Latest news with #MarkelInsurance
Cision Canada
3 days ago
- Business
- Cision Canada
Markel announces completion of MECO acquisition
LONDON, June 2, 2025 /CNW/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced that it has completed its acquisition of specialist marine MGA, The MECO Group Limited (MECO), following regulatory approvals. Andrew McMellin, President of Markel International, stated: "We're thrilled to finalise this acquisition and officially welcome MECO's people to Markel. MECO is a well-regarded brand, known for its professionalism, operational quality, and robust distribution channels in regions where we're actively expanding our presence. I look forward to the opportunities we can leverage as we join forces." Chris Else, Chief Executive of MECO, remarked: "This development represents an important milestone in the evolution of the MECO Group. Markel is a rapidly growing organisation that has built its success on a strong balance sheet, clear strategic vision, and philosophy of local empowerment. From early discussions with the leadership team, it was evident that their core values, as a people-powered business, make Markel an excellent fit for MECO as we embark on this new and exciting chapter." MECO, which has offices in London, Dubai, Shanghai and Hamburg, will trade as MECO Specialty, as part of the Specialty division of Markel International's Wholesale operation, led by Tom Hillier, Managing Director - Specialty. About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
Yahoo
28-05-2025
- Business
- Yahoo
Markel rolls out FI solutions in Australia
Markel Insurance, the insurance operations arm of Markel Group, has launched financial institutions (FI) solutions in Australia, with 'localised wordings' to serve organisations in the sector. The launch follows the company's introduction of commercial professional indemnity solutions in 2024, as part of its strategy to offer specialty insurance products in the Australian market. The company has made available a primary investment managers insurance policy for Australian clients, with plans to unveil three additional primary wordings in July 2025. These will cover directors and officers, professional indemnity and crime for financial institutions. The FI solutions are aimed at serving a variety of entities in the financial sector, including both private and listed institutions. The target market encompasses banks, credit unions, fintech companies, investment firms, mutual funds, non-bank lenders, private equity funds, real estate investment trusts, superannuation funds and venture capital funds. Professional and financial risks senior underwriter Lan Pham will lead the new FI solutions team from Melbourne. Senior underwriter Daisy Galvin has relocated to Sydney from Markel's London office to join the Australian team. With the establishment of specialist underwriters and claims handlers in Australia, Markel aims to provide local underwriting and claims services in the region. Markel Australia managing director Rory Morison said: "The launch of these localised FI solutions follows last year's focus on Commercial Professional Indemnity and marks the next part of our journey since entering the Australian market in 2023. "We see a genuine need for more locally empowered underwriters in Australia, and we are excited to have Daisy join us from our London office to bolster our expertise in the FI space. We are very excited to bring these products to market, which combine the best of what Markel offers globally with our local IP [intellectual property] and expertise." Earlier in the month, Markel introduced a specialist cyber insurance product covering indirect losses from acts of war. "Markel rolls out FI solutions in Australia " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
27-05-2025
- Business
- Cision Canada
Markel launches solutions for Financial Institutions in Australia
MELBOURNE, Australia, May 27, 2025 /CNW/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced it has launched Financial Institutions (FI) solutions in Australia, with localised wordings to service a broad range of organisations in the sector. This announcement follows the launch of localised Commercial Professional Indemnity solutions in 2024, under Markel's plan to progressively launch targeted and tailored specialty insurance products in the Australian market. Markel now has a primary Investment Managers Insurance policy available to Australian customers, with three additional primary wordings to be released in July 2025: Financial Institutions – Directors and Officers Financial Institutions – Professional Indemnity Financial Institutions – Crime These solutions are designed for private and listed local FIs, including private equity funds, mutual funds, venture capital funds, non-bank commercial and consumer lenders, credit unions, real estate investment trusts (REITs), superannuation funds, banks, investment companies, FinTech companies, and more. Leading the new FI solutions team will be Senior Underwriter in Professional and Financial Risks, Lan Pham, based in Melbourne, and Senior Underwriter Daisy Galvin, who has transferred to Sydney from Markel's London office. With specialist underwriters and dedicated claims handlers now onshore, Markel can provide local underwriting expertise, breadth of cover and professional claims service in Australia. Kym Beazleigh, Head of Professional and Financial Risks Australia at Markel, said, "We have seen growing demand across Australia for financial lines, particularly for financial institutions. This has been driven in part by the growth of the digital economy alongside traditional industries, increased scrutiny on director liability, and a spate of high-profile cyber breaches. "By nature, financial organisations face many threats in a highly regulated and complex industry. Financial institutions must protect their assets from risks such as climate and ESG disclosure, cybersecurity threats, and regulatory or legislative changes. If they're inadequately managed, they can cause significant damage to an institution and their clients' financial portfolios. We understand these risks and provide dynamic insurance solutions to fulfil the unique needs of the financial sector." Rory Morison, Managing Director of Australia at Markel, said, "The launch of these localised FI solutions follows last year's focus on Commercial Professional Indemnity and marks the next part of our journey since entering the Australian market in 2023. "We see a genuine need for more locally empowered underwriters in Australia, and we're excited to have Daisy join us from our London office to bolster our expertise in the FI space. We're very excited to bring these products to market, which combine the best of what Markel offers globally with our local IP and expertise." About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
