Markel merges three businesses and names new chief executive for joint venture

Markel has announced that its three primary underwriting businesses – Markel Specialty, Markel International and Markel Global Reinsurance – will collectively be referred to as Markel Insurance.

The insurer also revealed that Simon Wilson, who is currently president of Markel International, will lead the new venture as chief executive.

This leadership transition is part of a broader effort to sharpen the company’s customer focus by empowering each of their teams to serve the needs of their respective markets.

Tom Gayner, group chief executive at Markel, said: “Markel’s growth has been impressive, but it also brought new challenges and unnecessary complexity, as confirmed by our ongoing board-led business review.

“At times, we unintentionally made it harder for our people to serve our customers. I’m confident in Wilson’s vision for growing this fortress of an insurance business through teams that are focused on serving the customers and markets that they know best.”

Experience

Wilson has more than 20 years of experience scaling the operations of large specialty insurance organisations.

He joined Markel in 2010 to spearhead international business development, helping Markel International expand beyond London.

In January 2020, Wilson was appointed managing executive of global strategy for Markel, where he directly supported all underwriting operations.

Since he became president of Markel International in 2021, the division increased gross written premium by nearly 40% and net underwriting profit by more than 250%.

Wilson said: “Markel is at its best when our leaders are given equal parts empowerment and accountability.

“Our work going forward will ensure that we make decisions as close to the customer as possible, reduce complexity and restore our commitment to being a market leader in each of our pursuits.”