Insurance News magazine: W.R. Berkley - SPECIAL EDITION

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SPECIAL EDITION W.R. Berkley Corporation Chief Executive Rob Berkley: celebrating 50 years of growth and 10 years in Australia

December 2017

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In nsurance Australiia

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Two great reasons to celebrate

By Tony Wheatley, Chief Executive, Berkley Insurance Australia IN APRIL 2017 W.R. BERKLEY Corporation celebrated the 50th anniversary of its founding. From small beginnings when Bill Berkley and his friend Harvard Business School classmate Paul Dean went into business with $US2500 in capital, W.R. Berkley Corporation has grown to be a Fortune 500 company operating worldwide in property and casualty insurance and reinsurance.

The marking of that 50-year milestone has added significance to Berkley Insurance Australia, because we are marking the 10th anniversary of operating in Australia.

This special edition tells the Berkley Insurance story, and introduces Rob Berkley, the son of the founder. Rob took over as Chief Executive of the group in 2016. His knowledge on the ins and outs of the global insurance and reinsurance business were learned directly from his father, and as illustrated by the interview that begins on the next page – and as it appears in the December edition of Insurance News magazine – the transition of leadership has been seamless. Rob also makes the point that as Executive Chairman, Bill Berkley still maintains a close interest in the business.

Our Australian operation was set up in Sydney late in 2007 as a branch of W.R. Berkley Europe. The London-based Europe subsidiary operation had in fact been trading in Australia since 2003, but SPECIAL EDITION

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gaining an operating licence allowed us to access the market directly. This helped us to provide a much greater level of service to local clients and allowed us to begin developing a strong Australian portfolio.

From those small but ambitious beginnings, we now have 48 employees and operate offices in Sydney, Melbourne, Brisbane, Adelaide and Perth.

If there is a secret to the success of Berkley Insurance Australia and its sister company Berkley Re Australia, it’s contained in the culture that Bill Berkley built as his company grew around the world. The over-riding principle that guides us is simple: “Everything counts, everyone matters”.

In 2014 we rebranded as Berkley Insurance Australia, becoming a branch of the US parent, Berkley Insurance Company. As Bill Berkley said at the time, Australia had “become a key contributor to the group’s global strategy”.

Berkley Insurance believes in finding talented managers and underwriters who understand the local market they operate in, work with the interests of the entire group in mind, and maintain a mindset that’s oriented to service and growth.

Berkley Insurance Australia has come a long way in 10 years, and that’s only been possible because of the team culture that has been built by the parent company over 50 exciting and rewarding years.

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Rising son Rob Berkley learned the business at his father’s side. Now he’s taken the reins at the insurance company Bill Berkley founded 50 years ago

By Terry McMullan

BILL BERKLEY STARTED BUILDING HIS specialty insurance company from scratch 50 years ago this year, so after all those years at the helm you might have expected the promotion last year of his son Rob to Chief Executive and President would be a traumatic and complex affair.

But it wasn’t. This transition has been hailed as a true demonstration of the word “seamless”.

The senior Berkley is now Executive Chairman, but he can relax in the knowledge that his successor knows the ins and outs of the company and its global operations every bit as well as he does.

As W.R. Berkley marks 50 years of operation – the Australian operation celebrated the milestone in Sydney on December 7, with Rob Berkley flying in to join the party with staff, brokers and clients – no one is doubting the company will continue to achieve impressive growth (see panel on page 6).

Aged 42, Rob Berkley has been working in the company for 19 years. Before joining the family firm he had a three-year stint as a New York investment banker, an experience that convinced him insurance is more interesting.

Since then he and his father have worked closely together.

“We have been working together hand in hand for a long time, and that’s what allowed [the change of management] to be a seamless transition,” he told Insurance News.

“I think sometimes when other organisations go through these types of transitions, with the old guys out, the new guys in, the new guy feels a need to put his mark on the business.

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“But in this case it has been a team effort for some period of time.”

