Markel to Combine Wholesale, Global Divisions
Markel Corporation, a holding company for insurance and reinsurance firms, has announced that it will create a new insurance division by combining its existing Wholesale and Global Insurance divisions. The new division will be called Markel Assurance, and will house Markel’s excess and surplus lines operations, which were previously managed by the Wholesale division.
“I am excited about our new structure and our improved alignment with both wholesalers and select retailers,” said Bryan Sanders, who serves as President of Markel Wholesale and will lead Markel Assurance. “Creating this new division will help Markel maintain its leadership position and increase our market presence in both the wholesale and large account retail market place.”
The total premium of the new division accounts for $1.8 billion and includes casualty, professional liability, and property/marine lines. Markel Assurance will operate out of 10 offices in the United States, and will have locations in Bermuda, Dublin, and London. The new division is expected to be operational by January 1, 2018.