Markel
-
She joined the carrier as an underwriting assistant over 11 years ago.
-
-
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.
-
Plus the winners of the Insider Honours and all the top news from the week.
-
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.
-
Berkshire Hathaway, Fairfax and Markel sustained biggest falls in investment value.
-
Markel will provide capacity of up to £25mn for another three years.
-
The ILS fund manager’s parents makes hundreds of millions of dollars of capacity available.
-
The combined business will trade under the Markel Specialty banner from 1 April and will run a book of around $4bn in premiums.
-
General liability, professional liability and personal lines were key growth areas for the carrier.
-
The carrier recorded operating earnings of $753.8mn, compared to a $932.1mn loss in the previous year.
-
Carl Titterton has worked at the firm for nearly a decade and replaces Ewa Rose.
-
Nephila raised its $100mn target from the Stratosphere Re bond, which covers both personal and commercial property business.
-
Claims made from the 2017 hurricane in December impact its 2017 portfolio.
-
The startup also offers up to $4mn of general liability cover online and sells business owner policy packages.
-
Mia Finsness will assume new global responsibilities for the insurer’s casualty portfolio.
-
The costliest event, Typhoon Hagibis, will generate a near-$60mn hit across two classes of shares.
-
Steven Markel to step up to fill the role after Kirshner leaves the role he has held for more than three decades.
-
Matthew Freeman, current president of the Markel unit, will take on the role of CEO effective 1 January.
-
The executive was talking to analysts during a call to discuss Markel’s third-quarter 2019 results.
-
This came as Markel said it would commit up to $100mn to new retro fund manager Lodgepine.
-
The company released a shortened set of results due to technical difficulties with the SEC filing system.
-
James Hastings, who was managing director of specialty and financial lines division, will oversee seven sub-segments.
-
Henrik Bjørnstad will step into Simon Wilson’s existing shoes as managing director of the national markets division.
-
The InsurTech, formerly named Verifly, sells short-term liability insurance for freelancers and small businesses.
-
The Aquilo reinsurance strategy was part of Markel Catco's operations.
-
Markel International has sold the remnants of its Brazilian business less than a year after it scaled back its involvement in the region.
-
AIG, Chubb, Markel, Swiss Re and Zurich are among the carriers which face potential losses from the tour operator's collapse.
-
Further rate rises “aren’t just a nice to have”, Markel’s co-CEO said on Thursday.
-
"We’ve got skills, capital, distribution and knowledge” to maintain dominance, the executive said.
-
The launch follows the carrier’s decision earlier this year to put CatCo into run-off.
-
Andrew Barnard will serve as CEO of new ILS platform Lodgepine with two colleagues taking on investment management roles.
-
The latest increase has pulled its cumulative returns since inception down to a loss of 52.9 percent for ordinary shares, as prior-year gains have been more than wiped out by 2017/18 disaster events.
-
The Reinsurance Opportunities Fund has started a buy-back process after shareholders voted in favour of a run-off.
-
The executive promises a broader managed funds vehicle, whose strategies will also differ from those of Nephila.
-
The co-CEO warns a higher catastrophe frequency and severity also calls for more rate.
-
The firm primarily operates as an MGA, underwriting specialist automobile insurance.
-
Markel beats second quarter operating earnings expectations by 2.7 percent as favourable reserve development drops by $38.9mn.
-
Chris Burgess will work with Scott Bailey in the newly created operation.
-
Last week, Markel said it was placing its retro fund manager Markel Catco into run-off, as part of a restructure that will see a fresh retro play brought to market for 1 January 2020.
-
The company is also placing its Markel Catco reinsurance fund into run-off.
-
The company has reached a settlement with Alissa Fredricks and agreed to binding arbitration with Tony Belisle.
-
The executive replaces Matt Cannock, while Colin Fordham will take on the role of Asia director.
-
The lawsuit against carriers including Chubb, Allianz and Markel follows the passage of NY’s Child Victims Act.
