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Reinsurance News


Mark Nunn joins Markel International as energy underwriter

1st August 2019

Specialist insurer Markel International has hired Mark Nunn as an energy underwriter based in Singapore, reporting to Christian Stobbs, Managing Director of Markel International in Asia. In his new role, Nunn will work closely with Markel's international energy team to manage and further develop the firm's energy portfolio for the Asia ... Read the full article

Markel acquires stake in MGA The Hagerty Group

31st July 2019

Insurer and reinsurer Markel has acquired a minority stake in specialty insurance managing general agent (MGA), The Hagerty Group, for a total consideration of $212.5 million. Markel announced the investment in The Hagerty Group in its second-quarter 2019 earnings release. The Hagerty Group, which was founded in Michigan in 1984, is ... Read the full article

Markel boosts revenue in Q2 but combined ratio slips

31st July 2019

Markel Corporation has reported its results for the second quarter of 2019, showing a 20% increase in operating revenue to $2.4 billion, compared with $2.0 billion for the same period last year. The insurer and reinsurer also saw significant growth in its net income, which increased to $506.5 million, up from ... Read the full article

Markel hires Chris Burgess to head up cyber team in London

30th July 2019

Markel International, the specialist insurer, has announced the appointment of Chris Burgess as Head of Cyber in London. Most recently, Burgess worked as UK Cyber Leader at AIG, where he was responsible for the company’s cyber, technology, Telco, and media professional portfolios, as well as leading global strategies. He has more than ... Read the full article

Markel announces new retro ILS platform, closes CATCo funds

26th July 2019

Markel Corporation has announced that it intends to establish a new retrocessional insurance-linked securities (ILS) platform in Bermuda, comprised of a reinsurance company, fund entity and investment manager. At the same time, the company said that it would start to wind down its existing Markel CATCo fund operations, which will be ... Read the full article

Markel launches Cyber 360 policy

3rd July 2019

Specialist insurer Markel International has launched its Cyber 360 policy, providing insureds with all round protection against cyber risks. Coverage will be provided on a stand-alone and add-on basis for businesses in the UK, Europe, Canada, Asia and elsewhere. With limits of up to $20m per risk, the new policy is offered ... Read the full article

Tesla needs to complete small acquisition before insurance product launch

13th June 2019

Speaking during Tesla's annual shareholder meeting held on Tuesday, Chief Executive Officer (CEO) Elon Musk explained that the firm needs to complete a small acquisition before launching its previously announced insurance product. It was revealed in April that the Elon Musk-led automotive and energy company was working on plans to ... Read the full article

Markel appoints Chubb’s Proferes to professional liability underwriting role

4th June 2019

Re/insurance holding company Markel Corporation has announced the appointment of James Proferes as Executive Underwriting Officer for Global Professional Liability. Proferes joins from Chubb, where he worked for close to three decades across a number of executive roles in the professional lines markets. Reporting to Executive Vice President and CUO Robin Russo, ... Read the full article

Markel appoints AIG’s Guenter Kryszon to Global Property role

3rd May 2019

Markel Corporation has announced that Guenter Kryszon will be joining the company as Executive Underwriting Officer for Global Property, effective 13 May 2019. Kryszon most recently served as Head of Retail Property at American International Group (AIG). He has spent the previous five years at AIG, moving through several senior roles, including ... Read the full article

Operating revenues up but combined ratio weakens at Markel in Q1

1st May 2019

Markel Corporation saw its operating revenues increase by $900 million to $2.5 billion for the first-quarter of 2019, while net income also improved year-on-year, to $576 million. The insurer and reinsurer has announced its results for the first-quarter of 2019, which shows that alongside improved operating revenues and net income, Markel's ... Read the full article

Tremor completes property cat auction placement for Markel

16th April 2019

InsurTech startup Tremor Technologies, Inc. has completed another property catastrophe auction placement, successfully pricing and placing two layers of Markel Corporation's property cat excess of loss reinsurance tower, reports Artemis. Tremor, which operates an open, technology-driven, programmatic market for the placement of reinsurance risk, completed its first auction of a ... Read the full article

Internal review finds no evidence CATCo personnel acted in bad faith: Markel

15th April 2019

Markel Corporation has revealed that an internal review of CATCo's loss reserving in late 2017 and early 2018 by outside counsel, has found "no evidence that CATCo personnel acted in bad faith in exercising business judgement". The firm announced previously that it had sought outside counsel to conduct an internal review ... Read the full article

Markel’s Part VII Transfer for EU business gets approval

29th March 2019

Specialist insurer Markel International has completed the transfer of the EU business of its London-based insurer, Markel International Insurance Company Limited, to its German insurer, Markel Insurance SE (MISE). Markel formed MISE in July of last year to ensure continuity for clients in light of the UK’s vote to leave the ... Read the full article

Markel adds trade credit underwriter from Coface

15th February 2019

Specialist re/insurer Markel International has announced the appointment of Ramzi El Kadi as an underwriter within its trade credit, political risk and surety operation in Dubai. El Kadi brings five years’ experience in the trade credit insurance industry and was most recently the credit risk underwriter at Coface, Dubai. “2018 was a ... Read the full article

Property reinsurance rates “inexplicably flat” at 1/1, says Markel’s Whitt

11th February 2019

Richard Whitt, Co-Chief Executive Officer (CEO) and Director of Markel Corporation, has said that property reinsurance rates were “inexplicably flat” at the recent January renewals. Speaking during a company earnings call, Whitt noted that reinsurance rates were disappointing at the 1/1 renewals despite two consecutive years of heavy catastrophe losses across ... Read the full article

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