Seamless to the point that, like his father, he sees the job as a “team sport”. As a specialty insurer, this is a company with experienced specialists in the key roles.

“Fortunately, I have a lot of good team-mates and I do my best to keep out of their way.”

Not that Bill Berkley has retreated from the action. “He is around the office,” Rob Berkley says. “I probably spend more time sitting in his office than in my own. I make sure he is kept abreast of everything that is going on.

“He is an executive chairman, and I would highlight the ‘executive’, because this is certainly not a situation where he has sailed off into the sunset and we occasionally drop him a postcard so he knows we’re still here.

“He has a wealth of knowledge and experience and he’s a pretty bright guy to boot.

So I think we all go out of our way to make sure we benefit from that. He is a terrific resource – and a bit of a character.”

When Insurance News first interviewed Bill Berkley in 2009, he was at pains to explain that from the start he and Rob “went out of our way to be sure there were lots of other things in the relationship” beyond work.

“But it would be disingenuous to suggest that the whistle blows at five o’clock and there’s no discussion of work after that. We talk about everything, because if you have a really global view of business and what’s around, everything that happens – from human relations to politics – impacts people’s views and your lives.”

Such discussions would recently have included the long-lasting vagaries of global SPECIAL EDITION

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Working together: Rob Berkley (left) and his father Bill

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“The cycle, in spite of all the data and analytics, is still arguably driven by two human emotions: fear and greed.”

insurance markets, where depressed prices, a glut of capital and low investment earnings have made the going unusually tough. The United States market, which has its own special characteristics, has been no exception.

Rob Berkley agrees these are challenging times for the US market.

“I think it faces some of the same issues that are faced in many markets around the world, and that is the abundance or surplus of capacity,” he says.

“While the demand continues to grow, the competition is pretty fierce. As a result of that, I guess we are reminded that the insurance industry is still somewhat cyclical and the cycle, in spite of all the data and analytics, is still arguably driven by two human emotions: fear and greed.

“The greed comes when the profitability is good. Humans being what they are, they want more, and unfortunately the way we get more is by loosening terms and conditions and cutting rates. And we do that until we create pain for ourselves.

“That goes on until the fear overshadows the greed, and then you see the market respond by going back the other way. So it’s an interesting time in this part of the world, given the level of natural catastrophes that have been going on recently here.”

He says it’s still unclear what impact the spate of hurricanes that hit the Caribbean and several US states, followed by “some pretty severe fires in California”, will have on the market overall, particularly the property market.

“I think it’s really bringing into focus that question around risk-adjusted return. When 6

Mother Nature is giving us a break that capped premium can help subsidise or gloss over certain issues, but when the earth shakes and the wind blows it brings it into focus pretty quickly. A lot of people are grappling with whether the industry is really changing enough for these exposures.”

Is this because the industry is slow to change, not just in the way it deals with emerging risks such as climate but also with market opportunities?

Mr Berkley agrees change is necessary, on many levels. He says regulation has insulated insurance from much of the change that has swept through other sectors of financial services.

“It’s gotten to the point where society and consumers are demanding change, and regulation and government are going to have to adapt.”

He cites as an example the so-called shared economy, which insurance regulators globally have been slow to understand and respond to.

“It’s really just not geared up to be able to address the exposures that come from that type of business activity,” he tells Insurance News.

“I think it goes in some respects beyond that.

“The average consumer today is looking to be served in a different way from how it has been done historically.

“This is an industry that would tell customers what we would sell them and how we would sell it to them. We sort of stuffed it down their throat.

“Consumers today are taking the view, ‘No, I am empowered and I will tell you what I want and I will tell you how I want to be served.’ That is a big change.

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A 50-year success story Bill BERklEy stARtEd AN investment management business with $Us2500 in 1967 before entering property and casualty insurance in 1972 with the purchase of two small texas companies.

