W. R. Berkley Insurance Australia (WRBIA) is rebranding as Berkley Insurance Australia and will operate as a branch of Berkley Insurance Company (BIC), rather than as a branch of W. R. Berkley Insurance (Europe), Limited.
The transition to this new operating model will occur over the next 60 to 90 days.
Berkley Insurance Australia CEO Tony Wheatley said the rebrand will sharpen the focus of the business and allow it to build on its foundation products of professional indemnity, public and product liability, management liability and Directors & Officers classes. The move also provides room to continue to grow the more recent product additions of strata property and heavy motor and fleet.
The business recently invested in a new IT platform, an iPhone/Android app and a substantially upgraded website, all designed to improve service delivery to its network of more than 300 broker and managing general agent relationships.
The company said these initiatives will be an important part of the rebranding process to ensure transparent and compliant outcomes and that service standards are maintained.
New business will be issued by Berkley Insurance Australia, the Australian branch of Berkley Insurance Company. Replacement policy terms will be offered by Berkley Insurance Australia which, it said, will be consistent with and substantially similar to current policy wordings, pricing and risk appetite.
Chairman and CEO of W. R. Berkley Corporation William Berkley said: “We regard Australia as a key contributor to our global strategy of generating long-term risk-adjusted returns in our target markets.
“Having Berkley Insurance Australia operate as a branch of Berkley Insurance Company, allows the W. R. Berkley Insurance Group to deliver a more efficient operating platform to further develop the group’s business in Australia.”
W. R. Berkley Insurance (Europe) Limited will continue to support London market placements of Australian business for individual risks and coverholders, from its London office. Binders and facilities currently managed directly from W. R. Berkley Insurance (Europe) Limited’s London office will continue to be underwritten by it and managed under existing arrangements.