- State National partnering with its UK-based Markel
affiliate to create the market-leading program services division
for UK MGAs
- Latest example of Markel utilizing its broad array of
tools to effectively and efficiently connect capital with risk
LONDON, Nov. 28, 2023 /PRNewswire/ -- Markel, the
insurance operations within Markel Group Inc. (NYSE: MKL),
announced today that State National Companies, its wholly owned
subsidiary, is entering the UK market beginning January 1, 2024. State National, the
largest program services carrier in the U.S., is partnering with
Markel International Insurance Company Limited to create a program
services division in the UK to serve managing general agents
(MGA).
The new division will leverage State National's long track
record of success in the program services marketplace combined with
Markel International Insurance Company Limited's strong balance
sheet, existing regulatory framework, and operational controls. The
new division will focus on supporting specialty commercial lines
programs.
"There is a meaningful growth opportunity supporting the
creation of a program services platform in the UK that will address
strong demand associated with local MGAs and more broadly across
the globe," said Matt Freeman, CEO
and President of State National Companies. "The UK MGA market is
underserved, and we're intent on building a leading program
services division in the UK. The new division is a great
example of Markel's 'power of the platform', combining State
National's 40-plus years of program services experience with
Markel's well-established insurance company in the UK."
"This is a tremendous example of leveraging the capabilities
that exist across the Markel platform," said Simon Wilson, President, Markel International. "When complete, we believe
Markel launching a division focused on program services will bring
much-needed capabilities to the market and help us better support
the MGAs in the UK. It has been tremendous learning from State
National's skill and experience in program services. We are excited
about taking this offering to the UK MGA market."
Markel's Rob Whitt will lead the
new division as Executive Director, State National Global, subject
to regulatory approval. A 28-year veteran of Markel, Whitt
currently serves as Managing Executive for Corporate Development,
responsible for the insurance operations' M&A activity, as well
as product development focused on linking Markel's insurance,
reinsurance, programs service and insurance linked securities
capabilities. Prior to his current role, Whitt served in a number
of finance and operational roles with increased responsibilities,
giving him deep knowledge and understanding of Markel's global
insurance operations.
"Working across Markel, Rob has driven the effort to establish
State National Global with its program services expertise in the UK
market," Freeman added. "We're excited to be partnering with
our UK colleagues to leverage the strategic offerings that Markel
has assembled and the capabilities we have to support our customers
worldwide."
About State National Companies
State National
Companies, Inc. is a leading specialty provider of property and
casualty insurance services operating in two niche markets across
the U.S. In its Lender Services segment, the company specializes in
providing portfolio protection solutions that insure autos,
mortgages, and other collateral for loans made by credit unions,
banks, and specialty finance companies. In its Program Services
segment, the company leverages its "A" (Excellent) A.M. Best
rating, expansive licenses, and trusted reputation to provide
access to the U.S. property and casualty insurance market in
exchange for ceding fees. State National Companies is a division of
the Markel Group, a Fortune 500 holding company for insurance,
reinsurance, and investment operations. To learn more, please visit
statenational.com and connect on LinkedIn.
About Markel
We are Markel, a leading global specialty
insurer with a truly people-first approach. As the insurance
operations within the Markel Group Inc. (NYSE: MKL), we operate the
Markel Specialty, Markel International, and Markel Global
Reinsurance divisions, as well as State National, our portfolio
protection and program services operations, and Nephila, our
insurance-linked securities operations. Our broad array of
capabilities and expertise allow us to create intelligent solutions
for the most complex risk management needs. However, it is our
people—and the deep, valued relationships they develop with
colleagues, brokers and clients—that differentiates us
worldwide.
Markel International Insurance Company Limited is A rated by AM
Best and S&P. Markel International Insurance Company
Limited is authorised by the Prudential Regulation Authority
and regulated by the Financial Conduct Authority and the Prudential
Regulation Authority.
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