Markel Surety increases capacity and geographic footprint
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, as well as increased its geographic footprint in the US.
The new segment will be led by Michael Bond, who joined Markel on December 31. He previously held 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 programme 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.
Markel Surety has also expanded its branch network with new offices in Red Bank, New Jersey; Chicago; and Sacramento, California; along with additional underwriting resources in Baltimore and Dallas.
Mike Keimig, president and CEO of Markel Surety division, said: "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.
"The National Accounts segment will be additive to our core and will enhance Markel Surety's value to our key strategic partners."
Bond said: "I am excited to be able to build out a National Accounts business on the strong Markel Surety platform. This will allow Markel Surety to service the full spectrum of surety customers—from small contractors to the largest global players."
Keimig commented: "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."
