W.R. Berkley Corp. said that on June 9 its founder and executive chairman William R. Berkley died at the age of 80.
William R. Berkley founded the Greenwich, Connecticut-based commercial property/casualty insurer in 1967, building it into a Fortune 500 and S&P 500 company with an A+ financial strength rating from AM Best.
The company has appointed his son, W. Robert Berkley, Jr., as chairman, effective immediately.
“My father was more than an extraordinary leader and entrepreneur, whose vision and values shaped the company,” said Berkley. Jr. in a statement. “He was a father, best friend, and mentor to me and numerous colleagues, and his influence on us, our company, and the broader industry and the countless lives he touched and enhanced is immeasurable.”
Berkley was chief executive of the insurance, reinsurance, and monoline excess company before handing the reins of its 60 businesses to his son in October 2015. In his last call with analysts to discuss quarterly financial results as CEO, Berkley described the insurer as “a large group of small niches, and we do it in a way that we can compete administratively and cost wise.”
“We don’t look like the people we compete with, even though the numbers claim to be the same,” he said during the call.
His quarterly calls were not to be missed, often providing market insight in way only Berkley could with his gravelly, straightforward delivery. He would quickly point out lack of underwriting discipline in the marketplace as irrational—if he did not chose a stronger word. He opined on economic volatility, social inflation, investment strategy, reserving, business philosophy, and trends in certain lines of insurance. Berkley would preach patience during market cycles, and was adverse to chasing rate.
Related: Reflecting on 50 Years as Berkley Looks to the Future
In a statement, his son said Berkley supported educational institutions and healthcare, giving to hospitals, research, and communities.
“While we are deeply saddened by his passing, we remain committed to carrying forward his values, culture, and long-term perspective,” Berkley, Jr. said. “His philanthropic contributions will endure for generations through the many organizations and individuals he touched.”
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