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W R Berkley SWOT & PESTLE Analysis

ID : 52800453| Oct 2020| 19 pages

COMPANY PROFILE -W R Berkley

Business Sector :Insurance

Operating Geography :United States, North America,Global

About W R Berkley :

W R Berkley is an insurance holding company that is among one of the nation’s premier commercial lines property casualty insurance providers in the United States. It was founded in 1967 by William R. Berkley, who currently serves as Executive Chairman. WR Berkley operates in two segments of the property casualty insurance business: Insurance and Reinsurance and headquartered in Greenwich, Connecticut, United States.
The insurance business units underwrite predominantly commercial insurance business, including excess and surplus lines and admitted lines, and specialty personal lines, throughout the United States, as well as insurance business in the United Kingdom, Continental Europe, South America, Canada, Scandinavia, Australia, Asia and Mexico. The revenue share of insurance unit was $6.4B or 88.7% of total revenue (Pre-tax income: $815M) in FY 2019. The Reinsurance & Monoline Excess units write reinsurance business on a facultative and treaty basis, primarily in the United States, United Kingdom, Continental Europe, Australia, the Asia-Pacific Region and South Africa. Corresponding revenue was accounted to be $879M or 11.3% of total revenue (Pre-tax income: $189M) in FY 2019. As of January 31, 2020, WRB employed 7,493 individuals. Of this number, subsidiaries employed 7,356 persons and the remaining persons were employed at the parent company.
The competitive advantage for WR Berkley lies in the long-term people-oriented strategy of decentralized operations. This has allowed WRB to identify and respond quickly and effectively to changing market conditions and local customer needs. This decentralized structure has also resulted in attracting and retaining the highest caliber professionals as well as incentivizing local managers for their excellent performance. The company puts strong emphasize on Accountability, Responsible financial practices, Transparency. All the subsidiaries of WR Berkley hold the A+ rating according to S&P rating and A.M.Best Rating. Meeting the needs of customers, maintaining a high-quality balance sheet, and allocating capital to the best opportunities, these three have been growth vehicles for WR Berkley.

W R Berkley Revenue :


$ 7.9 Billion - FY ending 2019 (YoY growth of 11%)
$ 7.7 Billion - FY ending 2018

Competitive Analysis of W R Berkley

SWOT
PESTLE
The SWOT analysis for W R Berkley is presented below in a table followed by the detailed analysis report.
StrengthsWeaknesses
1. Responsible financial practices
2. Strong product portfolio offering insurance to major sectors
3. Focus on risk adjusted returns instead of nominal returns
4. Implementation of People-oriented strategies across all business units
5. Strong reserves built-up for both the segments.
6. High quality investment portfolio
1. Declining revenue from Reinsurance & Monoline Excess segment
2. Sales growth rate is very low as compared to the industry and sector growth rate
3. Liquidity and Solvency ratios are not at par with the sector
OpportunitiesThreats
1. Insurance penetration has been low for the geographies in which WRB operates
2. Boosting yet Volatile economies demand insurance for efficient risk mitigation
3. Targeting reinsurance growth in firming markets
1. Globally hit Covid-19 pandemic has negatively affected the business activities.
2. Insurance holding is highly competitive industry
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of W R Berkley

Strength

1. Responsible financial practices: Risks and corresponding mitigation plans are inevitable parts of any institution. Proactive way of risk mitigation is always sought after more than the reactive way. This helps in minimizing the potential loss. At WRB, risks are identified and dealt with proactively. It has been able to maintain a strong balance sheet for past years which include superior quality investment portfolio with minimum possible risk. At the same time, WRB is equipped with ample number of resources to take the benefit of any emerging opportunity. The decentralized structure of the firm improves the financial accountability.

2. Strong product portfolio offering insurance to major sectors: A wide variety of risks are associated within the business ambit in which Berkley functions. Especially in the Property and Casualty, risk can have multiple aspects specific to the business activities and geographies in which it operates. Hence for an insurance company, it opens wide opportunity for product proliferation which also increases the volume sales and hence the top line of the company. Tailor made product offerings also helps a company in establishing a strong customer relationship. WRB has presence in all major sectors including Healthcare, Fire& Marine, Human Services, Oil and Gas, Cyber Security etc., identifying the needs of the customers and servicing them accordingly. WRB also has region specific insurance products such as Berkley Canada, Berkley North Pacific, Berkley Southeast, WRB Europe etc.

The remaining section of “Strength” is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threats

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Northbridge Insurance
  • Ohio Casualty Group
  • Cincinatti Insurance Companies
  • Kemper Corporation
  • Fairfax Financial Holdings

Major Brands :

  • Berkley FinSecure
  • Berkley Fire & Marine
  • Berkley Healthcare
  • Berkley Global Product Recall Management
  • Berkley Cyber Risk Solutions
  • Berkley Custom Insurance
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References used in W R Berkley SWOT & PESTLE Analysis Report

1. W R Berkley Annual Report 2019 - https://s22.q4cdn.com/912518152/files/doc_financials/2019/ar/1906-Berkley_2019AR-042720-FULL-AR-pages-reduced-compressed.pdf
2. W R Berkley Investor Relations - https://ir.berkley.com/investor-relations/financial-information/key-ratios/default.aspx
3. W R Berkley Company profile - https://www.reuters.com/companies/WRB
4. W R Berkley Company Website - https://www.berkley.com/
5. 2020 Insurance Industry Outlook - https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/insurance-industry-outlook.html
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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W R Berkley SWOT and PESTLE analysis has been conducted by Utkarsha Sawant and reviewed by senior analysts from Barakaat Consulting.

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