Markel Corp., in a bid to boost innovation and competitiveness, combined its Wholesale and Global arms into one entity to be known as Markel Assurance.
Wholesale consists of excess and surplus lines and Global Insurance handles complex, risk managed accounts. The current president of Markel Wholesale – Bryan Sanders – will lead the new division. Britt Glisson, president of Markel Global Insurance and a 40-year industry veteran, will assist in the transition and then retire in 2018.
Along with the new Markel Assurance, Markel’s other insurance/reinsurance division are Markel Specialty, Markel International and Markel Global Reinsurance.
Richard Whitt, Markel co-chief executive officer, said that the combination aligns its structure more closely with both production partners and customers, and the change will help boost innovation and efficiency.
“We are committed to innovation and to making it easier to do business with Markel – establishing this new division accomplishes both of those objectives,” Whitt said in prepared remarks.
Sanders, added, also in prepared remarks, that the combined operations “will help Markel maintain its leadership position and increase our market presence in both the wholesale and large account retail market space.”
Markel said the combined division will have underwriting teams in the U.S., Bermuda, Dublin and London and handle gross written premium of about $1.8 billion annually. Products for the division will originate from casualty, professional liability and property/marine lines, and underwriting leads for those product lines will report to Robin Russo, Markel’s chief underwriting Officer.