Markel Insurance, the insurance operations arm of Markel Group, has launched financial institutions (FI) solutions in Australia, with “localised wordings” to serve organisations in the sector.
The launch follows the company’s introduction of commercial professional indemnity solutions in 2024, as part of its strategy to offer specialty insurance products in the Australian market.
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The company has made available a primary investment managers insurance policy for Australian clients, with plans to unveil three additional primary wordings in July 2025.
These will cover directors and officers, professional indemnity and crime for financial institutions.
The FI solutions are aimed at serving a variety of entities in the financial sector, including both private and listed institutions.
The target market encompasses banks, credit unions, fintech companies, investment firms, mutual funds, non-bank lenders, private equity funds, real estate investment trusts, superannuation funds and venture capital funds.
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By GlobalDataProfessional and financial risks senior underwriter Lan Pham will lead the new FI solutions team from Melbourne.
Senior underwriter Daisy Galvin has relocated to Sydney from Markel’s London office to join the Australian team.
With the establishment of specialist underwriters and claims handlers in Australia, Markel aims to provide local underwriting and claims services in the region.
Markel Australia managing director Rory Morison said: “The launch of these localised FI solutions follows last year’s focus on Commercial Professional Indemnity and marks the next part of our journey since entering the Australian market in 2023.
“We see a genuine need for more locally empowered underwriters in Australia, and we are excited to have Daisy join us from our London office to bolster our expertise in the FI space. We are very excited to bring these products to market, which combine the best of what Markel offers globally with our local IP [intellectual property] and expertise.”
Earlier in the month, Markel introduced a specialist cyber insurance product covering indirect losses from acts of war.
