Markel Corporation has announced the consolidation of all of its property catastrophe (CAT) reinsurance business under the Nephila brand.
This announcement means the end of Markel’s Global Reinsurance property CAT unit. Moving forward, Markel will have one centralised point of entry for serving the property CAT reinsurance market via Nephila.
“This move allows us to more fully leverage Nephila's market leading competitive position while also generating necessary operational efficiencies,” said Markel Co-CEO Richie Whitt.
“We believe the companies that will win in the future will be those who most efficiently connect risk with capital, and this strategic shift will help us do that in the property CAT market.”
The change will result in approximately 25 job reductions in the Markel Global Re property team. Those impacted will leave the company on December 31, 2020. Whitt commented: “We are committed to working with and assisting employees affected by this change.”
Following this consolidation, Markel Global Reinsurance is set to increase its focus on underwriting and growing its casualty and specialty lines under the continued leadership of Jed Rhoads, president and chief underwriting officer, Markel Global Re.
“The process to shift to our new model will begin immediately and we will ensure that it's completed in a professional, orderly, and seamless fashion,” Rhoads said. “I want to express my deep thanks and appreciation to our property CAT clients, trading partners, and employees for their years of loyal support.”