’With this change, we will sharpen our focus on doing more of what we do best by growing our core specialty insurance business,’ says chief executive
Markel has agreed to sell the renewal rights for its global reinsurance business to Nationwide.
The insurer has made the move as part of its strategy to simplify operations and grow the business.
Markel will not sell any insurance company entities as part of the transaction and the global reinsurance division will enter runoff, with premiums continuing to earn out over the next two to three years.
Simon Wilson, chief executive at Markel, said: “We are grateful for the work that our global reinsurance team has done for our valued customers, but our scale has held us back from being a leader in the reinsurance market.
“With this change, we will sharpen our focus on doing more of what we do best by growing our core specialty insurance business.”
Delegation
The transaction is subject to customary closing conditions and is expected to close in August 2025.
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Nationwide intends to delegate the underwriting and management of all renewal policies included in this transaction to Ryan Re Underwriting Managers, a managing general underwriter of Ryan Specialty.
Wilson said: “Nationwide and Ryan Re have the scale, market presence and expertise necessary to leverage these renewal rights to build an even stronger foundation for long-term success.
“We are confident that they will deliver for our reinsurance customers and trading partners.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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