Early Life
William Robert Berkley was born in 1946 in North Jersey. His father passed away when William was 11 years old. He began investing in the stock market at age 12, using earnings from lawn mowing. Berkley received a scholarship to New York University (NYU) where he earned his bachelor's degree, followed by an MBA from Harvard Business School in 1968.
Rise to Success
In 1967, Berkley founded W. R. Berkley Corporation with $2,500. He was the CEO until 2015, when he became the Executive Chairman. The company went public in 1973, with Berkley owning 23.8% of the shares. W. R. Berkley Corporation has grown into a major commercial lines property and casualty insurance holding company with operations worldwide.
Key Business Strategies
Berkley's company focused on a decentralized underwriting model, putting decision-making close to the risks. This local focus propelled growth into specialty commercial lines and global operations. The company has consistently aimed to maintain a combined ratio below 90%.
Philanthropy
Berkley and his wife, Marjorie, have donated to New York University, including a $50 million donation to the Leonard N. Stern School of Business. He is also involved with the Berkley Family Foundation, supporting education, healthcare, and environmental causes. He established the Berkley Center for Religion, Peace and World Affairs at Georgetown University.