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WR Berkley celebrates 50 years

US-based insurer WR Berkley last week marked the 50th anniversary of its founding.

Chairman Bill Berkley started an investment management business with $US2500 in 1967 before entering property and casualty insurance in 1972 with the purchase of two Texas companies.

The insurer went public in 1973 and now has 54 operating units spanning the US and 15 countries.

WR Berkley is among the largest commercial lines insurers in the US, and last year reported gross written premium of $US7.54 billion ($10 billion).

The company will celebrate its milestone with events at various locations worldwide, including Australia, where it is also marking its 10th anniversary.