London-based specialist insurer Markel International said it has streamlined the structure of its wholesale business.
The Markel Corp. subsidiary said that the division now has three operating divisions, instead of seven: marine, energy and property; specialty and financial lines; and reinsurance.
Markel said the change in structure is designed, in part, to better meet the needs of its broking clients, to improve day to day running of the business and to support a larger business without adding significant additional cost.
The changes become effective on May 1.
Detailing the changes, Markel International said that Paul Jenks will lead the marine, energy and property division, which will now encompass the property open market business, led by Dean Pitts. Chris Fenn will lead the marine business, while Julian Samuel will lead the energy business.
James Hastings will lead the specialty and financial lines division, which will now include the trade credit business, led by Ewa Rose, and the equine business, led by Juliet Redfern. This division also will include accident and health business, led by Mike Bridgeman, as well as the contingency business, led by James Leach. David Sawyer will lead the professional and financial risks business.
The reinsurance division, led by Graeme Scott, will include the casualty treaty business, led by Stuart Hawes, the accident and health treaty business, led by Per Evers Hansen, and the property treaty business, led by Nick James and Nick Hillman.
“Our existing divisional structure, established in 2002, isn’t right for the much bigger business we now are,” William Stovin, president of Markel International, said in prepared remarks.
“Reflecting what’s best for our broking clients this new, simplified structure makes it easier for them to do business with us across a range of business lines. At the same time, it focuses the energies of our front line teams on underwriting, while putting in place a standardized, scalable operating structure capable of supporting a business growing both organically and by acquisition,” Stovin added.
Source: Markel International