Markel Insurance has named Grant Smith (pictured) as director of marine transportation at Markel International, unifying four previously separate specialty classes under a single leadership structure. Smith will lead the combined marine transportation business and report to Dan McCarthy, managing director for marine, energy, and construction.
The structural logic is the more significant detail. Hull and hull war, MECO, marine and energy liabilities, and transport and logistics previously operated as separate classes within Markel International. That siloed structure worked adequately when the risks were genuinely distinct. In a market where the June 2026 Strait of Hormuz closure left approximately $125 billion of vessels and cargo stranded in the Persian Gulf - simultaneously generating hull war exposure, MECO claims on vessels unable to transit, energy liability questions around stranded cargoes, and transport and logistics disruption downstream - managing those exposures across four separate class heads produces gaps in both underwriting response and client service. A single director across all four classes closes those gaps structurally rather than relying on coordination between separate functions under pressure.
The Allianz Commercial Safety and Shipping Review identified geopolitical disruption as the top risk for shipowners and cargo operators in 2026, overtaking traditional maritime hazards for the first time. Nordic insurer association Cefor reported in April 2026 that marine claims costs per vessel were 33% above pre-pandemic levels. Against that backdrop, McCarthy cited rising risk exposures as the structural driver. "The marine transportation industry is facing heightened risk exposures, from increasing supply chain disruptions to rising thefts at ports as geopolitical tensions escalate worldwide," he said. "As these risks become more interconnected, it's increasingly important that brokers and clients can access expertise across the full spectrum of marine and transportation exposures."
Smith's appointment reflects a consolidation that has been building incrementally within Markel rather than arriving as a single structural decision. He joined Markel in 2024 as director of marine and energy liabilities, assumed responsibility for the transport and logistics class in 2025, and now leads all four classes under the unified structure. That internal progression across three of the four classes before the formal consolidation suggests the architecture was being tested before it was formalised. He brings more than 17 years of experience in marine specialty lines and underwriting leadership roles, and will shape strategy across multiple classes and geographies while serving as a senior point of contact for brokers, clients and industry bodies.
Smith said the structure would allow clients and brokers to access more connected expertise across increasingly complex marine and transportation risks, and that the role presented an opportunity to build on the company's underwriting discipline across the consolidated book. He will work closely with claims and actuarial teams to strengthen underwriting discipline and risk selection across the combined portfolio.
