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W. R. Berkley history
W. R. Berkley company history timeline
Public Company Incorporated: 1967 as Fine-Vest Services, Inc.
W. R. Berkley Corporation was founded in 1967 by William R. Berkley, who currently serves as Executive Chairman.
In 1972, the Company entered the insurance market through the acquisition of Houston General Insurance Company.
In 1973, the Union Insurance Company was organized in Nebraska, while Traders & General Insurance Company was acquired.
In 1979, the Company entered the specialty insurance market through the purchase of Admiral Insurance Company.
In 1981, for example, he started National Guardian Corporation, a company that installed and serviced alarm systems.
Regional operations expanded in 1986 with the acquisition of Continental Western Insurance Company, and Clermont Specialty Managers was formed from the Firemen’s Habitational Division.
By 1987, in fact, the company was employing 6,000 workers, generating income of $5.5 million annually, and providing alarm and security guard services throughout the northeastern United States.
In addition to National Guardian, Berkley launched Finevest Services Inc. in 1987.
By 1987, the Company’s total assets surpassed the $1 billion mark, total revenues exceeded the half-billion dollar level, and net worth rose above the one-quarter billion-dollar mark.
By 1988 Finevest Foods was distributing more than 2,200 frozen food products to 18 states.
Schachner, Michael, "Berkley's Strategy Proves a Winner for His Collection of P/C Insurers," Business Insurance , July 26, 1993,p.
Names John J. Kinsella President and CEO of Admiral Insurance Co.," PR Newswire , May 26, 1994.
In 1994, the company acquired Key Risk Management Services Inc.
With an estimated net worth approaching $500 million in 1995, Berkley had achieved his youthful goal of becoming one of the wealthiest men in the United States.
Revenues passed the $1 billion mark in 1995 as the Company continued to expand.
In 1995, the company acquired the remaining 40% interest in Signet Star from Gen Re.
Workers' Comp Mart.," Insurance Finance & Investment , July 13, 1998.
An industry downturn led to a fall in earnings in 1998 and a loss in 1999. For example, W.R. Berkley created Preferred Employers Insurance Co. in 1998 to operate in California's workers' compensation market.
In 2000, the company announced plans to sell auto insurance through Priceline.com.
Eyeing London as a key growth area, W.R. Berkley purchased a 20.1 percent stake in Kiln plc, a Lloyd's insurer that had experienced significant losses due to the September 11, 2001, terrorist attacks against the United States.
The Company reached a major milestone in 2001 when it moved the listing of W. R. Berkley Corporation common stock to the New York Stock Exchange (NYSE). In 2001, the Company entered into the medical malpractice market with the formation of Berkley Medical Excess Underwriters.
"Berkley: Underwriting Profits Key," Insurance Accounting , September 30, 2002.
Reeves, Amy, "W.R. Berkley Corp.," Investor's Business Daily , January 8, 2003.
In 2003, it launched W.R. Berkley Insurance Europe Ltd. in London to write professional indemnity insurance.
Berkley Specialty Underwriting Managers was formed and the renewal rights to a specialty casualty book of business were acquired in 2004.
Employees: 4,736 Total Assets: $11.45 billion (2004) Stock Exchanges: New York Ticker Symbol: BER NAIC: 524126 Direct Property and Casualty Insurance Carriers
In 2005, the Company formed Berkley Accident & Health, Berkley Aviation, Berkley Net Underwriters, Berkley Regional Specialty Insurance Company, and Watch Hill Fac Management.
In August 2006, the company acquired Garnet Captive Services LLC, a San Francisco insurance brokerage and alternative risk consulting firm.
In 2007, W. R. Berkley Corporation was named Best Managed Insurance Company by Forbes Magazine and set a new record during our 40th Anniversary year by earning $744 million.
Berkley Life Sciences, Berkley Select and Berkley Re Australia were all formed in 2007, and the American Mining Insurance Company was acquired in the same year.
In 2008, Berkley Asset Protection Underwriters, FinSecure, Berkley Canada, Berkley Professional Liability and Berkley Offshore Underwriting Managers were all formed.
Berkley International Seguros Colombia, Berkley Construction Professional Liability Underwriters, and Berkley Global Product Recall Management were all formed in 2015.
In 2016, the Company announced its entry into the high net worth personal lines market with Berkley One.
In 2021, the Company formed Berkley Management Professional and Berkley Small Business Solutions.
W. R. Berkley Corporation reached several new milestones, with record 2021 gross and net premiums written of $10.7 billion and $8.9 billion, respectively, as well as record full year underwriting income and net income of $845.3 million and $1.0 billion, respectively.
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W. R. Berkley competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Prudential Retirement Insurance And Annuity Co | - | $57 | 41,671 | - |
| Elevance Health | 1944 | $121.9B | 63,900 | 3 |
| Morgan Stanley | 1935 | $3.0B | 68,097 | 1,158 |
| Primerica | 1977 | $602.0M | 2,104 | 72 |
| The Vanguard Group | 1975 | $6.9B | 17,600 | 81 |
| Berkley Risk Administrators | 1984 | $670.0M | 856 | - |
| Preferred Employers Insurance | 1998 | $300.0M | 113 | - |
| Ssga | - | - | - | - |
| Berkley Specialty Underwriting Managers | 2004 | $50.5M | 150 | - |
| Admiral Insurance Group | - | $42.0M | 50 | 2 |
W. R. Berkley history FAQs
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W. R. Berkley may also be known as or be related to W. R. Berkley Corporation, WR Berkley Corp, W R Berkley Corporation, W.R. Berkley Corporation, W. R. Berkley and W R Berkley.