When W.R. Berkley Corp. announced the launch of Berkley Cyber Risk Solutions in late 2016, it was almost two decades after the first cyber insurance policy was written.
Executive SummaryW. Robert Berkley Jr., the CEO of W.R. Berkley Corp., described his company's formula for growth over the past decade, company values that have prevailed for 51 years, and also talked about his career path and leadership lessons he's learned from his father and others during an interview with Carrier Management. Related Article: "Reinsurance a Train Wreck; Brokers and Carriers Need to Bring Value Together, Berkley Says"
But there are good reasons the risk-aware specialty insurer was late to the party, according to Chief Executive Officer W. Robert Berkley Jr., who revealed the delay in creating a unit devoted to the business wasn’t the result of a lack of interest or effort.
“We have been looking at it for a long time. It was just a matter of finding the right team,” he told Carrier Management. “It’s not like there’s anything that we’ve done where we’ve [really] invented the product. Typically, it’s always been out there. It’s just a matter of whether we believe in the product line and we can find the people.”