W. R. Berkley Corporation (NYSE: WRB) announced that its founder and Executive Chairman William R. Berkley died at age 80, according to a company statement.

Berkley founded the Greenwich, Connecticut-based insurance company in 1967 and built it into a Fortune 500 organization over nearly six decades. The company operates in commercial insurance with two main segments: Insurance and Reinsurance & Monoline Excess.

"My father was more than an extraordinary leader and entrepreneur, whose vision and values shaped the Company," said W. Robert Berkley, Jr., President and Chief Executive Officer. "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."

The Board of Directors appointed W. Robert Berkley, Jr. as Chairman, effective immediately.

Berkley, Jr. noted his father's philanthropic work in education and healthcare, stating he "generously supported educational institutions at all levels" and was "equally committed to advancing healthcare, supporting hospitals, research institutions, and community-based programs."

W. R. Berkley Corporation ranks among the largest commercial lines writers in the United States. The company statement described the founder as someone who maintained "an entrepreneurial culture focused on underwriting excellence and long-term results."