Markel

The insurer continues to exit or reduce unprofitable lines and slowed growth as a result.

The traditionally lucrative class has faced a series of challenges in the latest geopolitical crisis.

The international division is seeking a new London market manager.

Carriers are rethinking the traditional renewal-rights model.

The underwriter has worked for Markel in Singapore since 2020.

There will also be a renewed focus on organic growth, both in P&C and across US and international operations.

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Rates are bottoming out, but ample capacity is still preventing a hardening market.

The deal was announced last month.

Ex-Tysers chairperson Dan Lott heads the consultancy as CEO.

A majority of staff not offered jobs at Ryan Re will remain at Markel to manage the run-off.

The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.

Stacey Hinton and Max Elliot are set to join Ark from Markel International.

Nationwide will delegate management of the policies to Ryan Specialty.

The carrier’s president Andrew McMellin is aiming to double London market share in the next five years.

Nick Line has spent 28 years at Markel, where he has been CUO since 2018.

The purchase aims to bolster Markel’s marine product line in the Asia-Pacific region and EU.

Lee Mooney will replace Neil Galjaard, subject to regulatory approval.

Markel is prominent in the growing smart-follow market.

Markel International has also hired senior underwriter Keely Madden.

The product protects insureds outside of warzones from conflict-related cyberattacks.

The business will divide into US wholesale and specialty, and programmes and solutions.

Meco's 2024 gross written premiums totaled $63mn.

Current specie head Victoria Bell is leaving Argenta to join Axis.

The product supports investors of early-stage carbon removal projects.

Markel also announced the appointment of Jon Michael to its board.

Markel Insurance is made up of the firm’s three primary underwriting businesses.

Markel’s move follows recent market entrances by CinFin, Argenta and Fidelis.

Jana holds around 109,000 shares and 69,000 call options, at a $307mn total value.

The company did not take questions on its recently announced business review.

The insurer acknowledged additional claims in 2025 would be “reasonably possible”.

The specialty insurer reported favorable developments in both its insurance and reinsurance segments.

The board will lead the review following feedback from shareholders including activist investor Jana.

The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.

The MGA has faced high claims activity on its energy liability book, fuelled by social inflation.

The political violence market is in a competitive stage thanks to an influx of capacity.

Aon announced in early December that it had expanded ACT to offer 28.5% capacity for 2025.

The underwriter worked for Markel for a decade.

The executive said that capital, tech and algorithmic capabilities would help the structures endure.

Davide Pressman was a marine cargo underwriter at Aegis for under two years.

A significant amount of new capacity has flowed into the political violence and terror market in recent months.

This will not impact Markel International, which will continue to operate out of the UK.

Smith joins from QBE Insurance, where he spent over 13 years.

Schmidt will lead Markel's Global Strategy team.

He brings 23 years of insurance industry experience.

She joined the carrier as an underwriting assistant over 11 years ago.

Alan Kirshner was CEO from 1986 to 2015.

The underwriter will report to Juliet Redfern in the new position.

Slipstream will be available to marine, cargo and logistics UK clients.

The executive discussed Markel’s performance in an annual shareholder letter.

The carrier has been hiring after the launch of a new specialty practice.

The carriers were in arbitration with UnipolRe and Gen Re.

Paul Western has been promoted to head of hull underwriting.

The carrier did not consider pursuing an LPT deal to address the GL and PL issues.

The figure was disclosed in the group's recent 8-K disclosure.

The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.

The carrier is expanding its marine footprint in 2024 through its Lloyd’s and London branch.

Rice has been appointed as senior underwriter and head of business development for Europe.

The carrier has also appointed Tom Hillier’s Brit colleague Graeme Ivory as director of international casualty.

Woodhouse will be based in London and report to Ed Winter, director of terrorism.

The programme services carrier will serve UK MGAs from 1 January.

A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.

Rory Morison was hired last month to lead the Australian business.

The carrier was one of Certa’s original capacity providers at its 2019 launch.

Richard Burnett will take up the strategic position as head of cargo underwriting.

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.

Based in New York, the executive will report to Markel’s terrorism director Ed Winter, who is based in London.

The executive was chief actuary for Travelers’ Lloyd’s business and Creechurch Underwriting.

The underwriter led the division specialising in marine and energy liability.

Securities filings show the conglomerate’s ownership of Markel holdings was valued at over $600mn at the end of March.

The carrier has also hired Paul Cunningham from Talbot to lead the claims function of its newly launched marine team.

The loss portfolio transfer deal was completed in March of this year, covering £200mn of UK motor insurance claims.

The LPT covers both settled and unsettled claims, taking on “a lot of variability” and potential exposure in terms of the reserve, Marco said.

Hutchins will report to Bryan Dressler, head of W&I at Markel International.

