical, property and crime.
Berkley Regional Specialty provides excess and surplus lines coverage on a national
basis to small to medium-sized insureds with low to moderate insurance risk.
Its product lines include general liability, liquor liability and some property
and inland marine coverage. It serves a limited distribution channel consisting
of select W. R. Berkley Corporation member company agents.
Berkley Risk Administrators provides insurance program management services to
a variety of organizations, including self-insureds, captives, governmental
entities, risk retention groups, and insurance companies. It is also a nationwide
third-party claims administrator and is the nations third largest servicing
carrier for workers compensation assigned risk plans, serving plans in 20 states.
Berkley Select specializes in underwriting professional liability insurance
with a particular emphasis on large law firms, accounting firms and medical
institution facilities. Its products are distributed nationwide through a limited
number of brokers.
Berkley Southeast offers a wide array of commercial lines products in six southeastern
states: Alabama, Georgia, Mississippi, North Carolina, South Carolina and Tennessee.
Berkley Specialty Underwriting Managers has two underwriting divisions. Its
entertainment and sports division underwrites property casualty insurance products,
both on an admitted and non-admitted basis, for the entertainment industry and
sports-related organizations. The environmental division underwrites specialty
insurance products for environmental customers such as contractors, consultants
and owners of sites and facilities.
Berkley Surety provides a broad array of surety products for contract and commercial
surety risks in the U.S. and Canada, including specialty niches such as environmental
and secured credit for small contractors, through an independent agency and
broker platform across a network of 16 field offices.
Berkley Technology Underwriters provides a broad range of first and third-party
insurance programs for technology exposures and technology industries on both
a local and global basis.
Carolina Casualty Insurance provides commercial insurance products and services
to the transportation industry with an emphasis on intermediate and long-haul
trucking and various classes of business and public automobile coverage. It
underwrites on an admitted basis in all 50 states and the District of Columbia.
Clermont Specialty Managers provides package insurance programs for high-end
cooperative, condominium, and quality rental apartment buildings and upscale
restaurants in the New York, New Jersey, Chicago and Washington, D.C. metropolitan
markets, as well as other select markets.
Continental Western Group is a Midwest regional property and casualty insurance
operation based in Des Moines, Iowa, providing underwriting and risk management
services to a broad array of regional businesses in thirteen Midwest states.
In addition to its generalist portfolio, Continental Western offers specialty
underwriting solutions for diversified agriculture, construction, light manufacturing,
transportation, volunteer fire departments, rural utilities, public entity and
implement dealers.
Gemini Transportation is a national provider of excess liability insurance for
various domestic surface transportation businesses. It underwrites liability
insurance policies for the railroad industry as well as excess liability policies
for the trucking, busing and other industries that use rubber-wheeled vehicles
for over-the-road use.
Key Risk Insurance is a provider of workers compensation insurance products
and services for employers in the public and private sectors in select Eastern
and Southeastern states. It focuses on middle-market accounts in specialty niches
and on larger self-insured entities, with a special emphasis on expert claims
and managed-care services. Additionally, Key Risks affiliate, Key Risk Management
Services, provides third party administration of self-insured workers compensation
programs.
Midwest Employers Casualty provides excess workers compensation insurance products
to individual employers, groups and workers compensation insurance companies
across the United States. Its workers compensation excess of loss products
include self-insured excess of loss coverages, large deductible policies and
reinsurance. Through its relationship with Berkley Net Underwriters, Midwest
Employers Casualty also offers multi-state coverage for group self-insureds.
It has developed sophisticated, proprietary analytical tools and risk management
services that help its insureds lower their total cost of risk.
Monitor Liability Managers provides executive and professional liability insurance
to small to middle-market risks on a nationwide basis. Its primary professional
liability products are management liability, employment practices and fiduciary
coverages for private companies and nonprofit organizations, and errors and
omissions policies for accounting and law firms.
Nautilus Insurance Group insures excess and surplus lines risks for small
to medium-sized commercial risks with low to moderate susceptibility to loss.
It writes commercial excess and surplus lines business nationwide and admitted
lines commercial business in a limited number of states. A substantial portion
of Nautilus business is written through its close, long-standing network of
general agents, who are chosen on a highly selective basis.
Preferred Employers Insurance focuses exclusively on workers compensation products
and services for businesses in California. It serves over 12,000 customers covering
a broad spectrum of industries throughout the state.
Riverport Insurance Services provides property casualty insurance coverages
to human services organizations, including nonprofit and for-profit organizations,
public schools and sports and recreational organizations. Riverport also insures
special events. Its product offerings include traditional primary coverages
and risk purchasing groups, as well as alternative market solutions for clients
who wish to retain a larger share of their own risk.
Union Standard offers preferred commercial property and casualty insurance products
and services to a wide range of small to medium size commercial entities through
independent agents in Arizona, Arkansas, New Mexico, Oklahoma and Texas. Union
Standards strategy is built around relationships and service.
Vela Insurance Services specializes in commercial casualty insurance on an excess
and surplus lines basis. Its primary focus is on general liability insurance
for construction, manufacturing and general casualty clients as well as products
liability and miscellaneous professional liability coverages distributed through
wholesale insurance brokers.
Verus Underwriting Managers offers general liability, professional liability
and property coverages for small to mid-sized commercial risks in the excess
and surplus lines insurance market through a select group of appointed wholesale
brokers and agents.