Fifty years later W.R. Berkley is celebrating its milestone with events at various locations worldwide – including this month in Australia, where it is also marking the 10th anniversary of its establishment in this market.

W.R. Berkley is among the largest commercial lines insurers in the Us, and last year reported gross written premium of $Us7.54 billion.

W.R. Berkley Corporation has operations in the United states, United kingdom, Continental Europe, Asia, south America, Canada, scandinavia and Australia. its reinsurance division, which conducts business on a facultative and treaty basis, operates in Australia, as well as the Us, Uk, Europe and Asia Pacific. the corporation consists of 55 operating units, 48 of which were developed internally. Only seven have been added through acquisition. Of these units, 26 have been formed since 2006. in February the company recorded a profit of $Us601.92 million for calendar 2016, up 19.5% on the previous year. it attributes its rising profit in the face of a string of natural disaster claims in the Us to its “financial flexibility and ability to adjust to the underwriting cycle, combined with potential tailwinds from rising interest rates, regulatory reform and tax changes”.

Gross written premium rose 4% to $Us7.54 billion, while the combined operating ratio deteriorated to 94.9% from 93.7%. investment income increased by 10% to $Us564.16 million. the Australian business contributed gross earned premium of $150 million, gross incurred claims of $104 million and $3 million net profit for the year to december 31.

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“The fact is that, as a result of advancements in technology and how that has impacted society and how consumers behave – as individuals as well as institutions – they are looking for something different. That creates an opportunity, from my perspective.

“Change is a funny thing, when you think about it. Over a couple of years, it doesn’t feel like anything has changed very much, but if you look back over a 10-year period you would be amazed how much things actually have changed.”

Leading much of that change has been the emergence of technology as a service tool with enormous potential, but Mr Berkley says at this point the industry “is only seeing the green shoots of it – we are just scratching the surface”.

“We have talked about how it impacts interfacing with a customer, and that will continue to evolve,” he says. “But then there is the internal component as it relates to what some people call artificial intelligence, and others call the work that data scientists do with data analysis and analytics.

“Once upon a time, people just thought of this stuff as the kind of activity you leave an actuary in a closet to grapple with, but the fact of the matter is that this has become much more front and centre.

“This isn’t just an actuarial tool or an underwriting tool. Data and analytics can be a very powerful tool that can be applied in almost every facet of the business.

“Hopefully, data and analytics are going to eventually bring more value to the customer by [insurers] sharing that insider knowledge.

Hopefully, that will work to the benefit of all stakeholders.”

He says the customer has always been king, “but what we are seeing is that the customer is recognising they are king, and willing to be more demanding and to use that leverage. The industry needs to acknowledge that and address it.

“Ultimately, if insurance companies are going to be nothing more than capacity providers and traditional distribution is going to be nothing more than access to that capacity, then we will truly get commoditised by the consumer. What they are looking for is the value-added that you are bringing to me.

And if you don’t bring it to me, I will treat you like the commodity that you are.”

The evolution of an enhanced customer focus and the opportunities of meeting that through technology are key topics of debate in the global industry, and Mr Berkley comes down firmly on the side of those who see change as an opportunity.

In the short term, the opportunity for W.R. Berkley in particular is to “find ways to do it better” as it continues to expand globally.

But as a specialty insurer, he accepts that global expansion requires a discerning eye on where the opportunities actually are.

“We are conscious of the fact that other parts of the world will, over the next several decades, in all likelihood provide a disproportionate amount of global economic growth,” he says. “At the same time, we don’t feel a need to be everywhere or, for that matter, to try to be all things to all people.

“We remain very committed to the specialty lines for no other reason than that is where we can bring value to knowledge and expertise for our customers.

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“Data and analytics can be a very powerful tool that can be applied in almost every facet of the business.”

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“Our goal for this organisation is always to be focused on being the best at whatever we do.”

Brexit plan

“Long story short, there is no territory that we fall asleep dreaming about, but we are certainly conscious of where the long-term growth is likely to come from.

