Markel says creation of $4bn Markel Specialty will be better for clients
Markel has said that merging its assurance and specialty divisions into one new division, which will be known as Markel Specialty going forward, will allow it to better serve its customers.
The change in the business, effective from April 1, will mean combining its Markel Specialty and Markel Assurance divisions into one division using the Markel Specialty name. Plans include preserving the regional model and adding two new overarching territories (East and West).
The unit, which will represent some $4 billion in gross written premium, will be run by Bryan Sanders, currently president of Markel's US Insurance operations and the Assurance division. He will become president of Markel Specialty under the change.
Sanders said: “This evolutionary change will make it even easier for our trading partners and customers to navigate Markel. By combining our Assurance and Specialty divisions, it will position us to get closer to and more efficiently serve our customers with unmatched underwriting expertise and competitive, industry-leading products.”
Intelligent Insurer also understands that the company plans to combine its data, technology, and other support functions as part of the change.
Others senior executives on the newly created Markel Specialty leadership team will include: Jim Arnold, as chief administrative officer; Glenn Harris, managing executive, distribution strategies & business development; Jeff Lamb, executive director, programs & alliances; Matt Parker, executive director, integration strategy; Jane Peterson, chief underwriting officer; and Scott Whitehead, managing director, insurtech underwriting.
In addition, the two newly-created territories will be led by two executive territory officers: Sarah Gavlick (East) and Wendy Houser (West).
