RICHMOND, Va., June 21, 2017 /PRNewswire/ -- Markel Global
Insurance, a division of Markel Corporation (NYSE: MKL), announced
today the availability of a new management liability endorsement
for professional employer organizations (PEOs). This endorsement
provides liability coverage for customers that are clients of the
insured PEO. PEOs provide comprehensive back-office solutions for
small businesses, including payroll, benefits, HR, insurance, tax
administration, and regulatory compliance, among others.
"Offering coverage enhancements to PEOs—who in turn can better
serve their members—is a good example of how we listen to our
customers and respond with an improvement to the policy that is
both affordable and recognizes the unique needs of a specific
industry. We listen to our clients and production partners and are
accelerating the product development and filing processes so that
we can continue to lead and innovate in specialty market spaces,"
said Sal Pollaro, Managing Director,
Management Liability. "Our policy not only insures the PEO, but
extends coverage to the clients of that PEO."
"Continuing to enhance our products is essential, especially in
today's competitive insurance environment," said Jim Gray, Chief Underwriting Officer,
Professional Liability. "This enhancement was developed because of
direct feedback Sal and his underwriting team were receiving and
the result of being out in the marketplace and engaging with
stakeholders. Innovation is one of our guiding principles at Markel
and this endorsement is a testament to that commitment."
PEOs provide services to between 156,000 and 180,000 small and
mid-sized businesses, employing between 2.7 and 3.4 million people,
according to the National Association of Professional Employer
Organizations.
The management liability endorsement is available in most
jurisdictions to wholesalers and select retailers.
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/markel-adds-management-liability-endorsement-for-professional-employer-organizations-300477436.html
SOURCE Markel Corporation