W.R. Berkley Corporation (WRB - Free Report) recently formed Berkley Cyber Risk Solutions to emphasize on insurance and risk management products. The newly launched solution will address the demands of the changing cyber security vulnerabilities of organizations worldwide.
The newly formed solution, which is a unit of W.R. Berkley, will provide specialty commercial insurance coverages globally. The coverage will be offered to the clients of all sizes on behalf of W.R. Berkley Insurance Group member insurance companies. Notably, the abovementioned companies received a credit rating of A+ (Superior) from credit rating giant, A. M. Best.
The latest solution will be significantly value accretive to the property and casualty (P&C) insurer’s group of operating units. Tracey Vispoli, who will become the president of the Berkley Cyber Risk Solutions, has vast experience in the cyber insurance space and possesses in-depth expertise in cyber security-related matters. The P&C insurer believes that it will be able to deliver effective and efficient solutions to protect the clients from the risks of cyber attacks under Vispoli’s leadership.
The demand for risk solutions like the one mentioned above is growing across the market. We believe that the coverage provided by the new solution will enrich the suite of products available to the insurer’s clients.
W.R. Berkley has been undertaking strategic initiatives to improve its organic profile. This year itself the company announced the formation of a new operating unit named Berkley Insurance Asia to tap the commercial insurance markets of North Asia and Southeast Asia. It added a new business unit to write South African business while formed a division named Berkley International Seguros Colombia S.A. W. R. Berkley formed Berkley Transactional as a division of Berkley Professional Liability Underwriters (Berkley Pro). With new units continuing to grow and established businesses no longer losing volume, overall growth is visible.
Currently, W.R. Berkley carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked stocks from the same space are Alleghany Corp. (Y - Free Report) , NMI Holdings, Inc. (NMIH - Free Report) and Arch Capital Group Ltd. (ACGL - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Alleghany Corporation deals with P&C reinsurance and insurance businesses in the U.S. and internationally. The company delivered positive surprises in three of the last four quarters, with an average beat of 20.52%.
NMI Holdings offers private mortgage guaranty insurance services in the U.S. The company delivered positive surprises in all of the last four quarters with an average beat of 62.80%.
Arch Capital offers property, casualty, and mortgage insurance and reinsurance products worldwide. It delivered positive surprises in all of the last four quarter with an average beat of 9.27%.
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