Scott Bailey previously spent 12 years at CFC managing the technology and media division.

The firm’s insurance LR rose to 60.7% from 49.1%, while the reinsurance LR moved down to 58.7% from 64.1%.

The book of business was performing poorly, and was exposed to major claims from the 2021 Huntington Beach oil spill in California.

Group CFO and incoming president of insurance Jeremy Noble has told Inside P&C that the insurance operation is where Markel sees the most upside potential.

The carrier also promoted Emma Higgins to head of catastrophe management, the role vacated by Green.

The platform will automate a range of processes across risk submission, risk appetite evaluation, underwriting and pricing for quotation, using a lead algorithm.

Following Whitt’s retirement, co-CEO Thomas Gayner will become sole chief executive, while SVP and CFO Jeremy Noble will become president.

The carrier has merged its marine and energy units as it looks to improve service and achieve growth.

Rhoads joined Markel in 2013 as part of its acquisition of Alterra Capital Holdings Limited.

It is understood Markel is the lead insurer and Aon’s Risk Solutions is the broker on the $200mn policy.

Dan Martin takes on the role from Pat Murphy-O’Connor, who will transition to a consultancy position ahead of his retirement at the end of 2022.

The underwriter originally joined Optio in 2020 as a senior underwriter.

The appointment of Pushpa Sriwignarajah comes amid change within the Hiscox cyber team.

Simon Philpin will be based at Markel’s London office and report to Carl Titterton, divisional managing director of trade credit, political risk and surety.

The underwriter will service a full suite of liability products and assist with training junior underwriters.

Bryan Dressler will be responsible for building out a team that will focus on SMEs domiciled in the UK and European Economic Area.

Acrisure entered into a definitive agreement with Markel in March to acquire the MGA.

Markel UK has appointed Mark Plews as director of underwriting, replacing Simon Fell, who is to retire but will remain a consultant to support the transition process.

Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.

His departure follows the closure of retro platform Lodgepine and Markel’s cat exit.

The appointment marks Markel International’s entry into the US war and terrorism market.

With a Bermuda court ruling still pending over the firm’s proposed buy-out, Markel has negotiated a deal to counter US litigation.

The company has also divided its liability lines into two distinct teams, formally bringing Galleon, the MGA it bought in 2016, under cargo liability and marine professional indemnity.

In his new role, Stephen Reilly will oversee “high value, complex, and disputed claims”, identifying claims trends, and legal developments.

McMellin will replace James Hastings, who resigned in August.

The Markel Catco Reinsurance Fund and Markel Catco Reinsurance Opportunities Fund have already had provisional liquidators appointed for restructuring purposes.

Prior to joining Markel, Robert O’Connor-Mitchell spent nearly 12 years at trade credit insurance and surety firm Euler Hermes.

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.

Charlie Richardson will work as head of renewable energy underwriting, as previously reported by this publication.

The company cited “substantial support” from investors on the updated terms.

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Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.

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.

The new branch will offer professional indemnity, cyber risk, and directors and officers liability cover.

The move follows change in senior management at the business, with Simon Wilson set to succeed William Stovin as president.

Markel, Beazley, Hiscox, Chaucer, Brit and Liberty Specialty Markets are all participants in the product development.

The transition is part of a planned succession that will take effect no later than January 2022, pending regulatory approval.

The move follows a reduction in MS Amlin’s Lloyd’s hull appetite, and the departure of underwriter Andrew Davies.

The underwriter will join the carrier later this year as head of renewable energy in London.

The marine hull and war market has experienced a sustained period of personnel movement this year.

CEO Talbir Bains founded the business in 2017 with backing from the market’s largest ILS manager.

Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.

The total increase to the Bermudian firm’s AuM will be “tempered” at the start of the year due to timing of allocations, cat losses and side pocketing.

Deployed capacity is recovering and claims were below expectations but ending government support could negatively hit the market.

Arnd Briese has moved into the post of Germany-based financial lines head.

Germany is among other jurisdictions to have prolonged the life of similar schemes.

The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.

Simon Barrett, who was Markel International’s finance director for under two years, replaces Bob Moreton who retires next year.

The move comes as conditions continue to improve for hull underwriters following years of losses.

New civil case filings in federal court were up 43% as of the end of June.

The move will allow Markel to leverage Nephila's position and generate operational efficiencies, co-CEO Richie Whitt said.

Enterprise and property cat reinsurance are a “must have,” chief risk officer Julia Chu says.

The settlement will be paid in the third quarter.

Euler Hermes, Coface and Atradius are also participating in the scheme, which has had formal approval from the European Commission.

Tom Baker will become the carrier’s first ever global head to be based in Asia.

The entertainment business sitting alongside the discontinued lines will move to the specialty carrier’s professional and financial risks portfolio.

The carrier says its UK SME policies don’t carry virus exclusions.