Markel International, the London-based specialist insurer and subsidiary of Markel Corp., will enter the surety market in March this year, following the appointment of two senior underwriters with over 30 years’ combined experience in the surety and trade credit industries.
The names of the underwriters will be announced in the coming weeks.
Markel said the business will initially focus on opportunities in the UK, Ireland and Continental Europe with the intention to expand to other regions outside North America. The new team will report to Ewa Rose, managing director of the trade credit, political risk and surety business.
Hubs in London, Singapore, New York and Dubai will offer “a broad spectrum of solutions to corporate and financial institution clients,” said Markel, noting that products will range from excess-of-loss, multi-buyer policies to single obligor credit, contract frustration and political risk coverage.
“We established Markel’s trade credit business in 2010 and introduced political risk and contract frustration capabilities at the beginning of last year,” commented Rose.
“The addition of surety is a natural extension to our offering and provides a full range of complementary products across our portfolio,” she said. “The new launch is in response to broker and client demand and we look forward to providing much needed capacity to the market.”
Source: Markel International Ltd.
Topics New Markets
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