Specialist insurer Markel International is reducing the number of its operating divisions to simplify the structure of its wholesale business.
Effective May 1, the insurer’s divisions will be trimmed down from seven to three – marine, energy and property; specialty and financial lines; and reinsurance.
The company said the change in structure, which is reflected in the operational functions that support the underwriting teams, is designed to best meet the needs of Markel’s broking clients.
The restructuring also aims to improve daily efficiencies in the running of the business and to support a larger business without adding significant additional cost.
Markel International president William Stovin noted that the company’s existing divisional structure that was established in 2002 is no longer suited to the insurer’s bigger business.
“Reflecting what’s best for our broking clients, this new, simplified structure makes it easier for them to do business with us across a range of business lines,” Stovin said.
“At the same time, it focuses the energies of our front line teams on underwriting, while putting in place a standardised, scalable operating structure capable of supporting a business growing both organically and by acquisition.”
Stovin continued: “Externally, these changes are good for our brokers, as they will maximise our flexibility to deal with their and their clients’ needs.”
The company’s new divisions and the businesses under them starting next month are the following:
- Marine, energy and property division, headed by Paul Jenks
- property open market business, led by Dean Pitts
- marine business, led by Chris Fenn
- energy business, led by Julian Samuel
- Specialty and financial lines division, headed by James Hastings
- trade business, led by Ewa Rose
- equine business, led by Juliet Redfern
- accident and health business, led by Mike Bridgeman
- contingency business, led by James Leach
- professional and financial risks business, led by David Sawyer
- Reinsurance division, headed by Graeme Scott
- casualty treaty business, led by Stuart Hawes
- accident and health treaty business, led by Per Evers Hansen
- property treaty business, led by Nick James and Nick Hillman
