Sanders to lead combined $4bn US platform under Markel Specialty banner
Markel is combining its existing Markel Specialty and Markel Assurance insurance operations into a single division led by Bryan Sanders that will represent around $4bn in gross written premium, The Insurer can reveal.
The change will be effective from 1 April and will see the two divisions merge under the Markel Specialty banner.
Confirming the reorganisation, Markel Specialty president Bryan Sanders told this publication: “This evolutionary change will make it even easier for our trading partners and customers to navigate Markel.”
“By combining our Assurance and Specialty divisions, it will position us to get closer to and more efficiently serve our customers with unmatched underwriting expertise and competitive, industry-leading products,” he added.
The new division will operate in Markel’s existing regional model but adds two new overarching territories: East and West.
According to a market bulletin seen by The Insurer, Sarah Gavlick will lead the East territory, with Wendy Houser heading up the West territory.
Other members of the Markel Specialty leadership team include Jane Peterson as CUO, Jeff Lamb as executive director of programs and alliances, and Glenn Harris as managing executive for distribution strategies and business development.
Jim Arnold takes the position of chief administration officer at the combined operation, with Matt Parker executive director for integration strategy, and Scott Whitehead named managing director of insurtech underwriting.
Sanders (pictured) is currently president of Markel’s US insurance operations and the Assurance division.
The market bulletin said the Markel Specialty name best describes the role of the combined divisions in the marketplace.
It added the change will allow the carrier to leverage the strengths of two profitable growth engines that represent around $4bn in gross written premium.
The Assurance division was announced in 2017 to bring together Markel’s wholesale E&S platform with the global insurance division that housed its complex, risk-managed accounts.
It includes underwriting teams located across the US, as well as in Bermuda, Dublin and London, with former Markel Wholesale president Sanders at its helm.
Following the upcoming combination under the Markel Specialty brand, the Richmond, Virginia-based parent company will be organized with three main operating divisions: Markel Specialty, Markel International – including its London, European and Asian platforms – and Markel Global Re.
Markel also has its Nephila-led ILS platform and its fronting platform, State National. Away from its (re)insurance operations, Markel Ventures owns and operates a family of companies outside of the industry.