Latest news with #MarkelInternational
Yahoo
19 hours ago
- Business
- Yahoo
Markel Insurance hires ex-Aon executive as new Asia-Pacific MD
Markel Insurance has named Sucheng Chang as its new managing director for Asia-Pacific, effective 14 July. In this role, Chang will lead Markel International's Asia-Pacific business from its regional hub in Singapore, with oversight of operations in Australia, China, Dubai, Hong Kong, India and Malaysia. His focus will be on driving the strategic direction of the business, aiming to maximise profitable growth and deliver enhanced service to clients and brokers. The Asia-Pacific arm of Markel International has expanded following the company's Accelerate Asia-Pacific strategy. Since 2019, the gross written premium (GWP) has surged by an estimated 600%, underwriting profitability has improved and the staff headcount in the region has grown by around 300%. Chang will replace Christian Stobbs, who has announced his departure from the Asia-Pacific region but will remain with Markel in a different role. Chang was latterly CEO, Hong Kong, at Aon and before that spent more than 13 years at Liberty Mutual in various positions including chief distribution officer for global retail markets East and CEO of Liberty Insurance Singapore. Chang added: "Markel has made huge inroads in Asia-Pacific and today is a well-respected insurance partner to clients and trading partners in the region, renowned for its focus on exceptional service and customer outcomes. 'I therefore couldn't be more excited to lead the next phase of the expansion of Markel's Asia-Pacific business, building on the progress that has been made to expand our presence even further and take advantage of the opportunities available in the US$300bn GWP Asia-Pacific insurance market." Markel International president Andrew McMellin said: "Sucheng is a highly strategic and well-respected leader within the Asia-Pacific market, and I am thrilled that he is joining Markel to lead our regional business in the next phase of its development. The Accelerate Asia Pacific strategy is a cornerstone of the profitable growth agenda at Markel International." Recently, Markel named Lee Mooney as UK regional business leader, following Neil Galjaard's decision to step down from his managing director role. "Markel Insurance hires ex-Aon executive as new Asia-Pacific MD " 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
Malaysian Reserve
a day ago
- Business
- Malaysian Reserve
Markel International appoints Sucheng Chang to lead Asia Pacific operations
LONDON, June 9, 2025 /PRNewswire/ — Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced that it has appointed Sucheng Chang as its new Managing Director for Asia Pacific, with effect from 14 July. In his new role, Chang will head up Markel International's Asia Pacific business, which operates from its regional hub in Singapore and from offices in Australia, Hong Kong, China, India, Malaysia and Dubai. He will be responsible for leading the strategic direction of the business, centered on maximizing profitable growth and delivering exceptional client and broker service. Markel International's Asia Pacific business has witnessed significant expansion in recent years, following investment made as part of its Accelerate Asia Pacific strategy. Since 2019, GWP has increased by approximately 600%, underwriting profitability has improved and the number of employees in the region has increased by nearly 300%. Chang will take over from Christian Stobbs, who earlier this year announced his decision to leave the Asia Pacific region, remaining with Markel in another role. Commenting on Chang's appointment, Andrew McMellin, President of Markel International, said: 'Sucheng is a highly strategic and well-respected leader within the Asia Pacific market, and I'm thrilled that he's joining Markel to lead our regional business in the next phase of its development. The Accelerate Asia Pacific strategy is a cornerstone of the profitable growth agenda at Markel International. I've no doubt that Sucheng's leadership qualities and his significant experience of scaling insurance operations in Asia will help us to build on this momentum as we push it forward to even greater success.' Chang added: 'Markel has made huge inroads in Asia Pacific and today is a well-respected insurance partner to clients and trading partners in the region, renowned for its focus on exceptional service and customer outcomes. I therefore couldn't be more excited to lead the next phase of the expansion of Markel's Asia Pacific business, building on the progress that's been made to expand our presence even further and take advantage of the opportunities available in the US$300-billion GWP Asia-Pacific insurance market.' Chang arrives at Markel with significant experience scaling insurance operations across the Asia Pacific, most recently as Chief Executive Officer, Hong Kong, for Aon. Prior to joining Aon, Chang spent more than 13 years at Liberty Mutual in strategic roles, including Chief Distribution Officer, Global Retail Markets East and Chief Executive Officer of Liberty Insurance Singapore. He holds an MBA from Yale University and BA from Boston University. 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. Logo – View original content:
Cision Canada
a day ago
- Business
- Cision Canada
Markel International appoints Sucheng Chang to lead Asia Pacific operations
LONDON, June 9, 2025 /CNW/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced that it has appointed Sucheng Chang as its new Managing Director for Asia Pacific, with effect from 14 July. In his new role, Chang will head up Markel International's Asia Pacific business, which operates from its regional hub in Singapore and from offices in Australia, Hong Kong, China, India, Malaysia and Dubai. He will be responsible for leading the strategic direction of the business, centered on maximizing profitable growth and delivering exceptional client and broker service. Markel International's Asia Pacific business has witnessed significant expansion in recent years, following investment made as part of its Accelerate Asia Pacific strategy. Since 2019, GWP has increased by approximately 600%, underwriting profitability has improved and the number of employees in the region has increased by nearly 300%. Chang will take over from Christian Stobbs, who earlier this year announced his decision to leave the Asia Pacific region, remaining with Markel in another role. Commenting on Chang's appointment, Andrew McMellin, President of Markel International, said: "Sucheng is a highly strategic and well-respected leader within the Asia Pacific market, and I'm thrilled that he's joining Markel to lead our regional business in the next phase of its development. The Accelerate Asia Pacific strategy is a cornerstone of the profitable growth agenda at Markel International. I've no doubt that Sucheng's leadership qualities and his significant experience of scaling insurance operations in Asia will help us to build on this momentum as we push it forward to even greater success." Chang added: "Markel has made huge inroads in Asia Pacific and today is a well-respected insurance partner to clients and trading partners in the region, renowned for its focus on exceptional service and customer outcomes. I therefore couldn't be more excited to lead the next phase of the expansion of Markel's Asia Pacific business, building on the progress that's been made to expand our presence even further and take advantage of the opportunities available in the US$300-billion GWP Asia-Pacific insurance market." Chang arrives at Markel with significant experience scaling insurance operations across the Asia Pacific, most recently as Chief Executive Officer, Hong Kong, for Aon. Prior to joining Aon, Chang spent more than 13 years at Liberty Mutual in strategic roles, including Chief Distribution Officer, Global Retail Markets East and Chief Executive Officer of Liberty Insurance Singapore. He holds an MBA from Yale University and BA from Boston University. 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.
