Berkley Asset Protection

What Berkley Asset Protection does

Berkley Asset Protection is a specialty insurance underwriting manager and wholly-owned subsidiary of W. R. Berkley Corporation (NYSE:WRB), a Fortune 500 commercial lines P&C insurer founded in 1967. Established in 2008 and headquartered at 757 Third Avenue in New York, the company focuses on three tightly defined specialty classes: fine art and collectibles insurance, jewelers block insurance, and high-value asset insurance, supplemented by a niche workers compensation product with a Safety Group dividend plan for jewelry businesses. It also offers a Cyber Coverage Endorsement (up to $1M aggregate limits) through a partnership with CyberScout, and operates Lavalier, a direct-to-consumer personal jewelry insurance platform acquired in 2017 and available in all 50 states.

The company underwrites and serves business through two parallel distribution systems. Commercial lines are placed through an established network of retail and wholesale insurance brokers and agents serving global clients, with regional offices in West Hartford (CT), Glen Allen (VA), and Appleton (WI), plus an AVP-level territory manager covering Canada. The Lavalier consumer book is sold direct-to-consumer via Lavalier.com with instant online binding, and is increasingly distributed through affinity partnerships with Signet Jewelers (Jared, Kay, Zales), Progressive Insurance, and gemological institutes (IGI, GSI). The claims function, led by EVP Gregory J. Smith, commits to 24-hour response and 72-hour first-party claim payment, supported by 30 years of specialized experience and 12,000+ settled claims.

Revenue is generated entirely through recurring insurance premiums across the specialty product lines. Pricing varies by coverage type and risk profile: Lavalier policies carry $50,000 per-item and $150,000 total limits with deductible options from $0 to $25,000; cyber coverage starts below $250/year; and the Workers Compensation Safety Group offers dividends up to 35% of premium based on group loss experience. The business is underwritten on the paper of Berkley National Insurance Company, which carries an A.M. Best A+ (Superior) rating and Financial Size XV designation, giving Berkley Asset Protection balance-sheet strength and regulatory standing that independent specialty insurers would struggle to replicate. The company is not separately funded, is not publicly traded, and does not disclose standalone revenue.

Name

Berkley Asset Protection

Legal name

Berkley Asset Protection Underwriting Managers

Website

https://berkleyassetpro.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Berkley Asset Protection is a specialty insurance underwriting manager (subsidiary of W. R. Berkley Corporation) that underwrites fine art, jewelers block, high-value asset, and personal jewelry insurance for jewelers, museums, galleries, collectors, and individual consumers across all 50 states.

Ownership category

akta.pro rank

Product category

Specialty Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers and Related Activities (524), Insurance Carriers (5241)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Fine Art, Jewelry & Specie (FSAJAGAL)

akta.pro secondary industries

Specialty/Unique Item Coverage (Fine Art, Antiques, Pianos, Safes) (HSAKANAE), Fine Art, Specie & High-Value Property Reinsurance (FSAOADAO)

Keywords

• Specialty insurance products
• Fine art insurance
• Jewelers block coverage
• Personal jewelry insurance
• High value asset insurance

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain, Others

Revenue model

1. Insurance Premiums - Fine Art + Collectibles: Specialty insurance coverage for fine art, private and corporate art collections, museums, galleries, and exhibitions.
2. Insurance Premiums - Jewelers Block: Comprehensive coverage for jewelry retailers, wholesalers, manufacturers, designers, refiners, and watch trade, including work and operations coverage, mysterious disappearance, and worldwide coverage.
3. Insurance Premiums - Personal Jewelry (Lavalier): All-risk personal jewelry insurance with worldwide coverage, covering loss, damage, theft, and mysterious disappearance. Offers coverage limits up to $50,000 per item with total policy limit of $150,000.
4. Insurance Premiums - High Value Assets: Coverage for securities, cash-in-transit, precious metals, safe deposit boxes, armored car, mining companies, ATM, and other high-value assets.
5. Insurance Premiums - Workers Compensation: Workers compensation insurance for fine art, jewelry and high-value asset clients, with a specialized Safety Group & Dividend Plan for jewelry businesses offering dividends up to 35% of premium.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels7 records

Core offering

Berkley Asset Protection is a specialty insurance provider underwriting coverage for fine art, jewelry, and high-value assets. Its core offerings include Jewelers Block Insurance for jewelry businesses, Fine Art + Collectibles Insurance for museums, galleries, and collectors, High Value Assets Insurance (securities, cash-in-transit, precious metals, vaults), Workers Compensation Insurance with a dividend plan for jewelry industry employers, and the Lavalier sub-brand offering direct-to-consumer personal jewelry insurance with online quote and bind.

Product overview

Berkley Asset Protection is a specialty insurance provider offering a comprehensive portfolio of insurance products for fine art, jewelry, and high-value assets. The company operates as a member of W. R. Berkley Corporation and was established in 2008. The product portfolio centers on core specialty insurance products including Jewelers Block Insurance (for retailers, wholesalers, manufacturers, designers, and personal collections), Fine Art + Collectibles Insurance (for collections, museums, galleries, and exhibitions), High Value Assets Insurance (for securities, precious metals, armored car, and vault operations), and Workers Compensation Insurance with a specialized Safety Group & Dividend Plan for jewelry businesses. A key sub-brand is Lavalier Personal Jewelry Insurance, acquired in 2017, offering direct-to-consumer personal jewelry coverage with instant online quotes at Lavalier.com. Additional offerings include a Cyber Coverage Endorsement for data breach protection (partnering with CyberScout), Claims Services (with industry-esteemed 24-hour response), Loss Prevention Services (risk consulting and security guidance), and Billing & Payment Services. The company serves clients in all 50 states and internationally, backed by W.R. Berkley Corporation's 50-year history and A.M. Best A+ rating.

