Markel, the insurance division of Markel Group Inc, has named Alicia Leong (pictured) as head of marine liabilities in Singapore.
The appointment aligns with the company’s efforts to expand its marine underwriting capabilities in the Asia-Pacific region as it reports improved financial results for 2024.
Leong will be responsible for overseeing Singapore-based underwriting activities within Markel’s marine and energy (M&E) liabilities segment. She will also support strategic initiatives for teams operating in overseas markets, strengthen broker relationships, and contribute to the company's market expansion strategy.
Leong, who spent nearly a decade as a marine liability underwriter at Munich Re Specialty – Global Markets, Syndicate, will report to Wanshi Lin, head of Singapore at Markel.
Lin spotlighted Leong’s extensive experience, deep industry knowledge, and strong leadership.
“Her expertise will be instrumental as we expand our marine underwriting presence across APAC. I look forward to seeing Alicia drive product innovation and market expansion in Singapore,” she said.
Kevin Leung, chief underwriting officer for Asia Pacific, emphasised Leong’s role in supporting Markel’s regional risk solutions strategy.
“Alicia’s strong technical capabilities and extensive experience in marine liabilities make her an excellent fit for this role. We are delighted to welcome her onboard as we strengthen risk solutions for our clients in the region,” he said.
Leong’s appointment follows a year of financial growth for Markel. The company’s total operating revenue for 2024 reached US$16.62 billion, up from US$15.80 billion in the previous year. Net income increased to US$199.32 per share, compared with US$146.98 per share in 2023.
The company attributed these gains to higher investment returns, a 25% rise in net investment income, and growth in insurance operations through targeted rate adjustments and improved underwriting performance.
Markel’s insurance operations saw premium growth over the past year, supported by pricing adjustments and underwriting enhancements.
However, the company also expects underwriting losses related to the January wildfires in Los Angeles to range between US$90 million and US$130 million before income taxes. Due to the evolving nature of the claims, Markel stated it would update its loss estimates in the first quarter of 2025.
Markel Ventures, the company’s investment arm, also reported revenue growth, particularly in its consumer and building products businesses, alongside contributions from Valor Environmental.
As of Dec. 31, Markel’s total investments, cash, and cash equivalents stood at US$34.2 billion, compared with US$30.9 billion a year earlier. The company attributed this increase to strong operating cash flows and gains in the fair value of its equity portfolio.
