Markel
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Prior to joining Markel, Robert O’Connor-Mitchell spent nearly 12 years at trade credit insurance and surety firm Euler Hermes.
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The carriers’ losses stem from a placement covering losses ceded from the Mutual Risk Group, a group insurance arrangement consisting of 19 South African companies.
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Charlie Richardson will work as head of renewable energy underwriting, as previously reported by this publication.
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The company cited “substantial support” from investors on the updated terms.
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Plus the winners of the Insider Honours and all the top news from the week.
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Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.
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Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.
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The new branch will offer professional indemnity, cyber risk, and directors and officers liability cover.
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The move follows change in senior management at the business, with Simon Wilson set to succeed William Stovin as president.
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Markel, Beazley, Hiscox, Chaucer, Brit and Liberty Specialty Markets are all participants in the product development.
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The transition is part of a planned succession that will take effect no later than January 2022, pending regulatory approval.
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The move follows a reduction in MS Amlin’s Lloyd’s hull appetite, and the departure of underwriter Andrew Davies.
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