ADDED
Of our 60 businesses, 53 have been organized and developed internally and seven have been added through acquisition.
Our twenty-three insurance company subsidiaries rated by Standard Poor's ( S P ) have financial strength ratings of AA- (the fourth highest rating out of twenty-seven possible ratings).
In addition, we have extensive worldwide capabilities, with branches or offices in 52 cities outside the United States, in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America, and the United Kingdom, and through Lloyds global licensing.
Berkley Edge provides excess and surplus lines coverage for small to mid-sized commercial accounts that generally consist of hard-to-place, specialized risks involving moderate to high degrees of hazard.
In both general liability and professional lines, Berkley Edge offers limited coverage options and distributes its products through a limited group of wholesale brokers.
Berkley Embedded Solutions delivers tailored, digital-first insurance products and services at the point of purchase.
Berkley Fire Marine offers specialized insurance products and services for inland marine and related property risks, nationwide.
The management liability coverages provided include directors and officers, employment practices, fiduciary, cyber, crime and miscellaneous professional liability.
Berkley Specialty London provides a broad range of insurance products to the Lloyd's marketplace, with a concentration in specialist classes of business including property, professional indemnity and financial lines.
Our program business offers insurance support for program administrators.
REMOVED
Of our 58 businesses, 51 have been organized and developed internally and seven have been added through acquisition.
Our twenty-three insurance company subsidiaries rated by Standard Poor's ( S P ) have financial strength ratings of A + (the fifth highest rating out of twenty-seven possible ratings).
insurance businesses, we have the capability to write business in 87 countries worldwide, with branches or offices in 40 cities outside the United States, in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom.
Berkley Fire Marine offers a broad range of preferred inland marine and related property risks and services to customers throughout the United States.
The management liability coverages they provide include directors and officers, employment practices, fiduciary, cyber, crime and miscellaneous professional liability.
W / R / B Underwriting provides a broad range of insurance products to the Lloyd's marketplace, with a concentration in specialist classes of business including property, professional indemnity and financial lines.
14 Year Ended December 31, 2024 2023 2022 1 year or less 7.7% 9.2% 8.7% Over 1 year through 5 years 40.5 46.2 47.2 Over 5 years through 10 years 17.4 21.2 23.4 Over 10 years 17.6 12.2 11.2 Mortgage-backed securities 16.8 11.2 9.5 Total 100.0% 100.0% 100.0% At each of December 31, 2024, 2023 and 2022, the fixed maturity portfolio, including cash and cash equivalents, had an effective duration of 2.6 years, 2.4 years and 2.4 years, respectively.
15 The Company discounts its liabilities for certain workers compensation reserves.
The amount of workers compensation reserves that were discounted was $1,358 million and $1,352 million at December 31, 2024 and 2023, respectively.
The aggregate net discount for those reserves, after reflecting the effects of ceded reinsurance, was $405 million and $390 million at December 31, 2024 and 2023, respectively.