“In the meantime, many businesses have a huge amount of runway in front of them, and we think if market conditions present themselves in the right manner, the growth opportunity is significant.”

Mergers and acquisitions (M&A) have become commonplace around the global industry in recent years as insurers have bulked up to take advantage of the easy availability of capacity and the economics of simply being bigger.

Asked if he sees any advantage in “scaling up” through buying or being bought, Mr Berkley’s response is succinct – what advantage?

“First of all, we are always open for collaboration, but as it relates to scale we have something just shy of $US8 billion worth of capital,” he says. “We feel we have the scale that is required to compete in any form. So we certainly don’t feel that pressure.

“In addition to that, there are very, very few deals that have been done in this industry that, once the deal is done and they look back on it a few years down the road, people will say, ‘Geez, wasn’t that a brilliant decision.’

“Often our egos won’t admit it, but if you wake them up in the middle of the night and put a spotlight in their face, I think the likely answer will be that it wasn’t a great idea.

“Buying an insurance business is a pretty tricky thing. Trying to get your head around someone else’s business, let alone their balance sheet or even more specifically their reserves, comes with great complexity and challenge.

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“Which is one of the reasons why the vast majority of the companies that make up our group [in fact, 48 of its 55 companies] are businesses we started from scratch. We think it is a much more controlled approach. It requires patience, but we think it provides, more often than not, a better risk-adjusted return.

“The M&A activity in the insurance industry hasn’t been as significant as some may have anticipated, but certainly over the past 36 months or so the investment coming from Asia into some of the more developed markets like the US has been quite significant.

Both China and Japan, in particular, have been driving a lot of that.

“But I think it’s very hard to assess the risk and it’s very easy to fall in love and get sucked into the momentum.

“Our goal for this organisation is always to be focused on being the best at whatever we do. We are focused on risk-adjusted return and we are focused on bringing value to customers.

“We bring value to customers that allows us to achieve their desired risk-adjusted returns, and ultimately the way we bring that value to customers is by having great people with expertise.

That’s been our approach for five decades now and I don’t see us deviating from that.

“We are in business to make good riskadjusted returns, not to issue insurance policies or to write treaties. And we are very focused on bringing value to customers. It’s worked for a long while.

“Of course, we recognise the world is changing and customers are changing, so we need to continue to adapt. The definition of value evolves, but the fundamentals, we believe, are as true today as they ever were.”

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ROB BERKLEY ON THE UK’S decision to leave the European Union, and what it means for the industry and his company: Brexit is an interesting thing. i think the Uk has made a pretty definitive and strong decision as to their position as it relates to Europe. it doesn’t come without its complexity, and while it might seem that we all have a sense to where this is going, like all things in life the devil is truly in the details, and how they are going to untangle this web.

We had anticipated this as a possibility. A couple of years ago we formed a Continental European platform in liechtenstein because we had anticipated there would be a chance the Uk might make the decision they ultimately ended up making. there are many financial service centres in Continental Europe, but i don’t think there is a single insurance centre. some might argue it’s Zurich, others might argue it’s Munich, but certainly for the time being it seems as though the Uk maintains that position. it would be premature to try to speculate as to how it will unfold. i think a lot of it will be dependent on the trade deals the Uk works out with the EU in the future, and to what extent you will be able to sit in the Uk and trade in Europe in an unencumbered way. if you’re able to resolve it in a way so you can trade in an unencumbered way, i think the Uk will maintain its prominence. if they are not able to resolve that, i think it’s unclear where the insurance centre for Europe will move to.

But certainly, a great deal of it will likely move out of the Uk. in other words, the Uk’s position will likely be diluted or eroded.

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Building an effective reinsurance operation

By Tony Piper, Chief Executive, Berkley Re Australia and New Zealand

local expertise and international knowledge have secured Berkley Re’s strong presence in the market TEN YEARS AGO OFFICIAL APPROVAL from the Australian Prudential Regulation Authority was received, the doors were opened and new business began flowing into the new Berkley Re Australia operation.

