EXHIBIT 99.1
- --------------------------------------
W. R. Berkley Corporation NEWS
165 Mason Street, P.O. Box 2518 RELEASE
Greenwich, Connecticut 06836-2518
(203) 629-3000
- --------------------------------------
FOR IMMEDIATE RELEASE CONTACT: Eugene G. Ballard
Senior Vice President-
Chief Financial Officer
and Treasurer
203-629-3000
W. R. BERKLEY CORPORATION NAMES TOM N. KELLOGG
CHAIRMAN OF SIGNET STAR HOLDINGS, INC.
Announces the Formation of Berkley Capital Underwriters,
A New Specialty Reinsurance Underwriting Management Company
Greenwich, CT, February 6, 2002 -- W. R. Berkley Corporation (NYSE: BER)
has named Tom N. Kellogg chairman of its subsidiary, Signet Star Holdings, Inc.,
the parent company of Berkley Insurance Company, W. R. Berkley Corporation's
lead reinsurance company.
In a related development, the company also announced the formation of
Berkley Capital Underwriters, LLC, naming Mr. Kellogg to the position of
president. Based in Greenwich, Connecticut, Berkley Capital Underwriters will
market through reinsurance intermediaries and underwrite, on behalf of Berkley
Insurance Company, a proportional form of reinsurance, with a strong emphasis on
commercial and specialty casualty lines of insurance.
Berkley Capital Underwriters will offer tailored reinsurance solutions that
combine risk transfer, premium capacity management, and capital platform
development in a way that better serves the needs of its insurance company
clients. This operation will complement Berkley Insurance Company's existing
treaty operation, Signet Star Re, LLC, which primarily offers excess of loss
treaty protection through intermediaries.
Mr. Kellogg previously served as president and chief operating officer of
General Re Corporation's principal operating subsidiary, General Reinsurance
Company (now known as
GeneralCologne Re). He retired last year. Mr. Kellogg had served earlier as an
executive vice president and executive committee member of General Re.
Commenting on this new venture, Mr. Kellogg said, "We believe we can offer
some valuable alternatives that will enable insurers to build a stronger
financial platform for their future. We intend to provide solutions that will
help our clients to better manage periods of transition associated with business
expansion and premium growth, while at the same time managing the leverage
against their capital base."
William R. Berkley, chairman of the board and chief executive officer of W.
R. Berkley Corporation, said, "Tom's expertise and Berkley Insurance Company's
strong capital base will position us to provide valuable reinsurance to a
segment of the marketplace that is currently underserved. Berkley Capital
Underwriter's experienced management team has the knowledge and ability to
provide their clients with reinsurance solutions tailored to their needs."
Founded in 1967, W. R. Berkley Corporation is an insurance holding company
which operates in five segments of the property casualty insurance business:
specialty insurance, alternative markets, reinsurance, regional property
casualty insurance and international.
This is a "Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained herein, including
statements related to our outlook for the industry and for our performance for
the year 2001 and beyond, are based upon the Company's historical performance
and on current plans, estimates and expectations. The inclusion of this
forward-looking information should not be regarded as a representation by us or
any other person that the future plans, estimates or expectations contemplated
by us will be achieved. They are subject to various risks and uncertainties,
including but not limited to, the cyclical nature of the property casualty
industry, the long-tail and potentially volatile nature of the reinsurance
business, product demand and pricing, claims development and the process of
estimating reserves, the uncertain nature of damage theories and loss amounts
and the development of additional facts related to the attacks of September 11,
2001, the increased level of our retention, natural and man-made catastrophic
losses, including as a result of terrorist activities, the impact of
competition, the availability of reinsurance, the ability of our reinsurers to
pay reinsurance recoverables owed to us, investment results, exchange rate and
political risks, legislative and regulatory developments, changes in the ratings
assigned to us by ratings agencies, the effects of the refocusing of our
business, including our withdrawal from the personal lines business, uncertainty
as to reinsurance coverage for terrorist acts, the availability of dividends
from our insurance company subsidiaries, our successful integration of acquired
companies or investment in new insurance ventures, our ability to attract and
retain qualified
employees, and other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission. These risks could cause actual
results of the industry or our actual results for the year 2001 and beyond to
differ materially from those expressed in any forward-looking statement made by
or on behalf of the Company. Forward-looking statements speak only as of the
date on which they are made, and the Company undertakes no obligation to update
publicly or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
# # #