Financial holding company Markel is set to consolidate its property catastrophe reinsurance business under the Nephila brand.
The consolidation will see Markel refocus its global reinsurance unit towards underwriting and growing its casualty and specialty lines.
While some of the unit’s employees may have the opportunity to join the Nephila team, Markel says the move will see roughly 25 job reductions globally.
Those employees impacted will be departing the company the end of 2020.
The unit will continue to be led by Jed Rhoads, president and Chief Underwriting Officer, Markel Global Re.
Markel co-Chief Executive Officer Richie Whitt said the move allows Nephila’s market leading competitive position to be more fully leveraged, while also generating necessary operational efficiencies.
“We believe the companies that will win in the future will be those who most efficiently connect risk with capital, and this strategic shift will help us do that in the property CAT market,” said Whitt.
Commenting on the announcement, Rhoads said, “The process to shift to our new model will begin immediately and we will ensure that it’s completed in a professional, orderly, and seamless fashion.
“I want to express my deep thanks and appreciation to our property CAT clients, trading partners, and employees for their years of loyal support.”
Commenting on the impact this move will have on the company’s current employees, Whitt said, “We are committed to working with and assisting employees affected by this change.”