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Bill Berkley hands reins to his son

WR Berkley Chairman and CEO Bill Berkley is handing over as CEO of the company he founded in 1967 to son Robert.

The industry veteran announced the news when WR Berkley last week reported a 31% fall in profit to $US241.34 million ($330.89 million) for the six months to June 30, with a slide in investment gains.

He also used a news conference to slam the surge in merger and acquisition activity among (re)insurers, saying it is driven more by “management ego” than business needs.

He says there are only a few companies that need to be global to serve customers.

Robert Berkley, who joined the company 17 years ago, is President and COO. He will become CEO on October 31, with his father retaining the role of Chairman.

WR Berkley’s gross written premium for the six months grew 3% to $US3.12 billion ($4.28 billion) and the combined operating ratio was 93%, compared with 92.8%.