Markel restructures property division
Markel International is undertaking a restructure that involves splitting its non-marine property division along sector lines.
A delegated property division has been created, while the insurer’s property open market team has transferred to its speciality division.
Bill Pondrom has been appointed managing director of the new unit, having previously held the post of regional director of underwriting and production at parent company, Markel Corporation.
He is supported by a team of five that will be strengthened shortly by a new appointment.
Commenting on the changes, Markel International’s director of underwriting, Jeremy Brazil, says: “The reorganisation significantly rationalises our approach to property business and will enable us to offer a more keenly focused service to brokers.”
Also this week, Markel has reported that AM Best has upgraded the issuer credit rating of its London-based business, Market International Insurance Company Ltd (MIICL), from “A” to “A+”.
The credit rating firm said the upgrade reflected the group’s “excellent stand-alone risk-adjusted capitalisation”.
Category: Companies News, Employment News, Financials, Insurance News
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