Markel completes sale of its reinsurance renewal rights to Nationwide

By Isha Marathe

Aug 18 - (The Insurer) - Markel Insurance has completed the sale of the renewal rights for its estimated $1.2 billion premium global reinsurance business to Nationwide, which will delegate the underwriting and management of the renewal policies to Ryan Specialty’s MGU Ryan Re Underwriting Managers.

The transaction was announced on July 30 and represents an exit of the remaining part of Markel’s global reinsurance business five years on from the closure of its property cat reinsurance unit.

The remaining book, which represents around $1.2 billion in gross written premium per annum, includes casualty, professional and specialty lines, The Insurer reported in July.

Markel did not sell any insurance company entities as part of the transaction, and Markel's Global Reinsurance division has entered runoff, with premiums continuing to earn out over the next two to three years.

"This move will sharpen our focus on doing more of what we do best so that we can grow our core specialty insurance business," said Simon Wilson, CEO of Markel.

"We are grateful to Nationwide and Ryan Re for being great partners throughout this transaction."

The Insurer reported in July that a number of employees working in Markel’s global reinsurance unit were expected to transition to Ryan Re, while some would stay with the carrier to manage the run-off of the portfolio. Details of those who will transfer or remain, or any potential departures, could not be confirmed.