WR Berkley
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The firm ceded $417mn of premiums to the sidecar in 2024. -
The vehicle is 52% larger than it was at launch 3 years ago
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The WR Berkley vehicle takes a 30% share of its reinsurance placements.
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Speaking on the company's Q4 conference call, the executive said the market should not assume that WRB will become a heavy cat-exposed writer.
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CEO Rob Berkley said the company would likely participate in the space for one to three years if rates remain favorable.
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The CEO noted that the company can participate in the property cat reinsurance market three out of every 10 to 12 years, given its approach to that class.
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Berkley also increased its position in Global Indemnity and now owns around 8.5% of the firm.
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The Bermuda sidecar has upped the proportion of deals it participates on to 30%.
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The firm launched the special purpose Bermuda-registered insurer at the end of 2020.
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The former Swiss Re ILS specialist has joined the carrier after its debut sidecar launch.
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More than $2bn of reinsurance quotes have been placed on the platform, with ILS funds among the market participants.
