WR Berkley takes a $30mn Ogden hit in first quarter

Commercial carrier WR Berkley's first-quarter results will
be reduced by $22mn due to the Ogden rate change declared by UK
regulators earlier this year, the US insurer said, with the impact
felt mostly in its reinsurance segment.On a pre-tax basis, the cut in earnings will be $30mn, the
Greenwich, Connecticut-based (re)insurer said late today in a
statement. The reduction will take the form of an increase in
prior-year loss reserves.
The Ogden rate is used to calculate lump-sum bodily...