Insurer aims for "significant" chunk of £100m GWP market
Specialty property and casualty insurer Markel International is today launching its equine and livestock insurance division at the annual Glorious Goodwood racing festival.
The company is sponsoring the Markel International Maiden Fillies’ Stakes and the winner’s trophy will be presented by Juliet Redfern, Markel International’s senior underwriter for the division.
Markel International aims to build a significant business in bloodstock and livestock insurance, which is estimated to be worth around £100m annually in gross premiums on the Lloyd’s market. On the equine side, the division will cover all risks of mortality, theft, infertility, and specified perils.
The London-based team of four have 60 years of experience in underwriting equine and livestock insurance between them. The global practice leader, Julian Bowen-Rees, is based in the United States and has more than 25 years of worldwide experience in equine insurance.
Redfern said: “Markel’s strategy is to build businesses that will be profitable for the long term. Despite the recent increase in capacity in equine and livestock insurance, coupled with a souring of market conditions, we are confident that we have the right team and experience to deliver on that strategic goal. “
“Thanks to Markel’s stability, and industry rating, we can offer the right sort of coverage and customer service for all parties, from private horse owners up to the largest stud farms.”
William Stovin, Markel International president and chief operating officer, said: “We are delighted to have attracted such a high-calibre team and look forward to them providing versatile and innovative products. We can tailor our products to individual requirements, which is ideal for today’s market because all-risk coverage is not possible for some people. With many racehorse owners trying to reduce their costs, insurance providers need to be adaptable. We offer flexibility and the option of limited coverage at the appropriate price."