William R. Berkley, who started his company in 1967 with an investment of $2500, began by managing other people’s money. Forty years later, his is a Fortune 500 company, an international firm with over 30 lines and annual revenues in excess of $5 billion USD, and yet it’s a family business.
Berkley’s company has already expanded into Hong Kong, and Spain. Soon he will be selling a variety of insurances in Ireland as well. His company’s European subsidiary has acquired Irish Professional Risks Ltd., and now combines it into W.R. Berkley Insurance Ireland.
This is far from Berkley’s first acquisition. He has already purchased Admiral, Carolina Casualty, Nautilus and Fireman’s Insurance Co. The company has also grown significantly from a number of successful niche market startups.
The company is rock-solid. In 2007, Forbes Magazine named it the “Best-Managed Insurance Company.” William Berkley clearly knows how to predict the future, and shares this with us: “2009 will be a bad underwriting year. And I think the cycle will turn by 2010.”
In addition to Medical Malpractice, the company will offer professional indemnity, directors and officers liability insurance, construction and personal accident insurance policies. Having this industry giant at the helm should provide Ireland with lower rates and quality services. With a track history like theirs, W.R. Berkley is as close as one gets to a sure bet.