Reinsurance News
Markel
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
Markel CATCo heads dropped after review, new execs take over
21st January 2019
Markel Corporation has announced that reinsurance executives Jed Rhoads and Andrew Barnard are to take over management of Markel CATCo following an internal review that resulted in the departure of the unit’s former heads, Anthony Belisle and Alissa Fredricks. Belisle, who was CATCo’s Chief Executive Officer (CEO), and Fredricks, who was ... Read the full article