Markel
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The executive will lead a team within Markel Specialty's East territory unit. -
In an interview, Phil Bowie said the company plans to access reinsurance capacity directly, and called current market conditions “the best” for savvy underwriters.
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The deal is the latest in a flurry of MGA M&A activity and comes after it sought to raise a balance sheet earlier in the year.
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The deal is expected to close later this year, subject to usual regulatory approvals.
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Casualty rate hikes moderate, though areas like wildfire liability remain difficult amid an ever-more litigious environment.
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The classic car underwriter will use the proceeds from its most recent fundraise to spur organic growth, and invest in data, technology, and geographic expansion.
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New Markel board member Morgan Housel has boardroom history that includes Long-Term Stock Exchange and Camino Financial.
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Markel said it has entered into consultation with staff at the ILS vehicle, which was launched in 2019.
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Markel fills Southeast regional president position from within, tapping industry veteran Steve Girard.
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The insurer said its plan was to fully transition the book to the fund.
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The co-CEO said that rate increases at the company averaged about 10% in the quarter and were higher for casualty and professional lines.
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The Richmond-based (re)insurer also reported a lower catastrophe figure overall, a better expense ratio, and grew GWP by 20%.
