Reinsurance News

Markel

Marco Capital announces UK motor Loss Portfolio Transfer with Markel

21st March 2023

European P&C insurance run-off specialist Marco Capital has announced a Loss Portfolio Transfer (LPT) transaction regarding a portfolio of UK Motor insurance claims. Marco will provide a cover of up to £200m in claims reserves, while its Syndicate 1254 will provide cover to reinsured business stemming from Markel. The firm states that ... Read the full article

Markel Intl. adds Jan Pagan to its renewable energy team

10th March 2023

Markel International, a subsidiary of Markel Corporation, has announced that it has appointed Jan Pagan as a specialist risk control engineer within its renewable energy team. In the role, Pagan will be based at Markel’s London office, reporting to Tom Baker, Head of renewable energy at Markel International. The role will see ... Read the full article

Markel looking to grow reinsurance opportunistically: Noble

3rd February 2023

Jeremy Noble, President of Insurance Operations at Markel, has said that his company will look to “opportunistically” take advantage of favourable conditions in the reinsurance space this year, but will not be pursuing “growth for the sake of growth.” Noble’s comments came as part of a Q4 earnings call this week, ... Read the full article

Investments weigh on Markel through 2022, but underwriting stable

2nd February 2023

US re/insurer Markel Corporation has reported a comprehensive loss of $1.31 billion for 2022 as unrealized losses in the company’s investment portfolio continued to weigh heavily on results. However, underwriting profit remained stable for the year at $626.6 million on a combined ratio of 92%, including a return to profitability for ... Read the full article

Zywave launches new solution for insurer & broker partnerships

8th December 2022

Insurtech leader, Zywave has launched a new solution for the insurance market aimed at enhancing the value delivered by insurers, MGAs, and third parties to the UK retail broker market. The offering is an extension to Zywave’s Broker Briefcase, a tool which is used to support brokers in their sales, marketing ... Read the full article

Markel appoints Jessica Cardoso to new role in Bermuda

22nd November 2022

Markel has said that Jessica Cardoso has been appointed head of office for Markel Bermuda in addition to her current role of senior director and head of Bermuda errors and omissions. As head of office for Markel Bermuda, Cardoso will continue to help grow Markel's Bermuda presence and will be responsible ... Read the full article

Markel International expands Hong Kong presence with new office

21st November 2022

Markel International has announced that it has moved to a larger office in Hong Kong and has appointed specialist underwriters in financial lines and marine to its experienced team. The new office upgrade signals the firms aim to develop and grow its specialist expertise within the region. The firms Hong Kong office ... Read the full article

WTW collaborates with LSM & Markel on digital commercial insurance platform

17th November 2022

WTW has collaborated with Liberty Specialty Markets (LSM) and Markel to launch the pilot phase of a new digital commercial insurance platform. The venture between the three companies will aim to help improve connectivity, giving brokers flexible trading options and insurers speed and scale. Using globally-recognised data standards, WTW noted that the ... Read the full article

Gayner to become sole CEO of Markel in January, as Whitt retires

17th November 2022

US re/insurer Markel Corporation has announced that Thomas S. Gayner, currently Co-Chief Executive Officer (CEO) at the company, is set to take over as its sole CEO upon the retirement of Co-CEO Richard R. Whitt on January 1st, 2023. Also effective on that date, Jeremy A. Noble, Senior Vice President and ... Read the full article

Markel prepared to walk away from poorly priced business: Co-CEO Whitt

3rd November 2022

Markel Co-CEO Richie Whitt has asserted that his company is “prepared to walk away from business that is not adequately priced” as it contends with inflationary pressures and a volatile investment market. Markel reported a comprehensive loss of $367.4 million for the third quarter of 2022, due mainly to investment ... Read the full article

Markel falls to $367m loss on investment volatility

2nd November 2022

US re/insurer Markel Corporation has reported a comprehensive loss of $367.4 million for the third quarter of 2022, due mainly to investment losses and unrealized losses on its fixed maturity portfolio. The loss compares to a positive result of $80.2 million for the same period last year, and brings Markel’s overall ... Read the full article

Markel & Budget Guard partner on equipment maintenance policy

5th October 2022

Budget Guard Holdings, an independently owned insurance agency, has been appointed as the Program Administrator for Markel's stand-alone equipment maintenance insurance policy to its inland marine suite of products. The new equipment maintenance insurance policy offering aims to provide a way for organizations to consolidate multiple equipment service contracts into a ... Read the full article

Markel International boosts wholesale claims leadership team

23rd September 2022

Markel International, a subsidiary of Markel Corporation has announced three senior promotions within its wholesale claims operation. Under the new leadership team, Jonathan Pestell will assume the role of head of claims performance for speciality. Within this role he will focus on driving broker engagement, while identifying areas to strengthen Markel's claims service ... Read the full article

Markel promotes Maxwell to Managing Director, Commercial Excess Wholesale

22nd September 2022

Markel Corporation has announced that Sarah Maxwell has been promoted to Managing Director, Commercial Excess Wholesale, for the Markel Specialty division. Within this new role, she will be responsible for leading the commercial excess wholesale product line. Maxwell will be based in Markel’s Glen Allen, Virginia office, and she will report to Tim ... Read the full article

Jed Rhoads to retire as President & CUO of Markel’s reinsurance division

8th September 2022

Markel Corporation has announced that Jed Rhoads, President, and Chief Underwriting Officer of its Global Reinsurance Division, is retiring at the end of 2022. Rhoads has worked in the industry for more than four decades, having held executive positions with several leading organisations. He joined Markel in 2013 as part of ... Read the full article