NEW YORK—While American International Group's CEO touted the advantage of being designated a systemically important financial institution the CEO of W.R. Berkley Corp. was notably less enthusiastic about insurers getting the designation.
“I actually feel sorry for them,” says William R. Berkley, chairman and CEO of Berkley Corp., who joined AIG President and CEO Robert H. Benmosche for a panel discussion at the Standard & Poor's Rating Service 29th Annual Insurance Conference on June 5.
Berkley was responding to an audience question about insurers being designated systemically important financial institutions (SIFI). He explained that for a short time when W.R. Berkley was a bank holding company it had “an informal” relationship with the Federal Reserve.
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