Markel
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The carrier stopped accepting new business starting February 7.
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Rodrigues’s retirement caps nine years with Markel.
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The executive discussed Markel’s performance in an annual shareholder letter.
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Commercial carrier earnings continue to show mixed prior-year development.
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Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
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The carrier did not consider pursuing an LPT deal to address the GL and PL issues.
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The figure was disclosed in the group's recent 8-K disclosure.
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Insurance Insider US runs you through the earnings results for the day.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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Brian Costanzo, who joined the company in 2009, was previously CFO of Markel’s insurance business.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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After joining the firm in 2018 from Chubb, Cox oversaw the carrier’s Markel Specialty and Markel International divisions.
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This replaces a $750mn program authorized in February 2022, under which $633mn of the company's common stock was repurchased as of November 29.
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The programme services carrier will serve UK MGAs from 1 January.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.
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The Inside P&C news team runs you through the earnings results for the day.
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Markel named Alex Martin, Markel’s current CFO, as Sanders’ successor.
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The start-up MGU will initially focus on real estate, hospitality and leisure, financial institutions and professional services industries.
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Based in New York, the executive will report to Markel’s terrorism director Ed Winter, who is based in London.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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This is manifesting itself in sharp rate gains in the specialty insurer’s property book, while public D&O continues to decline at alarming rates.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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The appointments include elevations within wholesale and retail distribution, as well as commercial lines and construction.
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Pollaro joined Markel in 2009 and most recently served as managing director of management and professional liability for Markel Specialty.
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Markel established the new positions to address the unique needs of its wholesale and retail business models.
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The company is making the change to provide greater definition around its three engines of insurance, investments, and a group of diverse businesses in Markel Ventures.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The loss portfolio transfer deal was completed in March of this year, covering £200mn of UK motor insurance claims.
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This may slow premium growth but ensure sustainability long term, according to its insurance president.
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Markel also disclosed that its Q1 2022 underwriting results included $35mn of losses attributed to the Russia-Ukraine conflict.
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He has over 15 years of experience in the insurance business, working in multiple areas, including catastrophe risk management and ceded reinsurance.
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The executive will be based in Markel's Glen Allen office and report to chief claims officer Nick Conca.
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Scott Bailey previously spent 12 years at CFC managing the technology and media division.
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Teri Gendron joins from Jefferies, where she served as chief financial officer since 2014.
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The move follows commentary on loss cost inflation exceeding rate rises in Q4 across Markel’s portfolio, driven by lines including public D&O and financial institutions.
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On an earnings call Markel’s president of insurance Jeremy Noble spoke to analysts, who are watching loss cost trends closely as rate rises taper.
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The firm’s insurance LR rose to 60.7% from 49.1%, while the reinsurance LR moved down to 58.7% from 64.1%.
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The book of business was performing poorly, and was exposed to major claims from the 2021 Huntington Beach oil spill in California.
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Group CFO and incoming president of insurance Jeremy Noble has told Inside P&C that the insurance operation is where Markel sees the most upside potential.
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Inside P&C Research examines E&S sector growth over the past year and revisits historic trends.
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The executive will help grow the insurer’s presence in the region and support the office’s overall operations and strategy.
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Following Whitt’s retirement, co-CEO Thomas Gayner will become sole chief executive, while SVP and CFO Jeremy Noble will become president.
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While market conditions remain favorable across most lines, the executive said he is beginning to see competitive pricing in certain lines of business.
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The company’s combined ratio edged up by 0.3 points despite a two-point reduction in expenses and a 3.4-point reduction in cats.
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Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Based in Glen Allen, Virginia, the executive will report to Tim Pasik, the commercial casualty product lines leader.
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Rhoads joined Markel in 2013 as part of its acquisition of Alterra Capital Holdings Limited.
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The fronts are highly leveraged balance sheet firms taking significant underwriting risk, with high levels of counterparty credit risk.
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A differentiated investment strategy has led to increased value creation and price-to-book multiples for a small group of specialty carriers.
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The New York-based executive spent nearly 15 years with Chubb before moving to Sompo.
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With the additional shares, Berkshire now owns around 3.4% of the Richmond-based specialty insurer, a stake that as of June 30 was worth over $605mn.
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The climate risk focused Insurtech has launched two “snow insurance” products backed by Markel subsidiary Evanston Insurance Company.
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Markel leaves unchanged its stakes in Berkshire Hathaway of over 1.5 million shares; RLI of 1.2 million shares; WR Berkley of 40,500 shares, and Hagerty of roughly 3.5 million shares.
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On a call with analysts, Whitt said that the company is looking at rate adequacy at a very “granular level".
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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