A Note from the President
As we pass the midpoint of 2021, I wanted to take a moment to reflect and share some thoughts on the market and how Berkley Asset Protection is positioned for the future.
Berkley Asset Protection and our brokers operate in niche areas, but we are all part of a global multi-line insurance marketplace. For years, the global insurance market experienced soft conditions, decreasing rates, broadening Terms and Conditions, compounded by increased losses. These factors caused significant changes in market conditions including rate increases, reductions in capacity and known underwriting teams exiting the market.
During this period of prolonged market uncertainty, we have maintained our underwriting discipline and not overreacted to market events. As a result, we have extended our market leadership position. Additionally, we have increased the line size for our Fine Art business to $100M and added Christine Lim to the Singapore office to underwrite on admitted local paper. Berkley Asset Protection will continue to be forward thinking with stability and consistency.
Our team is currently working on the following initiatives:
- Redesigning our online platform which will allow us to expand our product offering beyond personal jewelry and offer a best in class user experience
- Exploring new products and geographies to further leverage the global Berkley network of legal entities
- Reviewing our submission and renewal process to support broker efficiencies and improve the customer experience
- Re-engaging in person with our brokers, customers and industry influencers in order to gain feedback on what the market requires and how we can best respond to those needs
We thank you for your partnership with Berkley Asset Protection and we sincerely appreciate your support. We look forward to a brighter future for everyone.