Markel swoops on Big Four accounting firm to expand W&I business line
Markel, the insurance operations within the Markel Group, has hired a new warranty and indemnity (W&I) underwriter from PwC as part of its strategy to accelerate growth across this portfolio.
Steven Feng (pictured) will be based in Markel’s London office, and report directly to Bryan Dressler, head of W&I at Markel’s international insurance business, where he will be responsible for underwriting the tax risks inherent in W&I transactions.
Markel said Feng’s skillset complements the team’s experience in multiple insurance lines, financial due diligence, and investment rationale expertise, to create a model specifically tailored for small and medium-sized enterprise (SME) transactions in the UK and European Economic Area (EEA).
Feng brings a wealth of experience to his underwriting role, having spent more than nine years at professional services firm PwC. After qualifying as an accountant in PWC’s Assurance team, he spent almost five years working within the organisation’s London mergers & acquisitions (M&A) tax team, where he advised private equity clients on a variety of mid-market to high value transactions. During this period, he held several senior roles which included senior associate for M&A tax and M&A tax manager, respectively.
Dressler said: “Markel’s W&I business line was established last year with the purpose of being able to systematically assess the primary pillars of W&I risk – insurance, financial, legal, and tax due diligence – to allow for a streamlined and steady experience for our brokers and insureds. Steven’s background in managing tax risks in line with the cadence of M&A fits this foundation perfectly.”
He added: “As an accomplished tax due diligence manager, Steven has the tools and focus to ask the right questions to arrive at the right insurance solutions for our clients at Markel. This will play a crucial role in our plans to continue driving profitable growth for the W&I portfolio and to harness insights from our valuable partnerships with coverholders.”
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