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Markel to combine surplus lines, complex risk units

IBR Staff Writer Published 08 June 2017

Insurance firm Markel is merging its excess and surplus lines division with its complex, risk-managed accounts division.

The combined division, which is expected to be in place by 1 January 2018, will be named Markel Assurance.

It will be headed by Bryan Sanders, who is currently president of Markel Wholesale, the surplus lines division.

Markel Assurance will comprise underwriting teams working across the US, Bermuda, London and Dublin.

Markel co-CEO Richard Whitt said: "This move combines two talented and successful divisions and aligns our structure more closely with both production partners and customers.

"We are committed to innovation and to making it easier to do business with Markel—establishing this new division accomplishes both of those objectives."

Markel Assurance will begin operations with a gross written premium of around $1.8bn and will feature three insurance product lines in casualty, professional liability, and property/marine.

The new insurance division will have a regional structure in the US with operations in 10 offices across six regions to cover all the important insurance hubs. Outside the US, it will maintain operations in Bermuda, London and Dublin.

According to Sanders, the new structure will help in improving the company’s alignment with wholesalers and select retailers alike.

Sanders added: “We will have more resources, more products, and all of the long-term relationships that have brought us this far. We are bringing together a team that is experienced, connected to the market, and infused with an entrepreneurial sense of urgency.

“Creating this new division will help Markel maintain its leadership position and increase our market presence in both the wholesale and large account retail market place."

Markel has stated that the president of its Global Insurance unit, Britt Glisson who is set to retire in 2018 will assist in the business transition.

Image: The Markel Building in Richmond, Virginia, US. Photo: courtesy of Eli Pousson from Washington, DC, USA/Commons.wikimedia.org.