Dean Pitts and Guy House will leave Markel as it ceases open market property writing, saying the “market has been against them”

Markel has closed its open market property business in London.

In an announcement today, the international insurer said it will cease to write London open market property business “with immediate effect”.

Head of property direct and facultative (D&F) Dean Pitts and senior underwriter Guy House are also set to leave the business as a result of the pullback.

William Stovin, president of Markel International, said: “Dean Pitts, supported by Guy House, has worked hard to make this business successful but, sadly, the market has been against them, in terms of both capacity and pricing.

“That has been a feature of the market for some time and, despite their and our best efforts and a range of strategies, we have not been able to overcome this fundamental issue.

“Both will leave the business and go with our best wishes and our support for the future.”

Markel has said it is only pulling out of the London market, and the decision will not affect its property operations in the US or Bermuda.