Markel merges global, wholesale units under president Sanders
Specialty insurer Markel Corporation has combined its wholesale excess and surplus lines and global insurance complex, risk-managed accounts divisions to form a new insurance division named Markel Assurance.
Bryan Sanders, president of Markel wholesale, will lead the new division. Britt Glisson, president of Markel global insurance, will assist in the transition and retire in 2018 after a 40-year insurance career.
The new division is expected to be up and running by January 2018, according to the statement.
Markel Assurance will have underwriting teams located across the US, and in Bermuda, Dublin, and London. It will operate through a regional structure in the US with 10 offices in six regions serving all major insurance hubs.
The company stated that gross written premium of the combined division is approximately $1.8 billion and products will originate from three product lines — casualty, professional liability, and property/marine.
The underwriting leads for these product lines will report to Robin Russo, Markel's chief underwriting officer. Markel's other operating re/insurance divisions are Markel Specialty, Markel International, and Markel Global Reinsurance.
"This move combines two talented and successful divisions and aligns our structure more closely with both production partners and customers," said Richard 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."
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."
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