A former Chubb executive will help run a new arm of W.R. Berkley Corp.
Randolf Hein has been named president of the new Berkley Transactional, a fledgling division of Berkley Professional Liability Underwriters (BerkleyPro).
Previously, Hein was senior vice president and transactional practice leader at Chubb, where he also once served as quantitative analytics manager. He was with General Re before joining Chubb in 2006, and has nearly 30 years of experience in the property casualty insurance industry.
In his new job, Hein will work in a division slated to underwrite a number of transactional insurance products, including representations and warranties insurance, tax opinion insurance and contingent liability insurance – all for W.R. Berkley Insurance Group member insurance companies rated A+ (Superior) by A.M. Best.
In a statement, Berkley President and CEO W. Robert Berkley, Jr. said that the new division gives his company a way “to participate in this fast growing market.”
As far as Hein, Berkley said the executive’s experience will help better position the division to establish itself.
W.R. Berkley’s launch of Berkley Transactional comes after Allianz Group made a similar move in July.QBE North America is among other insurers who have also jumped into the transactional liability space. Marsh said in April that M&A deals spurred double-digit growth in the use of the coverage.
Source: W.R. Berkley Corp.