Phenomenal growth for Markel Asia
Markel has grown 45 percent in Asia this year, which Markel’s managing director for Asia Christian Stobbs (pictured) described as “a phenomenal success for us”, when he spoke to Intelligent Insurer.
This growth is a reflection of the hires the company has made over the last two years, he explained.
“When you hire a new underwriter, they won’t deliver for you in the first six months. In fact, we don’t want to give them lots of new business in their first six to 12 months.
“We want them to understand Markel and get the risk appetite. Now those hires are delivering and we are seeing the results come through.”
Stobbs returns to the fact that this growth result reflects the investments Markel has made in high quality, local talent from the region, adding that “it makes a big difference”.
One positive indication of how the business is developing, he said, is that in the last 18 months or so the language in the Singapore office has changed. “It was English and now it’s a mixture of many things. For me it’s a real indication of the development of the business.”
“To be successful in Asia, you have to be in Asia.”
Stobbs highlights that Lloyd’s is bouncing back in Asia. “That is, I think, a product of some real investment from not just Markel, but other syndicates over the past three years.”
Referring to Lloyd’s previous retrenchment in the region and syndicates exiting Asia, he said that throughout that time a dozen or so syndicates have been committed to the region and investing in and hiring local talent.
“Now we’re seeing the results of that investment come through. I think the best example of Lloyd’s bouncing back right now is the fact we’ve got two new syndicates coming on to the Lloyd’s Singapore platform. That is a validation of the need for insurance to be on the ground in the region.
“For a long time, I’ve been a believer that to be successful in Asia, you have to be in Asia, and you’ve got to be employing locals. The London Market has always been a centre of excellence but increasingly, you’re seeing business being retained locally in local markets. “The best way to provide your expertise and service and, frankly, to pay claims in the region is by being on the ground here. It’s a business built on trust. We can build that trust by being there in person.”
