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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion. -
Price Forbes operations in Miami, Chile and Peru will report to Mulic.
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The firm also promoted Devin Inskeep to an expanded role as SVP, head of ratings and advisory.
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Reinsurance and property remained the primary drivers of premium growth.
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The Corporation’s CFO hailed profitable growth but warned syndicates to maintain discipline.
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Hurricane Milton was the largest group loss event at EUR290mn for the year.
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Sources warned some property XoL books are already running 50% loss ratios.
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The segment’s underwriting results halved to $532mn in 2024 from $1.07bn in the prior year.
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Cyber, marine and aviation are recent areas of focus.
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Markel Insurance is made up of the firm’s three primary underwriting businesses.
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The insurance industry has experienced mounting losses from severe convective storms.
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Some of the Big Four are slowing growth as the market softens.
