W.R. Berkley Corp. said it has formed two new independent operating units out of what was one division.
The commercial lines insurer and reinsurer said Berkley Entertainment & Sports and Berkley Environmental comprise the two new units. They’re what was previously Berkley Specialty Underwriting Managers, and Berkley said in an announcement that they have “evolved into independently successful businesses.”
Creating the new independent operating units will allow each to focus more on their respective niche businesses, W. Robert Berkley, Jr., president and CEO of W.R. Berkley Corp., said in prepared remarks.
Beyond that, however, the change allows both units “to more broadly level the specialized expertise” of each team “and create greater opportunities for our distribution partners.”
Here are both of the new divisions and their respective breakdowns.
- Berkley Entertainment & Sports. This division address a full portfolio of proprietary and standard insurance coverages to artists and professionals, special events, professional sports teams and sporting facilities, venues, and other entertainment related operations. Available coverages include commercial general liability, umbrella, inland marine, workers’ compensation, business automobile and property in all fifty states. Cindy Broschart, president of Berkley Entertainment & Sports, will continue to lead the division. She joined Berkley Specialty in 2004 and has 40 years of experience in the property casualty insurance industry.
- Berkley Environmental. This division includes global, customized environmental risk products for businesses including contractors, consultants, laboratories, landfills, waste treatment, recycling and manufacturing facilities. Coverage addresses virtually all risk classes, including contractors pollution liability, professional liability and site specific pollution liability, as well as general liability, automobile liability, excess liability and workers compensation. Kenneth Berger, president of Berkley Environmental, will stay on in his role. He first joined Berkley Specialty in 2009 and has nearly 35 years of experience in the property casualty insurance industry.
Source: W.R. Berkley Corp.