W.R. Berkley Corp. Chairman and CEO William R. Berkley vigorously defended the company's reserving practices on an investor conference call today, stating that, if anything, the insurer leans toward being more conservative.
"The fact is we have had over seven years of positive development, which I might point out is twice the average duration of our loss reserves," Berkley said.
He added, "It would be hard—in spite of at least one person pointing out that they think we're short of reserves—to continue that process if that were the case. But there are people who write fairytales as well as historical facts."
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