Markel Insurance coverage has agreed to promote the renewal rights of its international reinsurance enterprise to Nationwide.
The transfer is a part of Markel’s plans to consolidate its operations and focus on enhancing presence in particular specialty insurance coverage markets.
The monetary particulars of the settlement haven’t been disclosed.
Nationwide will assign underwriting and administration obligations for the coverage renewals to Ryan Re Underwriting Managers, a subsidiary inside Ryan Specialty.
This delegation is an extension of an already established partnership between Nationwide and Ryan Re.
Nationwide CEO Kirt Walker stated: “By working with two revered names within the business, this strategic acquisition reinforces Nationwide’s place as a diversified danger companion and creates a chance for us to increase our reinsurance footprint.
“Nationwide’s collaboration with Ryan Specialty, and Ryan Re particularly, has positioned us to extend our presence within the specialty reinsurance market.”
As a part of the settlement, Markel won’t be parting with any of its insurance coverage firm entities.
As an alternative, the worldwide reinsurance division of Markel will begin a run-off interval, throughout which it can proceed to recognise premium income over an estimated span of two to a few years.
The deal is anticipated to shut by August 2025, topic to straightforward closing situations
Markel Insurance coverage CEO Simon Wilson acknowledged: “With this variation, we’ll sharpen our deal with doing extra of what we do finest by rising our core specialty insurance coverage enterprise.
“Nationwide and Ryan Re have the dimensions, market presence and experience essential to leverage these renewal rights to construct a fair stronger basis for long-term success. We’re assured that they may ship for our reinsurance prospects and buying and selling companions.”
Final month, Markel accomplished the acquisition of a specialist marine managing basic agent, MECO Group.
MECO Group rebranded as MECO Specialty, working inside the Specialty division of Markel Worldwide’s Wholesale operation.
