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.