The insurance firm of US based Markel Group, a major global company, has announced its expansion into Australia with the opening of three offices.
According to a media release, Markel, a speciality insurer, is opening offices this month in Sydney, Melbourne and Brisbane. The new Australia based operation, said the release, will be led by Rory Morison, formerly with AXA XL.
“Australia is the world’s 10th largest insurance market, and it’s growing,” said Christian Stobbs (pictured above), Markel’s managing director for the Asia Pacific. “Specialist commercial insurance forms a significant portion of this premium.”
The release said demand is growing across Australia for specialty commercial insurance, particularly in casualty and financial lines, driven partly by the the digital economy.
The release said Markel intends to introduce new products to the local market “designed to protect fast-growing technology businesses from a range of risks such as professional indemnity, general liability, directors and officers (D&O) liability, and cyber.”
“We know that local underwriters understand local conditions and are uniquely focused on the needs of local clients,” said Stobbs. “By establishing a strong underwriting presence in Australia under Rory’s [Rory Morison’s] leadership, we are well-positioned to serve our clients as part of the domestic market, raise our game, and further Markel’s international vision.”
In the release, Andrew McMellin, Markel’s managing director of wholesale, referred to his firm’s “solid track record of building businesses in international markets” including onshore operations in Canada, Europe, the Middle East and Asia over the past decade.
According to its website the Markel Group – a diverse range of companies including insurance, building supplies and bakery equipment – has about 20,000 employees globally. For the six months ending June 30 the firm reported nearly US$4 billion in earned premiums.