Differentiator

Problem solved

Functional benefit

Brands

• Lavalier: Personal jewelry insurance for individuals offering worldwide coverage including loss, theft, damage, and mysterious disappearance. Provides coverage in all 50 states with online quote and purchase capabilities at Lavalier.com.

Products and services

• Jewelers Block Insurance Specialty insurance product for jewelry businesses including retailers, wholesalers, manufacturers, designers, refiners, and the watch trade. Provides custom coverages such as USPS Registered Mail, Work and Operations Coverage, Mysterious Disappearance, Wearing of Jewelry, Replacement Cost and Agreed Value, Travel, Worldwide Coverage, and Appraisal Liability.
• Fine Art + Collectibles Insurance Insurance coverage for fine art, private and corporate art collections, museums, galleries, and exhibitions. Protects collectors and institutions against loss, damage, theft, and other risks associated with valuable art pieces and collectibles.
• High Value Assets Insurance Coverage for high-value exposures including securities, cash-in-transit, precious metals, safe deposit boxes, armored car operations, mining companies, ATMs, and vault operations. Empowered local underwriters deliver international coverage.
• Lavalier Personal Jewelry Insurance Personal jewelry insurance for individual consumers covering loss, damage, theft, and mysterious disappearance. Offers worldwide coverage with limits up to $150,000 total and $50,000 per item. Features instant online quotes at Lavalier.com, deductible options from $0 to $25,000, wear and tear coverage, and newly purchased jewelry coverage for 30 days.
• Workers Compensation Insurance Workers compensation insurance for fine art, jewelry, and high-value asset clients. Includes the Workers Compensation Safety Group & Dividend Plan specifically for jewelry businesses, offering dividends up to 35% of premium based on group loss experience, along with loss control services and return-to-work programs.

Quantifiable outcome

• Claims response within 24 hours of notice
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability2 records

Partnerships

Four partnerships are on record, tiered core.

• International Gemological Institute (IGI)coreStrategic or Co-development Partner · 1 November 2023Lavalier and IGI partnered to offer integrated services including a 10% premium discount for consumers who provide an official IGI grading report. IGI is the world's leading independent diamond, gem and jewelry grading institute with 29 laboratory locations worldwide.
• Gemological Science International (GSI)coreStrategic or Co-development Partner · 1 May 2017Affinity partnership offering 10% premium discount when consumers submit a GSI grading report for jewelry they insure. GSI is one of the largest gemological organizations serving large manufacturers, major jewelry chains, department stores, and online jewelers.
• Signet Jewelers (Jared Kay Jewelers and Zales)coreGTM or Marketing PartnerLavalier partnered with Signet Jewelers to provide best-in-class jewelry coverage to Jared Kay Jewelers and Zales customers through an affinity distribution arrangement.
• Progressive InsurancecoreGTM or Marketing PartnerLavalier partnered with Progressive Insurance to offer best-in-class jewelry coverage to Progressive customers seeking personal jewelry insurance.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Jewelers Mutual: Jewelers Mutual is the most direct peer — a specialty insurance carrier focused exclusively on personal jewelry and jewelry businesses. Both Berkley Asset Protection (Jewelers Block, Lavalier) and Jewelers Mutual target the same retail, wholesale, and consumer jewelry segments with comparable coverage forms.

Broad incumbents

• Chubb: Chubb is a global P&C leader with established Masterpiece and Fine Art practices serving high-net-worth collectors, museums, and dealers. Competes with BAP in fine art and specie, particularly for HNW personal jewelry and corporate collections.
• AIG Private Client Group: AIG operates a major Private Client Group covering fine art, jewelry, and collectibles for high-net-worth households. Competes with both Lavalier (at the HNW tier) and Berkley's fine art practice for collectors and corporate collections.
• AXA XL (Art & Specie): AXA XL runs a global Art & Specie business underwriting fine art, jewelry, and high-value assets for commercial and private clients. Directly competes with Berkley Asset Protection in specie, jewelers block, and fine art for museums and dealers.
• Hiscox: Hiscox is a specialty insurer with a Fine Art and Specie practice serving collectors, dealers, and museums. Competes with Berkley Asset Protection for fine art and high-value asset accounts in the mid-market and HNW segments.
• Liberty International Insurance (Specie): Liberty's Specie division is a global leader in specie and high-value assets insurance, including precious metals, cash-in-transit, and armored car coverage. Directly comparable to Berkley's High Value Assets product line.
• Tokio Marine HCC — Specialty Group: Tokio Marine HCC operates specialty insurance platforms across fine art, jewelry, and commercial specialty lines. Competes with Berkley Asset Protection in niche P&C categories via both direct underwriting and delegated authority.
• Markel Specialty: Markel writes specialty insurance including jewelers block and fine art through its specialty division. Comparable in underwriting philosophy (niche specialization, delegated authority to local teams) and customer base.
• Travelers (Fine Art & Specie): Travelers' Fine Art and Specie practice serves collectors, museums, and dealers through brokers and agents. Operates as a broader incumbent with comparable specialty coverage forms and distribution model.

Emerging players

• Aspen Insurance: Aspen underwrites specialty P&C lines including specie, fine art, and commercial specialty. Operates with delegated authority and niche focus similar to Berkley's model, often competing in the same broker channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks4 records

Key highlights7 records

Customer concentration

• Xx.com/BerkleyAssetPro
• YouTubeyoutube.com/user/BerkleyAssetPro
• Facebookfacebook.com/BerkleyAssetProtection
• LinkedInlinkedin.com/company/berkley-asset-protection-a-berkley-company-

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Berkley Asset Protection