W.R. Berkley Corporation has formed a special purpose insurance agency, called Lifson Re, in Bermuda.
The newly created venture is licenced by the Bermuda Monetary Authority.
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Lifson Re has received an equity capital of over $250m from global investors, including from W. R. Berkley.
Starting from 1 January 2021, Lifson Re will work side-by-side with “traditional” reinsurers in property and casualty reinsurance deals ceded by W. R. Berkley’s subsidiaries, on a collateral basis.
A W. R. Berkley affiliate will manage the assets of the new company.
W.R. Berkley Corporation president and CEO Robert Berkley said: “The creation of Lifson Re is part of an important strategic initiative to efficiently manage our risk and capital.
“Lifson Re is a natural fit with our business and complements our strong, long-standing relationships with traditional reinsurance partners.
“Through a unique long-term arrangement, Berkley will be the sole source of risk ceded to Lifson Re, providing Lifson Re’s investors with access to an attractive, specialized and diverse book of insurance risk.”
Two years ago, W. R. Berkley introduced a new unit called Berkley Healthcare to serve healthcare providers.
Founded in 1967, W. R. Berkley is an insurance holding company in the US that operates globally. It deals in areas of property and casualty insurance business.
