The US insurance outfit is reviewing the future of its Lloyd’s operation but is issuing few details on what triggered this action.
Market talk is that WR Berkley has been stung into action by continuing marine market softness, which may have been exacerbated by the “GL” — or good luck — factor. As the number of underwriters subscribing for a share in a risk has fallen, individual participations have risen, making GL a key issue that can determine whether an account is profitable or not.
