Markel Corporation has established a new insurance unit called Markel Assurance that sees the combination of the re/insurer’s Wholesale (excess and surplus lines) and Global Insurance (complex, risk-managed accounts) divisions, and that will be led by Bryan Sanders.
The reorganisation and subsequent creation of Markel Assurance will be made up of underwriting teams in the U.S., Bermuda, Dublin, and London, serving all major insurance hubs, and is expected to be operational from January 1st, 2018.
President of Markel Wholesale, Bryan Sanders, has been chosen to lead the new unit and Britt Glisson, President of Markel Global Insurance, will assist with the transition before retiring in 2018 after 40 years in the insurance industry.
Richard R. Whitt, Co-Chief Executive Officer (CEO) of Markel, commented; “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.”
According to Markel, gross written premiums of the combined division is roughly $1.8 billion and solutions will originate from casualty, professional liability, and property/marine business lines. The firm also announced that underwriting leads for the three product lines will report to Markel’s Chief Underwriting Officer (CUO), Robin Russo.
Leader of the new unit, Sanders, commented; “I am excited about our new structure and our improved alignment with both wholesalers and select retailers. 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.”