Expertly crafted product recall cover to protect your brand, your product and your balance sheet
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Specialists in worldwide first-party delegated authority business, fostering long-term partnerships with tailored underwriting, exceptional claims services, and first-rate technical support.
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At Berkley Specialty, we bring a wealth of underwriting excellence and an unwavering commitment to confronting the evolving risks faced by financial institutions.
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Pragmatic risk transfer solutions provided by experienced underwriters with a solution focus, backed up by award winning claims and breach response.
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Empowering our customers with innovative solutions and trading efficiency.
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Great ideas start with great people – join a team where your future takes shape.
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Q&A with Laurence Woodford, Head of Engineering & Construction at Berkley Specialty London. , How did you start off in the insurance market?, I started in insurance after finishing my A-levels. I took on a 3-month internship at Berkley Specialty London in their Engineering team, which then led to a job offer as an Underwriting Assistant. , What has been your career path since then?, I spent 2.5 years as an Underwriting Assistant, then a further 2.5 years as an Assistant Underwriter. During this time I studied for my ACII and once qualified was promoted to a full Underwriter. After 3 years I was promoted to Senior Underwriter and 1.5 years into this role, I was promoted to Head of Department; a role I have held for the past 3 years. By working hard I’ve been successful in…, What do you like most about your role?, From the outside looking in, I think insurance has a reputation for being a bit ‘dry’ but once you start to understand the industry it becomes genuinely interesting. In my job I am essentially putting a price on risk – which is something unquantifiable – and so I have to rely on a mixture of data and analysis along with knowledge and judgement in order to do this. I enjoy the social side of the…, What do you like most about Berkley Specialty London?, I’ve been with WRB my whole career and the main reason is probably down to the fact that they really let you create your own pathway. If you want to go in a certain direction and you can prove that you are adding value, then the business will help you to get there. Even though the Berkley businesses are part of a big corporation, each of these businesses operates within a decentralised…, What advice would you give to school-leavers who are thinking about insurance as a career?, Apply! You don’t have to be a university graduate to get access to this industry. If you are hardworking there is a lot of scope to do well and make a real success of yourself – personally, financially and professionally. Learn more about our career opportunities and available roles here .
Discover how a successful career in the insurance industry can begin with an internship. Read Laurence Woodford’s Q&A to learn more.
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Elliott Goss, Chief Claims Officer Looking back, 2003 seems a distant memory. The second Gulf War in Iraq led to the toppling of Saddam Hussein. A fresh-faced Swiss man called Roger Federer won Wimbledon, the first of his 20 Grand Slam titles. And Myspace made its debut as one of the world’s first social media platforms. It was also the year that I started in insurance. In historical terms…
Elliott Goss reflects on his two decades working within claims.
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Charles Perry, Head of Cyber, Berkley Specialty London On the 12th of January, 2024 Microsoft announced that it had detected a “nation-state attack.” Moreover, Microsoft publicly attributed it to Russia and emphasised the urgent need to move faster to counter continuous risks from well-resourced nation-state threat actors.[, i, ] While there has been no apparent catastrophic disruption, the attack provokes thought about the ever-increasing complexities and challenges of modelling and managing a profitable portfolio of cyber risk in a world where technological advancements are outpacing us (think AI). In the context of a world with very fragile and heightened geopolitical tensions, and immeasurably interdependent…, State Backed Cyber-Attacks (SBCA), First, SBCAs. Microsoft’s announcement and attribution is interesting given the turbulent introduction of the Lloyd’s Market Association’s war clauses. While this purported state-backed Russian attack continues to develop, the event may provide a useful scenario for stress-testing the modernised clauses. Was it just a warning shot or was it intended to have a catastrophic impact? Either way,…, Contingent Business Interruption (CBI) / Dependent Business Interruption (DBI), Second, Microsoft clearly has a huge market share. Put to one side bargaining power, a vast number of businesses in the world simply depend on its products and services in one way or another, knowingly or unknowingly (scheduled or unscheduled within a cyber policy). In this competitive landscape, there have been notably increased line sizes and broader coverage for CBI and DBI. Microsoft’s attack…, Swans and cables, The term “Black Swan” (popularised by Nassim Nicholas Taleb) is often used to describe an event that is extremely rare, has a major impact, and is unpredictable or unforeseen. The less commonly used term “White Swan” refers to one that is rare and potentially significant but is foreseeable and predictable. In The Dark Cloud (2023), Guillaume Pitron points out that “99% of the world’s data traffic…, TeleGeography[, ii, ], ). Microsoft’s recent attack should therefore help steer the cyber insurance market towards better understanding and management of the exposures that come with a portfolio of cyber risk, and helping to ensure portfolios are prepared for and resilient to whatever swan it may be. [i] Opens in new tab https://www.microsoft.com/en-us/security/blog/2024/01/25/midnight-blizzard-guidance-for-…
Charles Perry takes a closer look at the attack and explores the wider implications for the cyber insurance market.
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Describe your career to date, I began my insurance career in a UK composite Insurer as an underwriter some years back (!), which was a great springboard into the world of insurance. This enabled me to take on several diverse roles such as underwriting, sales and distribution and training. After a few years working for a US Specialty Insurer in a sales management role, I was lucky enough then to be approached by someone…, Why Berkley Specialty London?, Berkley businesses have been underwriting Technology Insurances in the US for a considerable number of years, so there’s a great depth of understanding and experience of this unique class of business. Berkley Specialty London has a real commitment to the sector and in particular our London market partners. A major advantage to me is the Group’s decentralised business structure, which enables us…, What inspires you about the sector and what makes Berkley Specialty London’s Technology offering stand out?, I have always found the Technology sector to be a vibrant and fast paced environment. I have a real passion for the subject matter – I am genuinely enthused to meet clients and understand their businesses and drivers and create solutions that provide true long-term value and security. Our Technology PI and Cyber product has been developed with careful consideration to what’s important to our…
Matt Sumpter explains why he is excited to develop our technology portfolio and outlines what makes our offering stand out in the market.
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