Markel
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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.
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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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The book of business was performing poorly, and was exposed to major claims from the 2021 Huntington Beach oil spill in California.
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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.
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The carrier also promoted Emma Higgins to head of catastrophe management, the role vacated by Green.
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The platform will automate a range of processes across risk submission, risk appetite evaluation, underwriting and pricing for quotation, using a lead algorithm.
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Following Whitt’s retirement, co-CEO Thomas Gayner will become sole chief executive, while SVP and CFO Jeremy Noble will become president.
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