The insurer said the additional impact of the Covid-19 crisis had meant the business lines were no longer “viable”
Markel International has announced that its wholesale business will be focusing solely on the entertainment book of business within its personal accident, contingency and entertainment (PACE) portfolio.
As such, the business will no longer be writing personal accident or contingency insurance.
The entertainment portfolio, which includes film, TV and advertising production coverage as well as theatrical business, will be moved to sit within the insurer’s professional and financial risks (PFR) portfolio where the media errors and omissions (E&O) account resides.
The decision to stop writing personal accident and contingency insurance, which will also apply to Markel’s PACE portfolio across Asia, follows a strategic review, conducted in the context of both profitability and market outlook.
The insurer said a period of consultation has been started with a number of individuals within the team.
James Hastings, managing director of wholesale at Markel International, said: “The performance, market dynamics and sector outlook for PACE have been part of a strategic review and with the addition of the impact of Covid-19, sadly we found that neither personal accident nor contingency were viable beyond this point.
“The entertainment portfolio will be well positioned to prosper alongside the media liability book within PFR, and under the management of David Sawyer who heads up the division.”
Markel Canada and Markel Spain, which both write personal accident from their respective regions under the national markets side of the business, will be unaffected by these changes, as well as Markel Global Reinsurance, which will continue to write accident and health treaty business.