WR Berkley splits up specialty group to form two new units
US insurer WR Berkley Corporation has split its specialty segment to create two new independent operating units - Berkley entertainment and sports, and Berkley environmental.
The company stated that the two units, which previously comprised Berkley Specialty, have grown and evolved into independently successful businesses.
“Berkley has a long track record of combining knowledge and capital to create successful businesses like these with sustainable competitive advantages," said W Robert Berkley, Jr., president and CEO of WR Berkley Corporation.
"Establishing them as independent operating units will provide greater focus on their niche businesses, enable them to more broadly leverage the specialised expertise of their teams and create greater opportunities for our distribution partners. Cindy and Ken have both demonstrated skilful leadership, and we are excited about the opportunities before them."
Berkley entertainment and sports provides a portfolio of proprietary and standard insurance coverages to artists and professionals, special events, professional sports teams and sporting facilities, venues, and other entertainment related operations.
Its operations will continue to be led by Cindy Broschart, president of Berkley entertainment and sports, who joined Berkley Specialty in 2004 and has 40 years of experience in the property casualty insurance industry.
Berkley environmental provides customised environmental risk solutions world-wide for a wide range of businesses, including contractors, consultants, laboratories, landfills, waste treatment, recycling and manufacturing facilities. It offers a broad range of environmental products and programs for virtually all classes of risk.
The business will remain under the direction of Kenneth Berger, president of Berkley environmental, who joined Berkley Specialty in 2009.
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