Markel International, London, March 15, 2018 --- Markel International, the specialist insurer, will cease to write London open market property business with immediate effect.
The development has no impact or implications for Markel Corporation’s US and Bermuda property businesses which, for reasons of size and structure, have not faced the same issues as the London open market business.
William Stovin, president of Markel International, said: “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. 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.
“Both will leave the business and go with our best wishes and our support for the future.”
For more information:
Michael Henman, Director of Communications + 44 (0)20 7953 6000
Susy Chandler, Acting Wholesale Marketing Manager + 44 (0)20 7953 6000
About Markel International:
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (NYSE: MKL). Markel International writes insurance and reinsurance business through four divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel Resseguradora do Brasil S.A. and Markel International Insurance Company Limited. Markel International also manages the business of Abbey Protection Group which provides legal and professional fees insurance cover as well as legal and tax consultancy services. For more information please visit us at www.markelinternational.com