Markel

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.