-
The executive left Markel late last year and reports to head of financial lines Gavin Stanley at his new employer.
-
The premium total is a tiny slice of the £184bn the digital tech sector contributed to the UK GDP in 2017.
-
“It won’t be long” before insurance partnership with Markel is launched, Musk said.
-
The deterioration pushed the retro fund’s 2018 loss to 46.7 percent for C shares.
-
Nick Lazarus will take the London-based segmental managing director role.
-
Nick James leaves the US carrier after eight years.
-
Kryszon left AIG last week, this publication has previously reported.
-
The insurer says Tony Belisle’s claims are invalid because they were filed in the wrong jurisdiction
-
Markel missed earnings expectations by 15.9 percent as favourable reserve development dropped by $38mn.
-
Market sources anticipate a claim of more than $7.5mn for the Shangri La Hotel.
-
Common stock in the Reinsurance Opportunities Fund, which the fund manager has put into run-off, has lost almost half its NAV since inception.
-
Review by outside counsel finds no bad faith in “exercising business judgment”
-
Carrier to take a “surgical” approach to re-underwriting excess auto book.
-
Carrier is the latest to take the Brexit contingency strategy.
-
The plan for Catco Reinsurance Opportunities garners near-unanimous investor approval.
-
Last week, I hosted my first conference as a member of The Insurance Insider team. It was a great opportunity to meet and greet, as well as get in front of, some of our audience.
-
The insurer has grown ILS revenues from zero to $92mn in five years.
-
The insurer said the three agencies conducting inquiries into the firm’s ILS subsidiary Markel Catco were the US Department of Justice, the Securities and Exchange Commission and Bermuda Monetary Authority.
-
The firm has deployed just under half its remaining asset base in its 2019 portfolio, with significant sums locked up in side pockets at year end.
-
After listening to the Markel earnings call, I feel prompted to again ask the question: is this the end for Markel Catco?
-
Loss-reserve bolstering pushes the Reinsurance Opportunities fund deeper into the red for 2017.
-
The ILS unit is under regulatory scrutiny and saw the abrupt departure of two executives last month.
-
The insurer will benefit from reduced incentive expenses owed to former executives in the Bermudian firm.
-
The insurer also disclosed that it wrote off goodwill and intangible assets for Markel Catco.
-
The Russians have a governance problem.
-
The London Stock Exchanged-listed Catco Reinsurance Opportunities pledges to "keep investment management arrangements under review".
-
Arguably the defining feature of the last seven years of the reinsurance market has been the inexorable increase in the amount of ILS capital in the system, from roughly $40bn in 2012 to $90bn in H1 2018.
-
The complaint on behalf of Markel investors follows the disclosure of regulatory probes into the accounting of loss reserves.
-
Reduced ILS capacity is impacting the sidecar and retro market in particular.
-
ILS showed reinsurers the New World, but reinsurers have now learned to live in it.
-
Settle in for The Insurance Insider’s 12 days of Insurancemas.
-
Trapped collateral after recent catastrophes could buttress pricing, the analysts say.
-
The asset manager announces a 45 percent erosion on the net asset value of its listed fund’s C shares.
-
He will continue to underwrite for the German MGA from Markel’s London office.
-
The executive will be based in London and report to global cyber and technology head Dan Trueman.
-
Firm retro market in prospect ahead of 1.1 as deployable ILS capital narrows.
-
In the journey to create a new asset class, there are many staging posts that have to be passed.
-
The index loses 4.5 percent of its value, with AIG and Markel nursing some of the steepest losses.
-
The ILS manager initially forecast at most a 15 percent loss to its 2017 portfolio, but this has now fallen to 57.1 percent.
-
The asset manager retains powerful advocates but fundraising is likely to prove challenging.
-
The ordinary stock loses more than 40 percent of its value on news of investigations in Bermuda and the US and worsening 2017 loss creep.
-
Just how important is Markel Catco to the catastrophe reinsurance market?