RICHMOND, Va., Dec. 31,
2020 /PRNewswire/ -- Markel Corporation (NYSE: MKL) announced
today that Markel Surety, a part of Markel's Specialty division,
has increased its capacity offering to $500
million for the most qualified accounts with the
establishment of a National Accounts segment. This segment will be
led by Michael Bond, who joined
Markel on December 31, and his
background includes roles as the US Head of Surety for both Euler
Hermes and Zurich Surety.
The target market for the National Accounts segment includes
contractors with larger program needs up to $500 million, co-surety accounts, reverse-flow
business, and Fortune 2000 commercial accounts. Markel Surety's
Core Accounts segment will continue to be led by Lindey Jennings, Chief Underwriting Officer,
Markel Surety, and will include its
legacy business.
"Coming off a record year for our surety operation and with
Markel's superior capital position and corporate support, the
timing couldn't be better to expand our capacity offering in the
marketplace. Mike's experience and deep relationships make him the
ideal person to lead Markel Surety into the National Accounts
space," said Mike Keimig, President
and CEO, Markel Surety division. "As
always, we remain true to our roots as a market that provides
solutions for lower-limit accounts. The National Accounts segment
will be additive to our core and will enhance Markel Surety's value
to our key strategic partners."
"I am excited to be able to build out a National Accounts
business on the strong Markel Surety platform," said Bond. "This
will allow Markel Surety to service the full spectrum of surety
customers—from small contractors to the largest global
players."
Markel Surety also announced the expansion of their branch
network with new office locations in Red
Bank, New Jersey; Chicago;
and Sacramento, California; along
with additional underwriting resources in Baltimore and Dallas.
Keimig said, "With the branch locations and underwriting
resources we've added, Markel Surety will have a true national
footprint for the first time in our history. We are excited to
formally enter new territories while deepening our relationships
across the country."
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 on the web at markel.com.
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SOURCE Markel Corporation