Markel

Scott Bailey previously spent 12 years at CFC managing the technology and media division.

Teri Gendron joins from Jefferies, where she served as chief financial officer since 2014.

The move follows commentary on loss cost inflation exceeding rate rises in Q4 across Markel’s portfolio, driven by lines including public D&O and financial institutions.

On an earnings call Markel’s president of insurance Jeremy Noble spoke to analysts, who are watching loss cost trends closely as rate rises taper.

The firm’s insurance LR rose to 60.7% from 49.1%, while the reinsurance LR moved down to 58.7% from 64.1%.

The book of business was performing poorly, and was exposed to major claims from the 2021 Huntington Beach oil spill in California.

Group CFO and incoming president of insurance Jeremy Noble has told Inside P&C that the insurance operation is where Markel sees the most upside potential.

Inside P&C Research examines E&S sector growth over the past year and revisits historic trends.

The executive will help grow the insurer’s presence in the region and support the office’s overall operations and strategy. 

Following Whitt’s retirement, co-CEO Thomas Gayner will become sole chief executive, while SVP and CFO Jeremy Noble will become president.

While market conditions remain favorable across most lines, the executive said he is beginning to see competitive pricing in certain lines of business.

The company’s combined ratio edged up by 0.3 points despite a two-point reduction in expenses and a 3.4-point reduction in cats.