Berkley was an insurer of the Transocean rig, and has paid out $25 million on it, but after reinsurance, its net payout is $5 million.
W.R. Berkley believes it was charging the right price for deep water oil rig insurance, but is charging higher prices now that it better understands everything that could go wrong on a rig, said W. Robert Berkley in a meeting with reporters.
"It's been a learning experience," Berkley said.
An April 20 rig blast killed 11 people and unleashed a gushing oil leak that BP Plc is still hoping to plug. Transocean owned the rig, while BP owns the oil well.