Reinsurance a Train Wreck; Brokers and Carriers Need to Bring Value Together, Berkley Says

July 30, 2018 by Susanne Sclafane

W. Robert Berkley, Jr., the CEO of W.R. Berkley Corp., is not one to mince words about perceived missteps in the property/casualty insurance industry. A recent assessment of the P/C reinsurance market presented during the S&P Global Ratings 2018 Insurance Conference is just one example.

“The part of the market that really takes the prize for pain or a train wreck, if you will, would be the reinsurance market in general—in particular, the property-cat reinsurance market. [And] the behavior or the competitive environment in the reinsurance market does to an extent empower what I would define as ‘less-than-responsible’ behavior in the insurance marketplace,” he said.