W. R. Berkley Corporation (NYSE: WRB) shares gained ground Thursday, on word that Berkley Insurance Company has received approval from the International Financial Services Centres Authority (IFSCA) for the establishment of a branch office in India. The new branch, Berkley Insurance Company, IFSC Branch GIFT City, Gujarat, marks a significant milestone for Berkley Insurance Asia as it continues to expand its presence in the region.
Unnati Bajpai has been named chief executive officer and principal officer of the IFSC Branch. Ms. Bajpai is a highly respected insurance practitioner with extensive experience in the industry. She will be joining the Berkley Insurance Asia leadership team and working closely with Mr. Shasi Nair, chief executive officer of Berkley Insurance Asia.
CEO Robert Berkley commented, “We are pleased to welcome Ms. Bajpai to Berkley. She will be instrumental in establishing the Berkley team in India as we prepare to begin operations in 2025. Our entry into the Indian market underscores our commitment to selectively developing our business in Asia. We look forward to bringing our specialty insurance products to the Indian market.
WRB shares increased in price 26 cents to reach noon EST Thursday at $58.13.