Markel International has announced that, effective immediately, its wholesale operation will no longer be writing personal accident or contingency insurance and will be focusing solely on the entertainment book within its personal accident, contingency and entertainment portfolio (PACE).
Consequently, the entertainment portfolio, which includes film, TV, and advertising production coverage alongside theatrical business, will move to sit within the professional and financial risks portfolio, where the media errors and omissions account sits.
This decision also applies to Markel’s PACE portfolio in Asia, and follows a strategic review, conducted in the context of both profitability and market outlook, says the re/insurer.
Markel adds that both its Canadian and Spanish units, which write personal accident from their respective regions under the national markets side of the business, will be unaffected by these changes. This is also the case for Markel Global Reinsurance who will continue to write accident and health treaty reinsurance business.
Managing Director of wholesale at Markel International, James Hastings, commented: “The performance, market dynamics and sector outlook for PACE have been part of a strategic review and with the addition of the impact of COVID-19, sadly we found that neither PA nor contingency were viable beyond this point.
“The entertainment portfolio will be well positioned to prosper alongside the media liability book within PFR, and under the management of David Sawyer who heads up the division.”
