Markel International, the London-based specialist insurance subsidiary of Markel Corp., will cease to write London open market property business with immediate effect.
The development has no impact or implications for Markel Corp.’s U.S. and Bermuda property businesses which, for reasons of size and structure, have not faced the same issues as the London open market business.
“Dean Pitts, supported by Guy House, has worked hard to make this business successful but, sadly, the market has been against them, in terms of both capacity and pricing,” said William Stovin, president of Markel International.
“That has been a feature of the market for some time and, despite their and our best efforts and a range of strategies, we have not been able to overcome this fundamental issue,” he added.
“Both will leave the business and go with our best wishes and our support for the future,” said Stovin.
Source: Markel International
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