Markel Insurance, the insurance operations within Markel Group, has concluded the sale of renewal rights for its Global Reinsurance business to Nationwide.
The divestment, announced last month, forms part of Markel’s strategy to focus on its core specialty insurance markets.
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Financial terms of the deal were not shared.
Under the terms of the agreement, Nationwide will assign the underwriting and management of the renewal policies to Ryan Re Underwriting Managers, a managing general underwriter affiliated with Ryan Specialty.
This will be facilitated through their pre-existing alliance.
The company also stated that the transaction did not involve the sale of any Markel insurance company entities.
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By GlobalDataMarkel’s Global Reinsurance division is set to enter a runoff period, with the expectation that premiums will continue to be earned over the next two to three years.
Markel Insurance CEO Simon Wilson said: “This move will sharpen our focus on doing more of what we do best so that we can grow our core specialty insurance business. We are grateful to Nationwide and Ryan Re for being great partners throughout this transaction.”
Nationwide CEO Kirt Walker stated: “This acquisition accelerates Nationwide’s reinsurance growth and deepens our strategic alliance with Ryan Specialty, through Ryan Re, established in 2019.
“Together, we have built a strong foundation in specialty reinsurance. This transaction builds on that momentum and broadens the range of opportunities we can bring to market.”
In June, Markel Insurance launched a new insurance offering named InsurtechRisk+.
The product encompasses several insuring clauses including insurance services and technology liability, directors and officers liability, crime, and cyber liability and loss cover.
