Markel International, the London-based specialist insurer and division of Markel Corp., has announced its wholesale business will now focus solely on the entertainment book of business within its personal accident, contingency and entertainment (PACE) portfolio.
As a result, with immediate effect, the business will no longer write personal accident (covering athletes) or contingency insurance (covering event cancellation or postponement).
The entertainment portfolio, which includes film, TV and advertising production coverage as well as theatrical business, will be moved to sit within the professional and financial risks (PFR) portfolio where the media errors and omissions (E&O) account resides.
This decision, which will also apply to its PACE portfolio across Asia, follows a strategic review, conducted in the context of both profitability and market outlook, said Markel International in a statement.
Markel Canada and Markel Spain, which both write personal accident from their respective regions under the national markets side of the business, will be unaffected by these changes, as well as Markel Global Reinsurance who will continue to write accident and health treaty business.
“The performance, market dynamics and sector outlook for PACE have been part of a strategic review and with the addition of the impact of COVID-19, sadly we found that neither PA nor contingency were viable beyond this point,” commented James Hastings, managing director of wholesale at Markel International.
“The entertainment portfolio will be well positioned to prosper alongside the media liability book within PFR, and under the management of David Sawyer who heads up the division,” he added.
Source: Markel International
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