W.R. Berkley has put under review and is suspending underwriting for its London marine book until it can determine the direction of this business going forward.
W/R/B Underwriting, the company’s Lloyd’s managing agent, is suspending its $30 million marine book, which has underwritten marine hull and cargo, marine liability and marine war.
Going forward, W/R/B Underwriting will continue to underwrite property, specialty casualty, aviation, accident & health, engineering & construction, crisis management and asset protection, market sources confirmed.
Overall capacity for W/R/B Underwriting during 2017 is $280 million.
Poor marine results have been common across the Lloyd’s market and sources suggest that W/R/B Underwriting is undertaking rigorous cycle management by suspending underwriting for its marine book.
As is common in such business moves, sources indicate that the company will honor all quotes and claims for its marine book. W.R. Berkley would not comment on its plans for the business.
An indication of W/R/B Underwriting’s ongoing commitment to its Lloyd’s business is its recent appointment of Miriam Goddard as director of underwriting for specialty casualty. She will join the company from Hiscox, where she has been head of professions since 2013.
In previous years, she was senior liability underwriter at Jubilee Managing Agency Ltd., an errors and omissions underwriter at Brockbank Managing Agency and an underwriter at Lexington Insurance Co., according to her LinkedIn profile.
W/R/B Underwriting was established in 2015 by uniting W.R. Berkley Syndicate 1967 with the UK and Irish branches of W.R. Berkley Insurance (Europe) Ltd., under a single brand, said the company’s LinkedIn page.
*This story appeared previously in our sister publication Insurance Journal.