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W.R. Berkley Corp. on Monday announced it will merge its two U.S. reinsurance underwriting units, Berkley Re America L.L.C. and Facultative ReSources Inc.
The companies, both based in Stamford, Connecticut, will operate under the Berkley Re America name, the Greenwich, Connecticut-based insurer said in a statement.
Berkley Re America is a specialty treaty reinsurance underwriter that services insurance companies or units within insurance companies that specialize in the products they underwrite, Berkley said. Facultative ReSources is a property/casualty and professional liability facultative underwriter, according to the statement.
A spokesman for Berkley said the merger is not intended to reduce the company’s headcount but to “provide a better and broader offering to our customers.”
In the statement, Berkley also said Jonathan A. Schriber, the president and CEO of Berkley Re America prior to the merger, has been named chief underwriting officer of the reinsurance global segment. He is based in Stamford.
Joseph L. Sullivan, also based in Stamford, will take over as president of the combined Berkley Re America, Berkley said. Mr. Sullivan was most recently president of Facultative ReSources.
“We are pleased to announce these organizational changes within the reinsurance segment in response to a marketplace where clients and brokers are placing business on a more holistic basis,” William R. Berkley, chairman of the board and CEO of Berkley, said in the statement.
W.R. Berkley Corp.'s net income for the third quarter of 2014 surged 37.6% over that of the same period in 2013 to $188.5 million, driven in part by strong investment results, the insurer reported.