Markel Insurance has agreed to sell the renewal rights of its global reinsurance business to Nationwide.
The move is part of Markel’s plans to consolidate its operations and concentrate on enhancing presence in specific specialty insurance markets.
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The financial details of the agreement have not been disclosed.
Nationwide will assign underwriting and management responsibilities for the policy renewals to Ryan Re Underwriting Managers, a subsidiary within Ryan Specialty.
This delegation is an extension of an already established partnership between Nationwide and Ryan Re.
Nationwide CEO Kirt Walker said: “By working with two respected names in the industry, this strategic acquisition reinforces Nationwide’s position as a diversified risk partner and creates an opportunity for us to expand our reinsurance footprint.
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By GlobalData“Nationwide’s collaboration with Ryan Specialty, and Ryan Re in particular, has positioned us to increase our presence in the specialty reinsurance market.”
As part of the agreement, Markel will not be parting with any of its insurance company entities.
Instead, the global reinsurance division of Markel will commence a run-off period, during which it will continue to recognise premium revenue over an estimated span of two to three years.
The deal is expected to close by August 2025, subject to standard closing conditions
Markel Insurance CEO Simon Wilson stated: “With this change, we will sharpen our focus on doing more of what we do best by growing our core specialty insurance business.
“Nationwide and Ryan Re have the scale, market presence and expertise necessary to leverage these renewal rights to build an even stronger foundation for long-term success. We are confident that they will deliver for our reinsurance customers and trading partners.”
Last month, Markel completed the acquisition of a specialist marine managing general agent, MECO Group.
MECO Group rebranded as MECO Specialty, operating within the Specialty division of Markel International’s Wholesale operation.
