WR Berkley’s local arm is to rebrand as Berkley Insurance Australia, in a bid to sharpen its positioning and focus.

It will operate as a branch of US-based Berkley Insurance Company (BIC) rather than WR Berkley Insurance (Europe), which established the Australian operation in 2003.

WR Berkley Chairman and CEO Bill Berkley says Australia has become a key contributor to the group’s global strategy.

“Having Berkley Insurance Australia operate as a branch of [BIC] allows the WR Berkley Insurance Group to deliver a more efficient operating platform to develop the group’s business in Australia,” he said.

Australia CEO Tony Wheatley says brokers will notice that as policies expire the security for replacement policies will be BIC, the primary and largest underwriting entity within WR Berkley Corporation.

“We have also made some slight improvements to our wordings,” he told insuranceNEWS.com.au.

The business will transfer to BIC’s Australian licence.

As an arm of BIC, Berkley Insurance Australia will gain slightly better credit ratings of A+ (strong) from Standard & Poor’s and A+ (superior) from AM Best.

Mr Wheatley says the change gives his operation a clearer reporting line to the US and recognises its growing importance to the global group.

WR Berkley Europe will continue to support London market placements of Australian business. The transition will occur over the next 60 to 90 days.