Reinsurance News
Markel
Markel hires Adriana Belli as Managing Director
26th October 2020
Financial holding company Markel Corporation has announced the appointment of Adriana Belli as Managing Director, Property, Marine and Select Risk (PMSR) Claims Division. In this role, she will oversee all aspects of the PMSR Claims Division, managing a team of more than 80 claims professionals throughout the United States. Belli has more ... Read the full article
Markel partners with MGA Tangram propane & fuel program
16th October 2020
Financial holding company Markel has partnered with Tangram on a program to provide excess liability above Tangram's current program in propane and fuel distribution niche. Tangram is a Managing General Agency whose program targets dealers and distributors of fuel oil, propane, diesel and gasoline. With the additional capacity, Tangram's program now has ... Read the full article
Markel to consolidate property cat reinsurance business under Nephila
7th October 2020
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 ... Read the full article
Markel adds Kelly Castriotta as Senior Director, Global Cyber Underwriting
4th September 2020
Markel Corporation has announced the appointment of Kelly Castriotta as Senior Director, Global Cyber Underwriting. Castriotta reports to Kara Owens, Managing Director, Global Cyber Underwriting Executive, and is based out of Markel's Chicago office. She joins from Allianz where she served as head of cyber underwriting and product development for financial lines. In ... Read the full article
Markel promotes Julia Chu to Chief Risk Officer
25th August 2020
Insurer and reinsurer, Markel Corporation has announced the appointment of Julia Chu as its new Chief Risk Officer (CRO), effective immediately. In her new role, she takes on responsibility for the company's enterprise risk management, capital planning, and ceded reinsurance placements. Markel notes that each of these functions serves an important role ... Read the full article
Markel adds to its board of directors
24th August 2020
Markel Corporation has announced the appointment of Lynne Puckett to its board of directors. Puckett’s current role is the senior vice president and general counsel of Celanese Corporation, an international tech firm in the production of specialty materials and chemical products. Steve Markel, chairman of the board at Markel, commented: "We are ... Read the full article
Markel income up 75% as investment gains recover
29th July 2020
Markel Corporation has reported that its comprehensive income increased by 75% to $1.09 billion in the second quarter of 2020, as investment gains recovered following an initial Q1 COVID-19 shock. Comprehensive income was up from $623.3 million in Q2 2019, and the company’s combined ratio similarly improved from 95% to 88%. Net ... Read the full article
Allison Elzer named as lead of Markel Specialty’s new Risk Solution Services
15th July 2020
Markel Specialty, part of Markel Corporation, has announced the official launch of its newly expanded loss control department, Risk Solution Services, that will be led by Allison Elzer. This new department, headed by Elzer along with her team, is designed to support clients and production partners by offering risk management solutions ... Read the full article
Markel sees increased reinsurance pricing & demand for the foreseeable future: Co-CEO Whitt
13th May 2020
With insurers facing diminishing levels of capital amid the economic fallout from the ongoing COVID-19 coronavirus pandemic, executives at Markel Corporation are anticipating heightened demand for reinsurance protection and increased pricing for the foreseeable future. Unsurprisingly, first-quarter 2020 results announcements from insurers and reinsurers have largely focused on the current crisis. So ... Read the full article
Markel hit with $325mn COVID-19 underwriting loss in Q1
29th April 2020
Re/insurance holding company Markel Corporation was hit by a $325 million underwriting loss in the first quarter as a result of the coronavirus pandemic. The combined ratio was 118% for the quarter, or 94% after the exclusion of losses related to the pandemic. This compares to a combined ratio of 95% for ... Read the full article
Bold Penguin partners with Markel Specialty to expand commercial offerings
23rd April 2020
Commercial insurance platform provider Bold Penguin is expanding commercial offerings on its exchange to include excess and surplus (E&S) coverage, after partnering with Markel Specialty. Bold Penguin operates a digital exchange platform designed to help small-medium businesses, their brokers, and major carriers connect as fast as possible. The company believes adding E&S ... Read the full article
Fitch revises Markel’s rating outlook to negative
22nd April 2020
The ratings for Markel Corporation's core property and casualty insurance subsidiaries have been affirmed by Fitch Ratings, although the Rating Outlook has been revised to Negative from Stable. Specifically, Fitch has affirmed the 'A+' (Strong) Insurer Financial Strength (IFS) ratings for Markel Corporation's principal P/C insurance subsidiaries, and the firm's senior ... Read the full article
Markel invests in building product firms Lansing & Harvey
25th March 2020
Markel Corporation has entered into an agreement to acquire a majority interest in Lansing Building Products, a supplier of exterior building products and materials in the US. At the same time, Lansing has enhanced its geographic reach via the acquisition of the distribution business of Harvey Building Products. Established in 1955 in ... Read the full article
Markel to combine US Specialty and Assurance divisions
3rd March 2020
Markel Corporation has announced that it plans to combine its existing US insurance divisions, Assurance and Specialty, into a single division called Markel Specialty. Effective April 1, 2020, the combined division will preserve the regional model used by Assurance, while adding two new overarching territories, East and West. "This evolutionary change will ... Read the full article
Lower cat losses help Markel results to rebound
5th February 2020
Re/insurance holding company Markel Corporation saw its results return to profitability in 2019, as lower catastrophe losses and investment gains helped to boost its performance. Markel recorded operating revenues of $9.53 billion over 2019, compared with $6.81 billion in 2018. Income (before tax) similarly improved to $2.26 billion, versus a loss ... Read the full article