RICHMOND, Va., June 7, 2017 /PRNewswire/ -- Markel
Corporation (NYSE – MKL) today announced the creation of a new
insurance division which combines Markel's Wholesale (excess and
surplus lines) and Global Insurance (complex, risk-managed
accounts) divisions. Bryan Sanders,
President of Markel Wholesale, will lead the new division, which
will be named Markel Assurance. Britt
Glisson, President of Markel Global Insurance, will assist
in the transition and after a distinguished 40-year insurance
career will be retiring in 2018.
Markel Assurance will have underwriting teams located across the
US, and in Bermuda, Dublin, and London. Gross written premium of the combined
division is approximately $1.8
billion (USD) and products will originate from three (3)
product lines—casualty, professional liability, and
property/marine. The underwriting leads for these product lines
will report to Robin Russo, Markel
Corporation's Chief Underwriting Officer. Markel's other operating
(re)insurance divisions are Markel Specialty, Markel International,
and Markel Global Reinsurance.
Markel Assurance will operate through a regional structure in
the US with 10 offices in six (6) regions serving all major
insurance hubs. Other locations for the new division include
Bermuda, Dublin, and London.
"This move combines two talented and successful divisions and
aligns our structure more closely with both production partners and
customers," commented Richard R.
Whitt, Co-Chief Executive Officer of Markel. "We are
committed to innovation and to making it easier to do business with
Markel—establishing this new division accomplishes both of those
objectives."
Bryan Sanders added, "I am
excited about our new structure and our improved alignment with
both wholesalers and select retailers. We will have more resources,
more products, and all of the long-term relationships that have
brought us this far. We are bringing together a team that is
experienced, connected to the market, and infused with an
entrepreneurial sense of urgency. Creating this new division will
help Markel maintain its leadership position and increase our
market presence in both the wholesale and large account retail
market place."
The new division is expected to be up and running by
January 1, 2018.
About Markel Corporation
Markel Corporation is a diverse financial holding company
serving a variety of niche markets. The Company's principal
business markets and underwrites specialty insurance products. In
each of the Company's businesses, it seeks to provide quality
products and excellent customer service so that it can be a market
leader. The financial goals of the Company are to earn consistent
underwriting and operating profits and superior investment returns
to build shareholder value. Visit Markel Corporation on the web at
markelcorp.com.
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SOURCE Markel Corporation