Working to a tried and tested formula, a familiar group of underwriters formed the nucleus of the new Berkley Re team in Brisbane and Sydney.

The focus was mainly casualty, both treaty and facultative, with strong customer focus as the main differentiator.

Property business would also be written but primarily as an accommodation line

and with a strong resistance against natural perils exposure. This decision would prove to be critical in the early years of Berkley Re in Australia.

The 2010/2011 year proved that decision was very wise, when New Zealand suffered two major earthquakes, Brisbane and surrounds were inundated by floodwaters and Cyclone Yasi ravaged the north-eastern coastline of Queensland and Western Australia. Australia also suffered record-breaking bushfires during that period.

The decision to not support standalone catastrophe business, while not popular industry-wide, was validated. The focus today remains on providing a specialised casualty reinsurance service.

Today Berkley Re Australia is recognised and respected as a significant casualty player in the Australasian market and continues to offer innovative alternate casualty solutions as a reinsurance partner.

Having access to the resources of one of the largest insurance groups in the United States gives local insurance clients a view SPECIAL EDITION

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into the future of liability exposures and underwriting methods and trends.

The business fundamentals that have driven the W.R. Berkley Corporation for the past 50 years – gaining a competitive advantage through a decentralised structure, allowing each operating unit to respond quickly and effectively to the changing market conditions that they each uniquely experience and to respond to local customer needs – have allowed Berkley Re Australia to flourish in our local market.

The specialist skills and local knowledge possessed by the original team in both Brisbane and Sydney were recognised early on by the Berkleys, and so began the relationship that continues today.

Supported by a group income of almost $US7.7 billion and a market value of close to $US9 billion, the W.R. Berkley Corporation is well positioned to ride through the underwriting cycles of our industry, and Berkley Re Australia has shown that relying on specialist skills can deliver a customer-focused solution.

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OUR SUCCESS HAS BEEN BUILT ON A foundation of five core principles:

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Risk-Adjusted Returns: We are focused company-wide on obtaining the best potential returns with a real understanding of the amount of risk being assumed.

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People-Oriented Strategy: We built our business around two things – people and capital. New businesses are started when opportunities are identified and the right talent is found to lead an enterprise.

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Responsible Financial Practices: We manage risk proactively. We have a strong balance sheet plus a high-quality investment portfolio.

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Accountability: We operate our business with an ownership perspective and a clear sense of responsibility to our shareholders and each other.

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Transparency: We believe in consistent and objective standards of measuring performance – and in using the same standards, regardless of the environment.

But most importantly…

Our business is about people, and the expertise they bring to bear in all that we do.

We have succeeded over the years because of teamwork – and the individuals who make up those teams who every day, in every location, go the extra mile.

We believe our strong, consistent results are a direct reflection of our culture of working together with shared values for a common goal and a common good. We live and work by our guiding principle: “Everything counts, everyone matters”.

Throughout each market cycle, our focus on meeting the needs of our customers with knowledge and expertise has enabled us to deliver superior value creation to our shareholders. Our unique long-term perspective, combined with a constant examination of risk, provides us with confidence in our ability to continue to excel over the next 50 years and beyond.

While industry participants come and go, we have the expertise and resources to utilise our strengths in any environment to meet the demands of a rapidly changing world, and the flexibility to anticipate, innovate and respond to whatever opportunities and challenges the future may hold.

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1972 – 1975

2017

• Entered the insurance business by acquiring Houston General Insurance Company and Traders & General Insurance Company.

• W.R. Berkley Corporation went public on October 18, 1973, just hours before the Arab oil embargo was announced.

• W.R. Berkley’s 50th Anniversary Year.

• Berkley Insurance Australia celebrates 10 years’ operation.

1975 – 1979 Three important milestones: 1. Began paying a regular cash dividend.

