Markel reorganizes US PL portfolio into four pillars as public D&O moves to Bermuda

By Chris Munro

Feb 3 - (The Insurer) - Markel has split its US professional liability (PL) division into four distinct pillars while also moving its public D&O and large financial institutions unit move to Bermuda in a change the carrier said streamlines its offering.

Going forward, Markel’s US PL offering will comprise four pillars: management liability, led by Craig Graff; errors and omissions (E&O), overseen by Paul Melone; financial institutions, helmed by Travis Pearson; and cyber, managed by Lou Botticelli.

The company's US PL platform will continue to be led by Sal Pollaro, Markel’s executive underwriting officer, PL.

Markel said that as part of the “realignment”, the access point for its public D&O and large financial institutions coverage will now be through the company’s Sandra Soares-led Bermuda-based PL platform.

That operation, Markel said, is viewed as its center of excellence for public D&O and large financial institutions underwriting.

Markel noted moving the public D&O and large financial institutions team to Bermuda aligns with earlier actions it has taken to streamline access points.

Those earlier actions include Markel’s decision last September to move its London risk managed PL portfolio to the Bermuda operation.

“After careful consideration and evaluation, we believe this streamlined underwriting approach will lead to improved consistency for our customers and trading partners. It will also make it easier for them to do business with us,” said Alex Martin, president, Markel Specialty.

“This move further takes greater advantage of our strong Bermuda capabilities, leveraging our underwriting expertise, gaining economies of scale, and reinforcing our overall strong commitment to professional liability.

“This more focused and streamlined underwriting approach will also lead to greater consistency and improved financial outcomes for the business,” Martin added.