W R Berkley acquires Irish Professional Risks

by Gill Montia

Story link: W R Berkley acquires Irish Professional Risks

W R Berkley Insurance (Europe) Ltd (WRB), part of the Connecticut-based W R Berkley Corp, has completed its acquisition of Irish Professional Risks Ltd.

The latter is an underwriting agency specialising in professional indemnity insurance and has offices in Balbriggan, County Dublin.

The merged business will be known as W R Berkley Insurance Ireland and its range of products will include professional indemnity, medical malpractice, directors and officers, construction and engineering and personal accident.

The new firm will be headed by Owen Twomey, who has over 30 years of underwriting experience in the insurance sector, particularly in professional indemnity and general liability.

The companies already had a strong working relationship and WRB chief executive, Stuart Wright, says the acquisition will greatly enhance the group’s presence in the Irish market.

WRB’s parent company was founded in 1967 and has grown to become one of the largest commercial lines writers in the US.

The group recently pulled out of a deal to acquire Norway-based NEMI Forsikring ASA, which focuses on specialty lines of insurance, saying it could not agree terms, but further acquisitions are anticipated.