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W. Robert Berkley Jr. Named President, COO of W.R. Berkley Corp.

Posted on: Wed, 04 Nov 2009 16:31:00 EST

Symbols: BER

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GREENWICH, Conn., Nov 04, 2009 (A. M. Best via COMTEX) --
BER | Quote | Chart | News | PowerRating -- W. Robert Berkley Jr. has been named president and chief operating officer of W.R. Berkley Corp. effective immediately, the company said.

Berkley has served as executive vice president of the insurance holding company since August 2005 and was elected to the board of directors in 2001. He joined W.R. Berkley Corp. in 1997 after working as an investment banker at Merrill Lynch & Co., and has held numerous positions with W.R. Berkley Corp., including senior vice president of specialty operations and president of Berkley International LLC, the company said in a statement.

Attempts to reach Berkley for additional comment were unsuccessful.

In his current role, Berkley will manage all operating units, with added oversight of reinsurance and international segments. As executive vice president, Berkley has been responsible for domestic insurance operations, including specialty, regional and alternative markets businesses.

W.R. Berkley Corp. recently reported a third-quarter net income of $98 million, compared with a net loss of $28 million in same period last year. In a statement, Chairman and Chief Executive Officer William R. Berkley said the company believes the industry is operating at a net loss on an accident year basis, taking into account current pricing levels and low interest rates. The factors should cause a turn in the insurance cycle, he said.

Members of the W.R. Berkley Group currently have a Best's Financial Strength Rating of A+ (Superior).

In afternoon trading on Nov. 4, shares of W.R. Berkley Corp. (NYSE: WRB) were selling at $24.73, down about 0.3% from the previous close.

(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)

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