(By Balaseshan) W.R. Berkley Corp. (NYSE:WRB), an insurance holding company, said it has formed a new marine division of its Berkley Offshore Underwriting Managers operating unit.
Berkley Offshore will underwrite, through its New York office, a full spectrum of marine hull and liability coverages to brownwater vessel operators, ports, terminals and other marine entities based in the United States and Canada.
The company appointed Brian Murphy as vice president, marine manager of Berkley Offshore. Murphy has more than 17 years of experience in the marine insurance market and currently serves on the Hull Committee at the American Institute of Marine Underwriters (AIMU).
Joining Murphy is Les Bogdan, who has been named vice president – marine liability. Bogdan has more than 24 years of insurance industry experience and currently serves on AIMU's Liability Committee.
W. R. Berkley operates as commercial lines writers in the property casualty insurance business primarily in the United States. The company operates in five segments: Specialty, Regional, Alternative Markets, Reinsurance, and International.
Specialty segment includes excess and surplus lines and admitted specialty lines. Regional include commercial lines property casualty. Alternative Markets include excess workers' compensation, monoline workers' compensation, accident and health, and insurance services.
Reinsurance segment includes both a facultative and treaty basis and participating in business written through Lloyd's of London. International business includes selected regions throughout the world.
WRB is trading up 0.63% at $38.07 on Monday. The stock has been trading between $27.26 and $39.28 for the past 52 weeks.