RICHMOND, Va., Oct. 7, 2020 /PRNewswire/ -- Markel
Corporation (NYSE: MKL) announced today that it is creating one
center of expertise for the global property catastrophe (CAT)
reinsurance market by closing its Markel Global Reinsurance
property CAT unit and having Nephila become Markel's single point
of entry for serving the property CAT reinsurance market.
"This move allows us to more fully leverage Nephila's market
leading competitive position while also generating necessary
operational efficiencies," said Markel Co-CEO Richie Whitt. "We believe the companies that
will win in the future will be those who most efficiently connect
risk with capital, and this strategic shift will help us do that in
the property CAT market."
Moving forward, Markel Global Reinsurance will increase its
focus on underwriting and growing its casualty and specialty lines
under the continued leadership of Jed
Rhoads, president and chief underwriting officer, Markel
Global Re.
"The process to shift to our new model will begin immediately
and we will ensure that it's completed in a professional, orderly,
and seamless fashion," said Rhoads. "I want to express my deep
thanks and appreciation to our property CAT clients, trading
partners, and employees for their years of loyal support."
While some Markel Global Re property team employees may have the
opportunity to join the Nephila team, the change will result in
approximately 25 job reductions globally. Those employees impacted
will depart the company on December
31, 2020.
"We are committed to working with and assisting employees
affected by this change," Whitt said.
About Markel
Markel is a diverse financial holding
company serving a variety of niche markets. The Company's principal
business markets and underwrites specialty insurance products. In
each of the Company's businesses, it seeks to provide quality
products and excellent customer service so that it can be a market
leader. The financial goals of the Company are to earn consistent
underwriting and operating profits and superior investment returns
to build shareholder value. Visit Markel on the web at
markel.com.
Note on Forward-Looking Statements
Some of the
statements in this release may be considered forward-looking
statements. Statements that are not historical facts, including
statements about Markel's beliefs, plans or expectations, are
forward-looking statements. These statements are based on Markel's
current plans, estimates and expectations. There are risks and
uncertainties that could cause actual results to differ materially
from those expressed in or suggested by such statements. Factors
that could cause actual results to differ from those in the
forward-looking statements are discussed in Markel's periodic
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form
10-Q for the quarter ended June 30,
2020. Markel assumes no obligation to update this release
(including any forward-looking statements) as a result of new
information, developments, or otherwise. This release speaks only
as of the date issued.
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SOURCE Markel Corporation