2. Entered the reinsurance market with the organisation of Signet Reinsurance and acquisition of Reinsurance Underwriters Corporation.

3. Entered the specialty insurance market by purchasing Admiral Insurance Company.

1982 – 1984 • Continued to grow the regional, specialty, and reinsurance businesses.

• Added an insurance service provider to the portfolio and acquired Fireman’s Insurance Company of Washington, D.C. (1982).

1985 – 1986 • The hard market of 1985/1986 provided several opportunities to expand.

• Acquired Carolina Casualty Insurance Company, Continental Western Insurance Company.

• Formed Facultative ReSources, Nautilus Insurance Company, Fireman’s Habitational Division (now Clermont Specialty Managers), Berkley Risk Administrators Company.

1987 • Total assets exceed $1 billion.

• Total revenues $500 million.

• Stockholders’ equity $250 million.

2016 Total assets of over total revenues of stockholders’ equity $23 billion.

2015 • On October 31, 2015, William R. Berkley becomes Executive Chairman.

• W. Robert Berkley, Jr. assumes role of Chief Executive Officer.

• Formed Berkley International Seguros Colombia, Berkley Construction Professional, Berkley Global Product Recall Management, W.R. Berkley Europe AG.

2008 – 2014 • W. Robert Berkley, Jr. named President and Chief Operating Officer (2009).

• Formed Berkley Asset Protection, FinSecure, Berkley Canada, Berkley Professional Liability, Berkley Offshore, Admiral Professional, Berkley Agribusiness Risk Specialists, Gemini Transportation, W.R. Berkley Syndicate 1967 at Lloyd’s, Berkley North Pacific, Berkley Oil & Gas, Verus Underwriting Managers, Berkley Re UK Limited, Berkley Technology Underwriters, Berkley Public Entity, Berkley Custom Insurance, Berkley Southeast, Berkley Fire & Marine, Berkley Design Professional, Berkley International Seguros S.A. Uruguay, BLAC Facultative Reinsurance, Berkley International Puerto Rico, Colombia Facultative Reinsurance Office.

• Australian operation rebrands as Berkley Insurance Australia, a branch of the Berkley Insurance Company (2014).

2006 – 2007 • Named Best Managed Insurance Company in 2007 by Forbes magazine.

• Set an earnings record of $774 million.

• Total revenues exceeded $5.5 billion.

• Total assets exceeded $16.8 billion.

• Stockholders’ equity $3.6 billion.

• Acquired American Mining Insurance Company. Formed Berkley Life Sciences, Berkley Select, Berkley Re Australia.

• W.R. Berkley (Europe) gains operating licence to operate in the Australian market (2007).

2004 – 2005 1992 – 1993 • Continued growth via acquisition and new company formations.

• Entered Directors’ and Officers’ Liability space via formation of Monitor Liability Managers.

• Formed Acadia Insurance Company.

• Formed Chesapeake Insurance Company.

• Formed Great River Insurance Company.

• Joined the Fortune 500.

• Total revenues $3.6 billion. Stockholders’ equity $1.7 billion.

• Formed Berkley Specialty Underwriting Managers, Berkley Accident & Health, Berkley Aviation, Berkley Net, Berkley Regional Specialty, Watch Hill Fac Management, Berkley Insurance Company Hong Kong Reinsurance Division, Berkley International do Brasil Seguros S.A., W.R. Berkley Insurance (Europe) Limited Sucursal En España.

2001 – 2003 • Formed Berkley Medical Excess Underwriters, Berkley Underwriting Partners (now Berkley Program Specialists), Berkley Technology Services, Admiral Excess Underwriters, B F Re Underwriters, Berkley Risk Solutions, W.R. Berkley Insurance (Europe), which included a branch office in Sydney, Australia (2003).

• Moved listing of common stock to New York Stock Exchange. (2001).

1994 – 1995 • Expanded overseas with the acquisition of Independencia and La Union Gremial Insurance companies of Argentina [now Berkley International Seguros S.A.].

