What's Happening?
W.R. Berkley Corp. has announced the formation of Berkley Edge, a new unit focused on providing professional liability and casualty insurance for small to mid-sized businesses. Berkley Edge aims to address hard-to-place and distressed risks, offering coverage exclusively through wholesale brokers. Jamie Secor has been appointed as president of the new business, bringing extensive experience in the insurance industry, including previous roles at Hamilton Insurance Group and Kinsale Insurance Co.
Why It's Important?
The launch of Berkley Edge represents W.R. Berkley's strategic expansion into the excess and surplus lines market, targeting businesses with challenging risk profiles. This move could enhance the company's market presence and offer tailored solutions to underserved segments. Secor's leadership is expected to drive innovation and growth, leveraging her expertise to navigate complex insurance landscapes. The initiative may also influence industry standards, encouraging other insurers to explore niche markets and specialized coverage options.
