Markel has announced the appointment of Rory Morison as the Managing Director of its Australian business, who will lead three new offices in the country that are set to open this month.
The new offices are based in Sydney, Melbourne, and Brisbane. Markel Australia will focus on providing underwriting solutions to businesses that traditionally purchase insurance in the domestic Australian market.
The firm says that this approach will complement existing support through Markel’s significant London capacity, as well as industry and product specialists from across its wholesale international business in London and Asia.
Morison joins the insurer from AXA XL where he has worked since 2002, most recently serving as Head of long-tail lines.
Christian Stobbs, Managing Director, Asia Pacific at Markel, said: “Australia is the world’s tenth largest insurance market, and it’s growing. Specialist commercial insurance forms a significant portion of this premium. We know that local underwriters understand local conditions and are uniquely focused on the needs of local clients. By establishing a strong underwriting presence in Australia under Rory’s leadership, we are well-positioned to serve our clients as part of the domestic market, raise our game, and further Markel’s international vision.”
Markel notes that demand is growing across Australia for specialty commercial insurance, notably in casualty and financial lines, driven in part by the growth of the digital economy alongside traditional industries.
The company intends to introduce new products to the local market, including its leading Fintech and CommTech insurance solutions, designed to protect fast-growing technology businesses from multiple risks such as professional indemnity, general liability, directors and officers liability, and cyber.
Andrew McMellin, Managing Director of wholesale at Markel, added: “Markel has a solid track record of building businesses in international markets, having successfully established onshore operations in Canada, Europe, the Middle East, and Asia over the past decade. In each case, we have committed to hiring high-quality talent and empowering them with underwriting and claims authority, underpinned by Markel’s highly collaborative and entrepreneurial culture.”
Morison concluded: “I am looking forward to leading the Markel team in Australia and expanding our presence in the local market. We see significant opportunity for Markel within Australia as businesses adjust to the changing landscape, including the rise of the digital economy, increased scrutiny on director liability, and a spate of high-profile cyber breaches. Markel’s dedication to a strong local presence and on-the-ground capabilities will ensure that we are best placed to support our new and existing Australian brokers and customers.”
