Markel International, London, June 17, 2020 --- Markel International, the specialist insurer, has announced that, with immediate effect, its wholesale business will be focusing solely on the entertainment book of business within its personal accident, contingency and entertainment (PACE) portfolio. As such, the business will no longer be writing personal accident or contingency insurance.
The entertainment portfolio, which includes film, TV and advertising production coverage as well as theatrical business, will be moved to sit within the professional and financial risks (PFR) portfolio where the media errors and omissions (E&O) account resides.
This decision, which will also apply to its PACE portfolio across Asia, follows a strategic review, conducted in the context of both profitability and market outlook. A period of consultation has been started with a number of individuals within the team.
Markel Canada and Markel Spain, which both write personal accident from their respective regions under the national markets side of the business, will be unaffected by these changes, as well as Markel Global Reinsurance who will continue to write accident and health treaty business.
James Hastings, managing director of wholesale at Markel International, commented: “The performance, market dynamics and sector outlook for PACE have been part of a strategic review and with the addition of the impact of COVID-19, sadly we found that neither PA nor contingency were viable beyond this point.
“The entertainment portfolio will be well positioned to prosper alongside the media liability book within PFR, and under the management of David Sawyer who heads up the division.”
For more information:
Susy Chandler, Head of Communications + 44 (0)20 7953 6000
About Markel International:
Markel International is a division of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (NYSE: MKL). Markel International writes insurance and reinsurance business through six divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel International Insurance Company Limited, Markel Insurance SE., and Markel Resseguradora do Brasil S.A.
Its UK national markets business also provides legal and professional fees insurance cover as well as legal and tax consultancy services. For more information please visit us at www.markelinternational.com