Markel’s State National entering UK market in 2024
Markel’s wholly owned subsidiary State National Companies is entering the UK market starting January 1, 2024 under the leadership of a 28-year company veteran. State National is partnering with its UK-based Markel affiliate to create a programme services division for the “underserved” UK MGA market.
State National, a large programme services carrier in the US, is partnering with Markel International Insurance Company to create a programme services division in the UK to serve managing general agents (MGA).
The new division will leverage State National’s long track record in the programme services marketplace combined with Markel International Insurance Company’s strong balance sheet, existing regulatory framework, and operational controls. The new division will focus on supporting specialty commercial lines programmes.
Markel’s Rob Whitt will lead the new division as executive director, State National Global, subject to regulatory approval. A 28-year veteran of Markel, Whitt currently serves as managing executive for corporate development, responsible for the insurance operations’ M&A activity, as well as product development focused on linking Markel’s insurance, reinsurance, programmes service and insurance linked securities capabilities.
Prior to his current role, Whitt served in a number of finance and operational roles with increased responsibilities, acquiring a deep understanding of Markel’s global insurance operations.
Matt Freeman, CEO and president of State National Companies, said: “There is a meaningful growth opportunity supporting the creation of a program services platform in the UK that will address strong demand associated with local MGAs and more broadly across the globe.
“The UK MGA market is underserved, and we’re intent on building a leading programme services division in the UK. The new division is a great example of Markel’s ’power of the platform’, combining State National’s 40-plus years of programme services experience with Markel’s well-established insurance company in the UK.”
Simon Wilson, president, Markel International, said: “This is a tremendous example of leveraging the capabilities that exist across the Markel platform. When complete, we believe Markel launching a division focused on program services will bring much-needed capabilities to the market and help us better support the MGAs in the UK. It has been tremendous learning from State National’s skill and experience in programme services. We are excited about taking this offering to the UK MGA market.”
Freeman added: “Working across Markel, Rob has driven the effort to establish State National Global with its program services expertise in the UK market. We’re excited to be partnering with our UK colleagues to leverage the strategic offerings that Markel has assembled and the capabilities we have to support our customers worldwide.”
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