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Report: W.R. Berkley suspends underwriting for London marine book

W. R. Berkley Corp.'s Lloyd's managing agent W/R/B Underwriting is suspending marine underwriting in London, the Insurance Journal reported.

Sources told the news outlet that the move comes as W/R/B Underwriting is undertaking rigorous cycle management due to poor marine results.

The $30 million London marine book has underwritten marine hull and cargo, marine liability and marine war. The company is expected to honor all claims for its marine book, according to the report.

W/R/B Underwriting will continue to underwrite property, specialty casualty, aviation, accident and health, engineering and construction, crisis management and asset protection, the news outlet noted, citing sources.