William R. Berkley, founder of Greenwich-based insurance giant W.R. Berkley, dies at 80

Paul Schott, Journal Inquirer, Manchester, Conn.Journal Inquirer

William R. Berkley, the founder and executive chairman of insurance-holding company W.R. Berkley Corp., has died at the age of 80.

The Greenwich-headquartered company, one of the largest headquartered in Connecticut, announced Berkley’s death in a news release on Tuesday evening, but it did not disclose the cause.

The announcement noted Berkley’s founding of W.R. Berkley in 1967 and his pivotal role in the company becoming a leading commercial insurer and a Fortune 500 firm. He was the company's CEO until 2015, and he had served since then as its executive chairman.

“My father was more than an extraordinary leader and entrepreneur, whose vision and values shaped the company,” W. Robert Berkley, Jr., W.R. Berkley’s current CEO and president, said in a written statement included in the news release. “He was a father, best friend and mentor to me and numerous colleagues, and his influence on us, our company and the broader industry, and the countless lives he touched and enhanced is immeasurable.”

Today, W.R. Berkley comprises 60 businesses, including a number of units that provide property-and-casualty coverage. Last year, the company generated revenues of about $14.7 billion, which earned it 305th place in this year’s Fortune 500 ranking of the largest U.S. corporations. The company is also a member of the S&P 500 index.

The growth of W.R. Berkley made its founder one of the wealthiest people in the world. The net worth of William R. Berkley and his family was estimated at $5.9 billion, as of Wednesday, according to a profile page for him on Forbes’ website. The profile listed Coconut Grove, Florida, as his place of residence. It also noted that he founded W.R. Berkley with $2,500, while he was working on an MBA at Harvard University.

Many wealthy people become philanthropists, and W. Robert Berkley Jr. said that his father had been “deeply devoted to giving back to improving the lives of others.”

“He generously supported educational institutions at all levels, reflecting his belief in expanding opportunity and fostering intellectual curiosity, and his conviction that opportunity and knowledge are fundamental to individual growth and societal progress,” W. Robert Berkley Jr. said. “He was equally committed to advancing health care, supporting hospitals, research institutions and community-based programs. He helped promote improvements in patient care and medical research, reflecting his compassion and commitment to benefiting others.”

A biography page for William R. Berkley on the website of New York University, of which he was a graduate, provides additional information about his support of NYU and other educational institutions including the University of Connecticut. Through the years, his roles included serving as chairman of NYU’s board of trustees; vice chairman of UConn’s board of trustees; chairman of the charter-school network Achievement First, which has schools in Bridgeport, Hartford and New Haven; and vice chairman of Georgetown University’s board of directors, where he helped create the Berkley Center for Religion, Peace and World Affairs, according to the biography page.

W. Robert Berkley Jr., who has been appointed as chairman by the company’s board of directors, added that, “While we are deeply saddened by his passing, we remain committed to carrying forward his values, culture and long-term perspective. His philanthropic contributions will endure for generations through the many organizations and individuals he touched.”

The younger Berkley leads a company that had about 8,800 employees at the beginning of this year. In Connecticut, the company's presence includes its headquarters at 475 Steamboat Road, as well as offices at the Metro Center complex next to the Metro-North Railroad station in downtown Stamford. In Greenwich, the company is seeking approval from local officials to demolish its headquarters building and construct a new edifice in its place.