WR Berkley’s President and Chief Executive Officer W. Robert Berkley says we will see his company grow its reinsurance division more and more as discipline returns to the market.
Berkley stated that this growth will likely have an impact on how much business the company chooses to cede to the marketplace.
In addition to that, Berkley anticipates his top line to meaningfully benefit from factors such as overall economy growth, rate movement, and business increasingly making its way into the specialty market.
“I would tell you virtually all components of the professional space we are seeing rates moving up,” Berkley explained.
“Public D&O particularly on the large accounts continues to stand out and we’ve gotten to the point where we are getting rate on rate in a meaningful way. And I again would suggest that the industry needs every last penny.”
Berkley also said he’s seeing early signs that workers’ compensation pricing may be in the early stages of bottoming out.
“I would not be surprised, as we make our way into 2021, If you started to see a change in trend and rates actually start to move up at some point next year.”
