Berkley Re has introduced Berkley Re Turnkey Solutions, a new division focused on providing reinsured turnkey solutions to carriers, managing general agents (MGAs), program administrators (PAs), and insurtech firms. The initiative aims to broaden Berkley Re’s reinsurance portfolio with scalable solutions supported by industry expertise.
Comprehensive Insurance Solutions
The division will cater to both commercial and personal insurance lines, offering coverage in several specialized areas, including:
- Cyber insurance – Addressing the rising risks associated with digital threats.
- Employment practices liability insurance (EPLI) – Providing protection against workplace-related claims.
- Contractors professional liability (E&O) – Covering errors and omissions in contracting services.
- Crime insurance – Mitigating financial losses due to fraudulent activities.
- Workplace violence coverage – Supporting commercial entities against workplace-related incidents.
- Violent Event Protection coverage – Extending coverage to personal lines for incidents involving violence.
Leveraging Industry Strength
Berkley Re Turnkey Solutions plans to collaborate with partners to develop new insurance products while leveraging the broader capabilities of W. R. Berkley Corporation. The parent company’s subsidiaries maintain an A+ (Superior) rating with a Financial Size Category XV from AM Best, reflecting its financial strength and stability.
Christopher Ellis, senior vice president and head of Turnkey Solutions, emphasized the company’s commitment to refining its people, products, and processes to enhance operational efficiency and client services.
Growth and Expansion Initiatives
The launch of Berkley Re Turnkey Solutions follows a strong financial performance for W. R. Berkley Corporation, which reported a fourth-quarter net income of $576.1 million for common shareholders—a 45% increase compared to the previous year. Premium growth was supported by an average rate increase of 7.7% across all lines (excluding workers’ compensation), with total premiums reaching $11.97 billion for the year.
Beyond its U.S. expansion, Berkley Insurance Company recently received regulatory approval to open a branch in India’s GIFT City, Gujarat, under the name Berkley Insurance Company, IFSC Branch. This marks a strategic move to strengthen its presence in the international market.
Looking Ahead
With the introduction of Berkley Re Turnkey Solutions, the company aims to enhance its reinsurance capabilities and deliver innovative solutions to its partners. By leveraging its financial strength and expertise, Berkley Re continues to adapt to industry demands and expand its global footprint in the reinsurance sector.