• Acquired Key Risk Management Services to bolster services segment and critical care capabilities.

1998 – 2000

1995 – 1997 • Total revenues (1995) exceed $1 billion.

• Established Presque Isle, Berkley Surety Group, Berkley Insurance Company of the Carolinas and Vela Insurance Services, Berkley International Aseguradora Riesgos del Trabajo S.A. • Acquired Midwest Employers Casualty Company.

• Refinement in company strategy.

• Repositioned regional companies: - Leveraged economies of scale - Enhanced competitive position - Maintained operations close to customers - Emphasised commercial lines and target niches - Withdrew from commodity personal lines • Reinsurance shifted focus to specialty businesses.

• Formed Preferred Employers Insurance Company. *Amounts in $Us

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All about us Berkley insurance Australia underwrites a significant portfolio of general insurance business in Australia. We are a fully authorised insurance company regulated by the Australian Prudential Regulation Authority (APRA).

Our products include: • Public and Products Liability • Professional Indemnity • IT Liability • Directors’ and Officers’ Liability • Associations Liability • Management Liability • Design and Construct Policies • Medical Malpractice We provide Professional Indemnity insurance to companies of all sizes from one person consultancies up to and including Australia’s largest companies. In terms of Professional Indemnity, we insure a range of professionals including management consultants, insurance brokers, engineers, accountants, architects, recruitment consultants, underwriting agencies, real estate agents, excess layer lawyers, and many more.

sydney

We offer Public and Products liability insurance on a standalone basis as well as part of a combined policy with our Professional Indemnity insurance. Our portfolio includes all types of risks from large industrial companies to smaller single operators. We have a proven track record of providing high quality solutions for our clients combined with a long-term commitment to the Australian market.

Brisbane Melbourne Adelaide

Our financial strength rating is; • “A+ (Strong)” by Standard & Poor’s; and • “A+ (Superior)” by A.M. Best Company.

Perth

Paying claims is the real test of an insurance policy. Our philosophy is to “Play Fair, Pay Early” ensuring that our clients and their reputations are properly protected.

Contact

We also offer specialised policies for: • not-for-profit associations, including sporting clubs, social clubs and industry groups • IT professionals and companies • design and construct companies and building contractors.

Our financial stability, combined with our claims service and APRA authorisation means our clients can take comfort that they are dealing with a financially sound insurance company which employs leading professionals and is committed to the Australian market.

Our Management Liability insurance cover is specifically tailored for the exposures faced by the owners and managers of private companies, essential in today’s environment. Our primary and excess Directors’ and Officers’ Liability insurance is suitable for a wide range of companies, from small and medium sized enterprises to large ASX-listed public companies.

Our professionalism and product knowledge has allowed us to attain the position as a leading insurer, offering a wide range of valued financial insurance products to both small, medium and large companies.

If you have any questions please feel free to call your local Berkley office.

sydney • Ph: 02 9275 8500 level 23, 31 Market street sydney NsW 2000 sydney@berkleyinaus.com.au Brisbane • Ph: 07 3220 9900 level 7, 300 Ann street Brisbane Qld 4000 brisbane@berkleyinaus.com.au Melbourne • Ph: 03 8622 2000 level 6, 114 William street Melbourne ViC 3000 melbourne@berkleyinaus.com.au Adelaide • Ph: 08 8470 9020 suite 204, 147 Pirie street Adelaide sA 5000 adelaide@berkleyinaus.com.au Perth • Ph: 08 6488 0900 Unit 3, 193 Carr Place leederville WA 6007 perth@berkleyinaus.com.au

Expertise ► service ► security ► support

www.berkleyinaus.com.au level 23, 31 Market street, sydney NsW 2000 Contact: australia@berkleyinaus.com.au local call: 1300 800 772 Berkley insurance Australia is a registered business name of Berkley insurance Company ABN 53 126 559 706 an APRA authorised insurer.

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