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Specialist insurer Markel International is to enter the surety market next month, the firm announced this morning.
Markel has appointed two senior underwriters with over 30 years’ combined experience in the surety and trade credit industries to the new team – they will report into Ewa Rose, managing director of the trade credit, political risk and surety business.
The business will initially focus on opportunities in the UK, Ireland and continental Europe with the intention to expand into other regions outside of North America.
The launch is in response to broker and client demand, Rose said in a release, adding that the move would bring “much need capacity” to the market.
“It also increases our ability to design new and exciting products by combining the skill sets and experience across our underwriting team,” she said.
Markel’s growing operation currently includes hubs in London, Singapore, New York and Dubai offering a range of solutions to corporate and financial institution clients.
“We established Markel’s trade credit business in 2010 and introduced political risk and contract frustration capabilities at the beginning of last year,” Rose said.
“The addition of surety is a natural extension to our offering and provides a full range of complementary products across our portfolio,” she added.
Products range from excess of loss multi-buyer policies to single obligor credit, contract frustration and political risk coverage.
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