Cision Canada
13-05-2025
- Business
- Cision Canada
Markel launches first-of-its-kind affirmative cyber product for collateral war cover
LONDON, May 13, 2025 /CNW/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today launched an innovative, specialist cyber product to provide up to US$5 million of cover per risk for indirect losses arising from an act of war. Cyber risks are a significant concern for large organisations, particularly those in sectors including critical infrastructure, technology, finance and energy. Although full-scale cyber warfare events remain relatively rare, state-sponsored and geopolitically motivated cyber threats continue to increase in frequency and severity 1. State-sponsored cyber-attacks accounted for 35% of all breaches in 2024 2, with multinationals often being the targets or suffering collateral damage. The new product, developed by Markel International's London-based cyber team, provides cyber cover for collateral damage caused by acts of war, in other words losses arising from the indirect impact on an Insured from a war (whether declared or not). Cover for this peril is typically excluded in cyber insurance policies. The new solution has been developed as a wrap-around product for large corporate clients with existing (Markel or non-Markel) cyber insurance policies. If the insured's existing policy is less restrictive on war (such as Type 4 war exclusions) and this is now moving to a more restrictive war exclusion that is not to the client's preference, then this Markel product could provide the insured with an option to insure some or all of that lost coverage. Markel has ring-fenced a fixed amount of aggregate limit for this specific product, which it will be offering under its own name, using its own legal and financial backing. It will initially be offering a limit of up to US$5 million per risk. Chris Burgess, Director of Cyber at Markel International, commented: "With this new product, Markel is responding to the changing needs of our clients. We're conscious that some larger clients still want cyber cover for the indirect impact of war, and this product is a step toward helping provide them with a priced-for insurance policy that explicitly covers this particular risk. "While we're initially beginning with a low limit, today's announcement is a step in the right direction towards providing a market-wide solution for these highly prevalent risks. We hope that providing clients with this cover will help give them the confidence and assurance that their needs are being heard and responded to." 1 World Economic Forum. Global Cybersecurity Outlook 2025 report. January 2025 2 Bright Defense. Latest Cybercrime Statistics 2025. April 2025. About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
Cision Canada
07-05-2025
- Business
- Cision Canada
Markel launches Clinical Trials products to support clinical trials research, globally
LONDON, May 7, 2025 /CNW/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced the launch of its Clinical Trials insurance product – underscoring its commitment to providing best-in-class solutions to support clinical trials research and product development on an international scale. The new clinical trials offering provides comprehensive cover to sponsors, researchers and participants throughout all phases of clinical research and is tailored to meet the regulatory requirements of more than 100 territories, ensuring smooth and compliant trial operations, worldwide. As part of its service offering, Markel can offer same-day turnaround for quotations, as well as the issuance of certificates and policy documents through its automated document production platform, so that clinical trial sponsors and researchers can get the required insurance in place to begin clinical trials in a timely manner and meet regulatory deadlines. Markel utilises its Lloyd's licenses and extensive global network to provide these solutions to ensure a compliant solution where required. "Clinical trials insurance is a regulatory requirement in many countries and it's often the last hurdle to get approval to begin clinical research," says Robert Hannaford, Senior Underwriter – Life Science, Markel. "Delays to this process can result in sizeable costs, reputational damage and suspend vital research from going ahead for sponsors and researchers. "At Markel, we understand the time-sensitive nature of these requests and have developed a compliant solution – backed by our expert underwriting and award-winning claims service, making sure clients are fully protected to carry out the clinical research of products worldwide." Hannaford continues: "We do not want insurance to be a delaying factor to allowing important clinical research to begin, which is why we've produced a customer-centric product that streamlines all parts of the insurance value chain to prioritise service. "We look forward to supporting innovation in the life science industry by continuing to deliver effective risk transfer solutions for future lifesaving treatments through open communication, dialogue and transparency with our brokers, insureds and trading partners." About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
