W. R. Berkley Corporation (NYSE: WRB) today announced that Joseph L. Sullivan has been named president of Facultative Resources, Inc. (Fac Re). The appointment is effective immediately. Mr. Sullivan succeeds Gerald S. King, who has been appointed Vice-Chairman of Berkley Facultative Reinsurance Services, LLC.
Mr. Sullivan, who has over 20 years of experience in property casualty reinsurance, most recently served as Fac Re’s executive vice president and chief operating officer, having joined W. R. Berkley Corporation in 2010. He graduated with a Bachelor of Arts degree from the University of Massachusetts.
William R. Berkley, chairman of the board and chief executive officer of W. R. Berkley Corporation, said: “Joe is a proven reinsurance professional, combining leadership qualities with a depth of understanding of the market. Fac Re, a market leader with expertise across many lines of facultative business, will continue to provide outstanding service to its clients under Joe’s leadership. We thank Jerry for his significant contributions to Fac Re’s success and look forward to his continued involvement in our enterprise.”
Fac Re is a leading broker market property casualty facultative underwriting manager. Fac Re underwrites reinsurance on behalf of Berkley Insurance Company, a leading U.S. domestic professional reinsurance company rated A+ (Superior), Financial Size Category XV by A.M. Best Company, Inc. and a member company of W. R. Berkley Corporation.For further information about the products and services available from Facultative Resources, Inc., please visit www.facre.com. Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates in five segments of the property casualty insurance business: specialty insurance, regional property casualty insurance, alternative markets, reinsurance, and international.