Markel parts ways with top executive as it merges business lines
Markel International, a subsidiary of Markel Corporation, is to merge its marine and energy business lines under the leadership of Rohan Davies, in a move that will see the departure of its longtime marine leader.
Davies (Pictured) will lead a combined wholesale marine and energy division as part of its strategic growth plans, with Chris Fenn, the current divisional managing director of marine, leaving the business to pursue other opportunities.
Operating as two separate business lines since 2018, the decision to combine the businesses under Davies, the current divisional managing director of energy, is designed to further enhance the broker and client proposition and support the continued delivery of its long-term growth strategy, Markel said in a statement.
The wholesale operation, headed by Andrew McMellin, remains on track to achieve its goal of being a US$2bn (GWP) player by 2025, as part of Markel’s global insurance operation’s previously disclosed goal to reach $10 billion in GWP within five years (end of 2025), yielding $1 billion of underwriting profits.
McMellin said: “The decision to merge the two divisions will move us along in our ambitious growth trajectory and will enable us to better leverage the synergies across our energy and marine offer including energy property and liability products, renewables and project cargo.
“The enhanced offer will benefit our broking partners, deepen our client relationships and align our distribution strategies. Furthermore, the increased scale and balance will help us navigate the volatility that is being experienced within the broader market for these classes.”
On the leadership changes, he added: “This is a well-deserved promotion for Rohan, who I’m certain will approach this important role with the direction, drive and innovative thinking that he is already renowned for at Markel and across the market.
“Chris has been a highly valued part of Markel since he joined in 2008 and leaves with our best wishes. I know I join the entire business in thanking him for his significant contribution over the years.”
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