Markel
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Demand for specialty commercial insurance in Australia has been increasing, driven in part by the growth of the digital economy alongside traditional industries. -
Markel Bermuda entered into two collateralized reinsurance transactions with White Rock for the benefit of a segregated account owned by a Vesttoo affiliate.
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Based in New York, the executive will report to Markel’s terrorism director Ed Winter, who is based in London.
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The executive was chief actuary for Travelers’ Lloyd’s business and Creechurch Underwriting.
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The underwriter led the division specialising in marine and energy liability.
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Securities filings show the conglomerate’s ownership of Markel holdings was valued at over $600mn at the end of March.
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The carrier has also hired Paul Cunningham from Talbot to lead the claims function of its newly launched marine team.
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The loss portfolio transfer deal was completed in March of this year, covering £200mn of UK motor insurance claims.
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The LPT covers both settled and unsettled claims, taking on “a lot of variability” and potential exposure in terms of the reserve, Marco said.
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Hutchins will report to Bryan Dressler, head of W&I at Markel International.
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Scott Bailey previously spent 12 years at CFC managing the technology and media division.
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The firm’s insurance LR rose to 60.7% from 49.1%, while the reinsurance LR moved down to 58.7% from 64.1%.
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