Markel International has appointed Bhavik Desai (pictured) as managing director, PFR & Cyber, within its London Market business. Desai will lead underwriting strategy, portfolio performance, and broker and client engagement across the division.
Desai succeeds David Sawyer, who will remain with the business until his planned retirement at the end of 2026.
Since joining Markel in 2013, Desai has held senior underwriting roles, including head of professional indemnity and director of professional indemnity, media, and entertainment. That experience spans those lines and related specialist classes.
The role sits within a broader restructuring at Markel International. The company moved from two divisions to five distinct businesses by the end of 2025. London Market now combines marine and energy, PFR and cyber, and specialty lines under a single leadership team.
Rohan Davies was named managing director of that newly formed London Market business last November. He has oversight of marine and energy, PFR and cyber, and specialty teams. Desai will report into that structure.
Before joining Markel, Desai held underwriting leadership roles at AIG. He had responsibility for London-placed professional indemnity business and the UK and Ireland construction professional indemnity portfolio.
At Markel, Desai has worked on developing the professional indemnity and media portfolios, with a focus on underwriting discipline and portfolio management.
He takes on the cyber portfolio at a difficult point in the pricing cycle. International cyber insurance rates have fallen 43% since the fourth quarter of 2023, according to underwriter DUAL. Combined ratios are deteriorating across the US, Europe, and the UK, with a risk that parts of the market turn unprofitable by 2027.
Rohan Davies, managing director of Markel's London Market business, said Desai's appointment provides leadership continuity for the division. He said Desai has technical expertise and broker relationships relevant to the PFR & Cyber business.
Lloyd's has separately warned that cyber growth may be outstripping the market's capacity to absorb risk. Casualty rates have also moved into negative territory amid persistent social inflation concerns, both lines within Desai's new remit.
Desai said PFR & Cyber brings together areas increasingly important to brokers and clients. "Our focus will remain on disciplined underwriting, responsive service and long-term portfolio performance," he said.
